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Gabriel India Ltd. (GIL) recently announced its performance for the quarter ended March 31, 2022. The top-line was above our estimate, however, EBITDA & Net Profit were in-line with our estimates.

Conference Call Highlights

* GIL posted yet another record quarterly turnover during Q4 FY22 driven by commodity prices and share of new businesses – however, partially offset by covid impacted beginning of the year.

* 2W/3W: Growth was primarily driven by improvement in market share with key customers, new products; market share stood at 25%. The top 3 customers are TVS Motors, Yamaha & Bajaj Auto. New addition to the portfolio - Hero Electric.

* Passenger Cars (PC): Market share stood at 23%. The top 3 customers are Maruti Suzuki, Volkswagen, Mahindra & Mahindra.

* Commercial Vehicles (CV): Continued with moderate growth reflecting in better production volumes by OEMs; market share stood at 85%. The top 3 customers are Tata Motors, Mahindra & Mahindra, Ashok Leyland.

* Exports: 30% of the exports came from after-market; 22% from Europe, 11% from USA, 13% from South America, 7% from North America, 25% from Asia, 13% from Africa and 9% from Australia.

* The capacity utilization stood at around ~65% for Two-wheelers and Passenger Vehicles while for Commercial Vehicles segment, the utilization stood at ~70%.

* The capex including maintenance capex of Rs.20-30 cr is slated at around Rs.120 cr for the current fiscal.

* The Management indicated that profit margins are likely to expand in the current fiscal on account of anticipated correction in the commodity prices along with cost optimization measures.

* The board recommended a final dividend of Re.1.00 per share in-addition to an interim dividend of Re.0.55 per share declared earlier.

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