Motilal Oswal's research report on Craftsman Automation
CRAFTSMAN’s 4QFY23 operating performance was in line while transition to new tax regime boosted its adj. PAT to INR703ma (v/s est. INR537m). We believe growth in the Aluminum division (ramp up for Stellantis and new orders from domestic SUVs) and Industrials (traction in construction activity and exports) should drive overall growth in FY24E/25E.
Outlook
We have slightly cut our FY24E EPS by 2% to account for higher interest costs while we retain our FY25E EPS. We reiterate our BUY rating on the stock with a TP of INR3,950 (premised on 18x Mar’25E consolidated EPS).
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