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SJS Enterprises Ltd.’s Q1 FY23 results were in line with our estimates. The company continues to outgrow industry growth and reported 54% YoY sales growth in its automotive segment while domestic two-wheeler and passenger vehicle industry production volumes combined grew by 37% YoY.
During the quarter, SJS added new orders from its existing and new clients including Continental, Marelli, Stellantis, Whirlpool and Alladio etc. providing strong sales visibility for its export business.
Under the medium strategy, the SJS plans to grow its sales organically by ~25% compound annual growth rate over FY22-25E.
We are retaining our sales and profit after tax estimates for FY23 and FY24. We expect SJS to report 24% sales CAGR and 36% profit after tax CAGR over FY22-24.
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