Timken India - Q4FY21 First Cut - ICICI Direct

(CMP: Rs. 1383; MCap: Rs. 10406 crore)

Timken India reported decent performance in Q4.Overall the numbers were in-line with our estimates. For the whole year, the revenue declined 13% led by a washout H1. The company also declared a dividend of Rs. 1.5 per share.

Q4FY21 Earnings Summary

- Revenue for the quarter came in at Rs. 475.4 crore, up 17.2% YoY & 23.9% QoQ (vs. I-direct estimate of Rs. 474.3 crore)

- Gross margins contracted ~408 bps YoY &~126 bps QoQ. Timken registered an EBIDTA margin of 18.3% vs 23.1% YoY &17.5% QoQ. Absolute EBIDTA came in at Rs. 86.9 crore, down 7.4% YoY (I-direct estimate of Rs. 85.4 crore)

- Employee cost increased at Rs. 3.7% YoY whereas Other expenses increased 29.7%

- Tracking it's operating performance, Timken ended the quarter with a PAT of Rs. 52.9crore, down 13.6% YoY & up 42% QoQ

- Balance sheet continues to remain stable. For FY21, Timken generated a CFO of Rs. 188.7 crore

Shares of TIMKEN INDIA LTD. was last trading in BSE at Rs.1416.3 as compared to the previous close of Rs. 1383.5. The total number of shares traded during the day was 12857 in over 1786 trades.

The stock hit an intraday high of Rs. 1468 and intraday low of 1332.6. The net turnover during the day was Rs. 18396463.

Source : Equity Bulls

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