ZFCVINDIA · Automobile and Auto Components
ZF Commercial Vehicle Control Systems India Ltd. reported revenue of ₹956 cr for January to March 2024, — on the year and +7.8% on the quarter.
Operating profit (EBITDA) was ₹147 cr, a margin of 15.4%, — on the year and +61 bps on the quarter.
Net profit was ₹101 cr, — on the year and +1.0% on the quarter, with earnings per share of ₹8.88.
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 ₹35.57 over the last four quarters, the stock at ₹2,159.90 trades at 60.7 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
No check fired. That is a statement about the checks below, not a verdict on the company.
Could not run on this quarter: Headline vs core profit, Exceptional items that recur, Operating margin on the year, Depreciation falling, Finance cost rising, Swing to loss or profit, 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).
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹981 cr | ₹887 cr | ₹956 cr | ₹938 cr | ₹907 cr | ₹956 cr | ₹1,003 cr | ₹963 cr | ₹902 cr | ₹1,058 cr | ₹1,133 cr | ₹1,042 cr |
| YoY | — | — | — | −2% | −8% | +8% | +5% | +3% | −1% | +11% | +13% | +8% |
| EBITDA margin | 14.7% | 14.8% | 15.4% | 14.7% | 15.3% | 18.3% | 17.1% | 13.3% | 14.6% | 18.4% | 16.2% | 12.5% |
| Other income, % of PBT | 17% | 22% | 15% | 20% | 27% | 11% | 16% | 42% | 31% | 13% | 22% | 27% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 25% | 25% | 26% | 26% | 25% | 22% | 25% | 26% | 26% | 25% | 26% | 26% |
| Net profit | ₹104 cr | ₹100 cr | ₹101 cr | ₹99.0 cr | ₹109 cr | ₹125 cr | ₹125 cr | ₹120 cr | ₹106 cr | ₹139 cr | ₹141 cr | ₹99.0 cr |
| YoY | — | — | — | −1% | +5% | +25% | +24% | +21% | −3% | +11% | +13% | −18% |
| Core profit YoY | — | — | — | −5% | −8% | +38% | +20% | −12% | −7% | +13% | +6% | +4% |
| EPS | ₹9.17 | ₹8.75 | ₹8.88 | ₹8.72 | ₹9.61 | ₹10.98 | ₹11.00 | ₹10.56 | ₹9.36 | ₹12.19 | ₹12.42 | ₹8.71 |
| Flags | · | · | · | ✓ | ✓ | ✓ | ✓ | 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.
ZF Commercial Vehicle Control Systems India Ltd. reported revenue of ₹956 cr (— on the year) and net profit of ₹101 cr (— on the year) for January to March 2024.
None of the 2 checks that could run raised a question.
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