Sharekhan's research report on Amber Enterprises
Amber Enterprises’ (Amber) Q4FY2023 performance was commendable on all fronts, with strong sales and margin improvement due to good summer sales in Q4. Structural changes in the manufacturing landscape of RAC have transformed the company’s business model. The company has increased its market share in the manufacturing industry of RACs from 26% to 29% in FY2023. The company expects ROCE to improve in the next 3-4 years, as the capex declines over a period of time. The company has guided for 30% EBITDA CAGR for the next two years.
Outlook
We maintain our Buy rating with a revised PT of Rs. 2,450 (based on FY2025E EPS), as we expect profitability to improve, led by ramp-up in capacity utilisation and traction in exports.
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