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Enkei Wheels (India) Ltd reported a quarterly revenue of Rs. 185.9 cr for Q2CY23, up by 10.4% YoY and 39.0% on a QoQ basis. On the back of easing raw material prices, auto-ancillary companies like EWIL have witnessed a turnaround in margin pressure. From a QoQ as well as a YoY standpoint, the company has posted robust sales growth as well as PAT margins.

Finance costs include foreign exchange gains, related to borrowings whose foreign exchange losses were previously considered as adjustment to interest. Therefore, an amount of Rs.8.4 cr is included in other income, which is a part of net sales, as an exchange gain.

EWIL reported an EBITDA of Rs.23.0 cr for the quarter vs Rs.4.9 cr for the same quarter in the previous year (up 363.7% YoY) and Rs.4.7 cr in the preceding quarter (up 389.3% QoQ). The EBITDA margin for the quarter stood at 12.3%, up 880 Bps from the previous quarter.

The company delivered a net profit of Rs.8.0 cr for the quarter at a net margin of 4.3%, as compared to a net loss of 2.7% for the same quarter last year. This quarter, EWIL witnessed an overall improvement in sales, as well as robust operating margins, primarily due to the softening of commodity prices.

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