7% in FY15, supported by nominal cost of production
Abstract: Currently the fundamental growth drivers of Munjal Auto; Specialists in exhaust system manufacturing, depends on the performance of Hero MotoCorp (their group company) and the auto industry as a whole. Considering favorable rural demand and economic conditions, the revenue is expected to grow at a CAGR of 11% from FY13 17E with RoE reaching 20.3% by FY17E from the prevailing 18% in FY15. The EBITDA margins are expected to shoot by 50bps to 8.2% in FY17E from 7.7% in FY15, supported by nominal cost of production.
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