Sharekhan's research report on GNA Axles
Q1FY23 results exceeded expectations on higher sales, leading to upbeat revenue, EBITDA, and PAT by 20.1%, 23.6% and 39.3% respectively. GNA’s growth prospects remain positive, led by strong momentum in CV and farm sector sales in India and globally. The stock is trading below its historical average multiples at P/E of 10x and EV/EBITDA of 5.7x of its FY2024E estimates.
Outlook
We maintain our Buy rating on GNA Axles Limited (GNA) with a revised PT of Rs.800, led by a positive CV and farm sector outlook and an attractive valuation.
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