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Suprajit Engineering (SEL) reported consolidated EBITDA margin of 10.5% (-220bps YoY, +200bps QoQ), 160bps below JMFe due to weak non-auto cables sales and restructuring related costs at Phoenix Lamps. Restructuring at LDC has started yeilding results and we expect LDC acquisition to be EPS accretive from FY24. Company expects PLD to reach double-digit margins by end of FY24 led by synergies from consolidation of its European operations. New order wins for SCD and SED division continues to re...
Buy Suprajit Engineering Ltd For Target Rs. 430 - JM Financial Institutional Securities Ltd
Suprajit Engineering Limited's (SEL) Q1 performance was a miss with margins declining by ~200bps QoQ to 10.5% (our est. 12.7%). We believe i) cyclical recovery in the underlying industries, ii) market-share gains owing to competitive pricing/scale and industry consolidation, iii) growth in content per vehicle (led by new products) and iv) healthy order wins would drive ~11% revenue CAGR in FY23-25E. We introduce FY26E and cut FY24E EPS by 11.6% mainly to reflect weak Q1 margin performance...
Buy Suprajit Engineering Ltd For Target Rs.440 - Emkay Global Financial Services
Suprajit Engineering (SEL) reported consolidated EBITDA margin of 12.5% (-270bps YoY, +80bps QoQ), 20bps above JMFe led by lower than expected RM costs. Restructuring at LDC has started yeilding results and we expect LDC acquisition to be EPS accretive from FY24. Company expects PLD to reach double-digit margins in FY24 led by synergies from consolidation of its European operations. Easing supply constraints and robust new order wins from global OEMs (gaining market share) is expected to driv...
Buy Suprajit Engineering Ltd For Target Rs 430 - JM Financial Institutional Securities
Healthy margin performance; Further recovery ahead Suprajit Engineering (SEL) reported consolidated EBITDA margin of 11.7% (+40bps YoY, +70bps QoQ), broadly in-line with JMFe led by pass-through of inflationary costs to customers. Restructuring at LDC and PLD has started yeilding results with the former with the former turning EBITDA positive and the later reporting double-digit EBITDA margin in 3Q. Benefit of softening inflationary pressure and cost control initiatives are expected to fur...
Buy Suprajit Engineering Ltd For Target - JM Financial Institutional Securities
Cummins India Ltd • CUMMINSIND on the weekly chart has decisively broken out above the “Consolidation zone ” between 1550- 1350 with strong bullish candle in a last week. • Stock holds above lower band of rising channel and bounce back indicating a positive bias. • It is heading towards upper band of rising channel. • Stock is forming a higher high-low on the weekly chart. This formation indicates a positive uptrend. • The weekly stren...
Weekly Tech Picks: Cummins India Ltd, Hindustan Aeronautics Ltd, Oil India Ltd, Suprajit Engineering Ltd By Axis Securities
Q2 EBITDA above estimates; Increased wallet share to drive outperformance ahead Suprajit Engineering’s Q2FY23 revenue increased by 45% (3-yr CAGR at 22%) to Rs7.2bn, slightly above our estimates, due to higher revenue in non-auto cable and LDC segments. EBITDA declined by 2% YoY (3-yr CAGR at 12%) to Rs787mn, 7% above our estimate due to higher profitability across segments. Management expects further margin expansion on price increases, commodity deflation, and turnaround in LDC. Go...
Buy Suprajit Engineering Ltd For Target Rs.450 - Emkay Global Financial Services
Federal Bank * Federal bank is one of India's largest old generation private sector banks. At the end of Q2 FY2023 the bank had advances of Rs. 1.61 lakh cr. And deposits of Rs 1.89 lakh cr. The bank predominantly has a secured lending book which helped limit asset quality issues during the Covid 19 pandemic. * Federal Bank has posted a good set of numbers for Q2FY23 as NII, and Advances increased by 19.1%/19.9% YoY. Provisioning for the quarter was up by mere 9% YoY because of whic...
Diwali Fundamental Muhurat Picks By Angel One
Dominance and swelling wallet share to drive outperformance; Initiate with BUY * Founded in 1985, Suprajit Engineering (Suprajit) is among the top-three global manufacturers of control cables and halogen bulbs. Suprajit has a diversified revenue base across segments (Auto Cable: 59%; Non-Auto Cable: 23%; Lamps: 19%) and geographies (India/Overseas: 47%/53%). * We forecast revenue CAGR of 25% over FY22-25E, driven by: 1) cyclical recovery in the underlying industry (8% medium-term volume...
Buy Suprajit Engineering Ltd For Target Rs.440 - Emkay Global Financial Services
The company reported standalone net profit of Rs 38.40 crore for the quarter ended March 31, 2022 as compared to Rs 48.83 crore in the same period last year, registering a year-on-year decline of 21.36 per cent. Net revenue of the company rose marginally by 2.73 per cent at Rs 356.23 crore in January-March quarter of this fiscal as against Rs 346.76 crore in the corresponding period last year. During January-March quarter, operating expenses increased by 4.30 per cent to Rs 300.92 crore from ...
Suprajit Engineering Q4 net profit down 21.36% at Rs 38.40 cr
Below is quote on Suprajit Engineering Results by Mr. Yash Gupta, Equity Research Associate, Angel Broking Ltd Suprajit Engineering posted a decent set of results for Q1FY22 despite several challenges. The top-line declined by 30% QoQ to Rs 362 Crs mainly on account of 36% QoQ decline in Automotive Cable Division and due to ~40% QoQ decline in Phoenix Lamps Division. Lockdowns in the initial part of the quarter and continued supply chain rela...
Quote on Suprajit Engineering Results by Mr. Yash Gupta, Angel Broking Ltd
The company reported standalone net profit of Rs 48.83 crore for the quarter ended March 31, 2021 as compared to Rs 11.79 crore in the same period last year, registering a year-on-year growth of 314.16 per cent. Net revenue of the company rose substantially by 34.60 per cent at Rs 346.76 crore in January-March quarter of this fiscal as against Rs 257.63 crore in the corresponding period last year. During January-March quarter, operating expenses increased by 36.51 per cent to Rs 288.51 cro...
Suprajit Engineering Q4 net profit zooms 314.16% at Rs 48.83 cr
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