India's Autoline Industries eyes worst day in over 3 yrs on Q2 margin impact

Autoline Industries

14/11/2022 05:45

** Shares of Indian auto component maker Autoline Industries
 AUIN.NS  fall as much as 12% to 93.50 rupees, their biggest
intraday pct drop since Oct. 2019
    ** Co on Sunday reported a near eight-fold jump in Sept.
quarter profit after tax to 100.5 million Indian rupees ($1.24
million) on a low base last year, which was impacted due to
COVID-19
    ** Co flagged a 20% drop in commercial vehicle sales,
sequentially, due to liquidation of inventory in Q2 
    ** Earnings before interest, taxes, and depreciation
margins, a key profit metric, fell 497 basis points from a year
ago to 3.71% in Q2
    ** AUIN said margins were affected due to impact of
commercial vehicle segment, liquidation of higher cost raw
material inventory, higher raw material costs, and wage hikes
    ** Co also expects marginal reduction in Q3 commercial
vehicle sales
    ** About 213,035 shares change hands vs the 30-day avg of
172,500 shares
    ** Stock up 89% YTD so far this year as of last close
($1 = 81.1800 Indian rupees)
 (Reporting by Nallur Sethuraman in Bengaluru)
 ((Sethuraman.NR@thomsonreuters.com; (+91 8061822737); Reuters
Messaging: nallur.sethuraman.thomsonreuters.com@reuters.net))