'Setco Automotive held its conference call on 19 August 2019 to discuss its results and future.
Udit Seth Vice Chairman Vinay Sahane CFO and JS Gujral CEO of the company addressed the call
Highlights of the call:
The performance has to be viewed in the backdrop of significant macro headwinds coupled with high base affect of Q1FY19.
Slowdown in domestic OEM sector affected both Setco and Lava Cast.
First Quarter is seasonally the weakest quarter in terms of sales which is around 18-20% of full year.
Q1FY19 was exceptionally good and was 22% of full year and the best Q1 in history of Setco.
On a consolidated basis sales fell 7% to Rs 143 crore in Q1FY20 largely due to slowdown in domestic OEM sector. This is against a 17.5% volume fall in MHCV industry, according to SIAM data.
Consolidated EBITDA margins were sustained at 16.1%.
EBITDA was maintained despite increased staff strength to grow business in aftermar...
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