Leading CV air brake manufacturer, Wabco India Limited (Wabco) outperformed consensus estimate in Q4FY18. Revenue for the quarter was up 36% yoy at Rs785cr, which surpassed consensus estimate of Rs734cr by 7%. EBITDA was up 45% yoy at Rs112cr, while EBITDA margin expanded 84bps yoy to 14.3%. While the company kept employee and operating expenses under check, raw material expenses were up 43% yoy and 316bps yoy higher as % of sales. EBITDA was 2% lower than consensus estimate of Rs114cr, while EBITDA margin too was lower than 15.6% that the street was expecting. PAT was up 56% yoy at Rs77cr. PAT was led by steady depreciation and higher other income. PAT was 3% higher than consensus estimate of Rs75cr.
The Board of Directors of the company recommended dividend of Rs8/- per share for the year ended March 31, 2018.
Wabco continued to have a debt-free balance sheet. Total cash, bank balances and liquid assets on books of the company rose 42% yoy to Rs802cr as on March 31, 2018.
WABCO India Ltd is currently trading at Rs. 7,688, up by 351.8 points or 4.8% from its previous closing of Rs. 7,336.20 on the BSE.
The scrip opened at Rs. 7,447 and has touched a high and low of Rs. 7,984.20 and Rs. 7,447 respectively. So far 13,082 (NSE+BSE) shares were traded on the counter. The stock is currently trading above its 50 DMA.
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