Buy Enkei Wheels India Ltd For Target Rs. 657 - Sushil Finance Ltd
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Highlights from the Quarter (Q1CY23):
Enkei Wheels (India) Ltd reported a quarterly revenue of Rs. 133.7 cr for Q1CY23, down by 23.3% YoY and 10.1% on a QoQ basis. Due to the prevalence of an elevated inflation, which has led to a global slowdown, revenues for auto ancillary companies
like EWIL were slightly dampened in the last few quarters. However, from a QoQ standpoint, EWIL’s PAT margins, although still negative, improved by 620 Bps against the previous quarter, primarily due to the reduced finance costs.
EWIL reported an EBITDA of Rs.4.7 cr for the quarter vs Rs.18.7 cr for the same quarter in the previous year (down 74.8% YoY) and Rs.4.1 cr in the preceding quarter (up 14.6% QoQ). The EBITDA margin for the quarter stood at 3.5%, up 70 Bps from the previous quarter.
The company delivered a net loss of Rs.4.4 cr for the quarter at a negative net margin of -3.2%. This quarter, EWIL witnessed a slowdown in revenue numbers primarily due to the introduction of the BS-VI stage 2 RDE (Real Driving Emission)
norms from April 1, 2023. This has led to a reduced production by OEMs due to the transition phase, thereby, eventually impacting auto ancillary companies.
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