Sharekhan's research report on GNA Axles
Q2FY2023 results exceeded expectations on higher sales, leading to upbeat revenue, EBITDA, and PAT by 8.6%, 12.6% and 18.8%, respectively. GNA’s growth prospects remain positive, led by strong momentum in the 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 its FY2024E.
Outlook
We maintain our Buy rating on GNA Axles Limited (GNA) with a revised PT of Rs. 841, led by a positive outlook for the CV and farm sectors and an attractive valuation.
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