GNA Axles Ltd. share price target

Record performance for second consecutive quarter

GNA's Q1 revenue grew 6% QoQ. Better operating efficiency offset a below-expected gross margin, aiding EBITDA margin of 16.6%

Limited, M&M;, Dana Limited (USA , Mexico and Australia), John Deere (Brazil and USA ), Kubota Corporation (Japan), Meritor (Sweden, Italy, Brazil,...

Record-high quarterly performance on all fronts

GNA Axles' (GNA) Q3FY21 performance was impressive due to remarkable rise in domestic CV business, strong growth in tractor and off-high way vehicle business and traction in international CV business

GNA Axles (GNA) posted a strong set of results in Q3FY21 with revenue up 29% YoY.

GNA Axles (GNA) reported strong improvement in profitability with highest ever EBITDA of 18.8% in Q2FY21.

GNA Axle (GNA) is a leading player in axle shafts and spindle manufacturing for heavy commercial vehicles and tractors in domestic market and has strong presence in export market.

Net Revenue grew by +47% YoY / +4% QoQ to Rs2.1bn, marginally above our estimates. Domestic revenue grew +30% YoY / -2% QoQ to Rs1.0bn on account of higher volume from domestic tractor and M&HCV; goods segment. Export revenue grew +48% YoY / +9% QoQ to Rs1.0bn led by robust demand in NA/Europe truck market. Top-line performance driven by volume growth of tractor and NA/Europe truck market. Gross margin for the quarter declined -80 bps QoQ due to higher RM cost. RM cost for the quarter increased +58% YoY / +5% QoQ to Rs1.4 bn. EBITDA margin declined -90 bps YoY/ +50 bps QoQ. Adjusted PAT grew by +26% YoY / -15%...

Net Revenue grew by +62% YoY / +23% QoQ to Rs20.4bn, above our consensus estimates. Domestic revenue grew +45% YoY / +23% QoQ to Rs1.1bn on account of higher volume from domestic tractor and M&HCV; goods segment. Export revenue grew +65% YoY / +23% QoQ to Rs932mn led by robust demand in NA class 8 market. Top-line performance driven by volume growth of tractor and NA Class 8 volumes. Tractor sales volume for the industry grew +44% YoY/ -4% QoQ to 170,847 units. NA Class 8 orders grew +104% YoY / +28% QoQ to 136,200 units. Gross margin for the quarter declined -380 bps QoQ due to higher RM cost. RM cost for the quarter...

GNA Axle Ltd (GNA) reported highest ever quarterly revenue of INR 205 cr in Q4FY18, an impressive growth of 62% yoy.

We believe commercial vehicle (CV) sales are back on track driven by pent-up demand after GST kicked in, healthy replacement-led demand, especially in the tractor-trailer segment, and an uptick in construction and mining activity, driving demand for tipper trucks. With the sales of both LCV's & M&HCV;'s growing rapidly post implementation of GST, the overall CV segment growth should continue in FY19/FY20E. We believe sales of HCV's and demand for the 25TN and above segment will remain buoyant. Also factors such as stricter overloading norms and better fuel efficiency are aiding the shift to higher tonnage CV's. Due to better fuel efficiency...

GNA Axle Ltd (GNA) reported revenue of INR 167 cr in Q3FY18, an impressive growth of 41% yoy. The growth was driven by robust performance in both domestic and exports business during the same period.

GNA Axles's total income and Net profit increased by 40.9% and 55.9% respectively on yoy basis. In 9MFY18, the company derived ~45% of its revenue from export market, the outlook for which remains healthy considering significant pickup in truck demand in North American markets. Also, domestic outlook for tractors and MH&CVs continues to remain strong.

GNA Axle Ltd (GNA) is one of the leading manufacturer of Medium & Heavy Commercial Vehicles (M&HCV) as well as Off Highway Vehicles (OH) axle shafts and spindles having dominant share of...

GNA Axles Ltd (GNA) Q2FY18 consolidated results were good. Revenue grew by 18% YoY to 154 crore supported both by domestic (up 34.2%) and exports (up 16.2%). EBITDA was up 10% to 24 crore with margin contraction of 115bps to...