In-line results; margin likely to remain stable

Company
07 Nov 2024
5 Min read 
  • Amara Rajas (ARENM) stock estimate changes CMP: INR 1,332 TP: INR 1,310 (-2%) 
  •  Neutral rating maintained with revised target price 
  •  2QFY25 financials in line with estimates, volume growth driven by 2Ws, exports, and aftermarket 
  •  Margin likely to remain stable, maintain Neutral rating with revised TP of INR1,310 
  •  Quarterly performance shows revenue/EBITDA/PAT growth of ~12%/8%/6% YoY to INR31.4b/INR4.4b/INR2.4b.
  •  Management commentary highlights aftermarket and export volume growth, while industrial segment remains weak 
  •  Margin impacted by increased trading revenue 
  •  New energy business investment and capex plans 
  •  Foray into lithium-ion business and its challenges.
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