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Craftsman Automation - Q2FY22 First Cut - YES Securities

Posted On: 2021-10-19 11:10:17 (Time Zone: IST)

  • Better Automotive performance drives sequential margin expansion | Not Rated
  • Consol revenue grew 54% YoY/31% QoQ at Rs5.7b (cons at Rs5.2b) led by revenue growth of ~53% YoY/31% QoQ for automotive division and ~57% YoY/32% QoQ growth for Industrial division.
  • While gross margins contracted 150bp QoQ, margins expanded 40bp QoQ at 25.1% led by better cost control and strong performance by automotive division. However, it was lower than the street est by 70bp. EBITDA grew ~33% QoQ at Rs1.4b (cons at Rs1.3b).
  • EBIT margins expanded 230bp QoQ at 18.5% as margins for automotive division expanded 260bp partially offset by 280bp margin contraction for industrial division.
  • Better operating performance and lower interest cost at Rs178m (-17% YoY/-21% QoQ) drive Adj PAT beat at Rs500m (+119% YoY/108% QoQ, cons at Rs432m).

View - Craftsman is a pure play on cyclical recovery in CVs (~50% revenue mix in powertrain division) being a largest player in machining of critical engine parts like cylinder block and cylinder head. This coupled with visible recovery in industrial sector (~29% revenue mix) and increased traction of aluminium casting for light weighting to augur well for the company. The stock currently trades at 19.8x of FY23 bloom Consol EPS. Not Rated.

Shares of Craftsman Automation Limited was last trading in BSE at Rs. 2530.40 as compared to the previous close of Rs. 2382.80. The total number of shares traded during the day was 12452 in over 2141 trades.

The stock hit an intraday high of Rs. 2568.70 and intraday low of 2412.40. The net turnover during the day was Rs. 31295384.00.

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