Automotive Axles slides after Q4 PAT drops 13% to Rs 44 cr; Declares dividend of Rs 32/ share

Automotive Axles fell 2.23% to Rs 1,973.25 after the company's standalone net profit declined 13.22% to Rs 44.09 crore on 17.53% decrease in revenue from operations to Rs 571.52 crore in Q4 March 2024 over Q4 March 2023.

Profit before tax (PBT) stood at Rs 59.12 crore in Q4 FY24, down 13.09% YoY for the quarter ended 31 March 2024.

Total expenses fell 17.32% to Rs 517.75 crore in the quarter ended 31 March 2024. Cost of materials consumed was at Rs 395.47 crore (down 19.63% YoY) and employee expense was at Rs 33.47 crore (down 0.71%) during the quarter.

For the full year, consolidated net profit increased 2.54% to Rs 166.15 crore despite of 4.06% decline in net sales to Rs 2,229.17 crore in the year ended FY24 over the FY23.

Meanwhile, the board declared a final dividend of Rs 32 for the financial year ended 2024.

Automotive Axles (AAL) is a joint venture of Kalyani Group and Meritor Inc., USA. With manufacturing facilities located at Mysore (Karnataka), the company is currently the largest independent manufacturer of Rear Drive Axle Assemblies in India. The company has also expanded its footprints in North India with its plants at Pantnagar and Jamshedpur.

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