For Gabriel India, consistent improvement in market share with key customers and large orders from the market leader in electric 2Ws were the highlights of the quarter. It continues to gain market share in PVs on launches by OEMs, while new programs expected by H2 FY23 augur well for long term growth. With good recovery anticipated in subsequent months, we expect automobile volumes to pick up considerably.
OutlookAccordingly, we upgrade our rating to a Buy at a TP of Rs138 (14 x FY24e).
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