Leading Commercial Vehicle (CV) air brake manufacturer, Wabco India Limited (Wabco) reported a mixed set of numbers for Q3FY19. While revenue and EBITDA surpassed consensus estimates, PAT fell short of expectation due to high tax rate. Standalone revenue was up 8% yoy (down 6% qoq) at Rs700cr. This was above consensus estimate of Rs674cr. Standalone EBITDA was flat yoy (down 18% qoq) at Rs100cr, marginally above street estimate of Rs97cr. EBITDA margin contracted 107bps yoy (222bps qoq) to 14.4%. At Rs60cr, PAT was 6% yoy lower (37% qoq lower) in Q3FY19, and missed consensus estimate of Rs71cr.
High raw material expenses led to 162bps yoy contraction (201bps qoq contraction) in gross profit margin in Q3FY19. It reported a gross margin of 36.6%.
Tax rate in Q3FY19 was 35.3% against 30.1% in Q3FY18 and 27.6% in Q2FY19.
WABCO India Ltd is currently trading at Rs. 6,275, up by 34.95 points or 0.56% from its previous closing of Rs. 6,240.05 on the BSE.
The scrip opened at Rs. 6,300 and has touched a high and low of Rs. 6,302.15 and Rs. 6,112.30 respectively. So far 3,210 (NSE+BSE) shares were traded on the counter. The stock is currently trading above its 200 DMA.
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