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Gabriel
India hosted a conference call on May 24, 2024. In the conference call, the
company was represented- by Manoj Kolhatkar, Managing Director and by Rishi
Luharuka, Chief Financial Officer.
Key takeaways of the call
In
Q4 FY24, passenger cars (PC) contributed 25% of total revenue, CVR 12%, two
wheelers/ three wheelers 62% and trading 1%.
In
terms of channel mix, OE contributed 87% of total revenue in Q4 FY24, replacement
10% and exports 3%.
In
Aftermarket segment, passenger cars (PC) contributed 36% of total revenue
during March 2024 quarter, CVR 9%, two wheelers/ three wheelers 44% and trading
11%.
In
2Ws & 3Ws, main growth driver was good sales performance in OLA, TVS and
Suzuki where, the company has high share of business.
Company
recorded 20% YoY growth in EV-2W segment and 27% YoY growth in EV-3W segment in
Q4 FY24.
Company
reported its highest EV Sales in Uttar Pradesh in FY24.
In
Q4 FY24, company’s share of business in 2W and 3W sales was 70% and 7%
respectively.
The
company expect the EV order book to be normal in FY25 due to the reduction in
the subsidy.
In
PV segment, growth was driven by new launches within key customers and SUV
segment gaining traction. Share of Utility Vehicle sales in company’s Passenger
Vehicle business stands at 64%.
LCV
segment reported moderate growth.
Going
forward, company intends to develop more products for the core segment. In
addition, it expects to benefit from introduction of new models by OEMs.
EBITDA
margin improved during the quarter driven by focus on premium products.
The
company achieved Rs 60 crore revenue from sunroof business along with a
positive EBITDA in Q4 FY24. The company also won new program from Hyundai for supplying
sunroofs.
Company
has plans to focus on Latin American & African markets for Quantum growth
in Export''s sales. Company is on track to expand its customer base in in
overseas markets to improve export revenue.
In
terms of export sales, company derives 33% of export revenue from Europe,
Africa 13%, USA 8%, South America 16%, North America 1%, Asia 20% and Australia
9%.
Aftermarket
contributed 43% YTD to export sales and OEM 57%.
In
Aftermarket segment, Shox & Struts contributed 88% to total sales in Q4
FY24 and Allied 12%.
Capex
incurred during Q4 FY24 was Rs 30.3 crore. Similarly, Capex incurred during FY24
was Rs 83 crore.
The
company guided capex of about Rs 100-120 crore in FY25.
Company
Launched 291 SKU’s In FY24.
In
Q4 FY24, company generated cash flow from operations in tune of Rs 101.8 crore.
The
board recommended the Final Dividend for FY 2023-24 of Rs 2.50 per equity share
for FY24. The Final Dividend shall be paid to the shareholders on or before
September 12, 2024.
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