GABRIEL · Automobile and Auto Components
Gabriel India Ltd. reported revenue of ₹1,017 cr for October to December 2024, +24.8% on the year and −1.0% on the quarter.
Operating profit (EBITDA) was ₹91.0 cr, a margin of 8.9%, +36 bps on the year and −69 bps on the quarter. Over the last 7 quarters the margin has ranged from 8.6% to 9.6%, averaging 8.9%. Operating costs grew +24.3% against revenue growth of +24.8%, so more of each rupee of sales reached operating profit.
Net profit was ₹60.0 cr, +46.3% on the year and −4.8% on the quarter, with earnings per share of ₹4.18. Profit before other income, one-offs and tax grew 29.6%, so 17 points of the headline growth came from outside the core business. The tax rate of 23% is in line with its recent average.
A vehicle maker's revenue is volumes times average price, and its margin moves with steel, aluminium and rubber costs and with the share of exports and premium models. The quarterly statements do not carry volumes, realisation per vehicle and the export share; those come with the filing read.
On earnings per share of ₹15.98 over the last four quarters, the stock at ₹1,448.30 trades at 90.6 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
Headline profit grew much faster than core profit. What made up the difference?
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹815 cr | ₹917 cr | ₹947 cr | ₹1,027 cr | ₹1,017 cr | ₹1,073 cr | ₹1,234 cr | ₹1,308 cr | ₹1,179 cr | ₹1,381 cr | ₹1,426 cr | ₹1,608 cr |
| YoY | — | — | +17% | +19% | +25% | +17% | +30% | +27% | +16% | +29% | +16% | +23% |
| EBITDA margin | 8.6% | 8.7% | 9.6% | 9.6% | 8.9% | 10.2% | 9.6% | 9.6% | 9.1% | 9.6% | 8.7% | 8.8% |
| Other income, % of PBT | 7% | 9% | 8% | 6% | 11% | 6% | 34% | 5% | −8% | 36% | 3% | 4% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 29% | 26% | 24% | 23% | 23% | 26% | 16% | 18% | 24% | 19% | 19% | 16% |
| Net profit | ₹41.0 cr | ₹49.0 cr | ₹58.0 cr | ₹63.0 cr | ₹60.0 cr | ₹64.0 cr | ₹105 cr | ₹107 cr | ₹55.0 cr | ₹119 cr | ₹108 cr | ₹124 cr |
| YoY | — | — | +38% | +37% | +46% | +31% | +81% | +70% | −8% | +86% | +3% | +16% |
| Core profit YoY | — | — | +35% | +35% | +30% | +37% | +19% | +60% | +11% | +15% | +55% | +15% |
| EPS | ₹2.87 | ₹3.41 | ₹4.01 | ₹4.38 | ₹4.18 | ₹4.48 | ₹7.33 | ₹6.01 | ₹3.81 | ₹8.23 | ₹6.04 | ₹6.80 |
| Flags | · | · | ✓ | ✓ | 1 | ✓ | 2 | ✓ | ✓ | 2 | ✓ | 2 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Gabriel India Ltd. reported revenue of ₹1,017 cr (+24.8% on the year) and net profit of ₹60.0 cr (+46.3% on the year) for October to December 2024.
Profit before other income, exceptional items and tax moved +29.6% on the year, against +46.3% for reported profit.
1 check raised a question: Headline profit grew much faster than core profit. What made up the difference?
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