Q3 2024 Timken India Ltd Earnings Call Transcript
Key Points
- Domestic sales increased by 13% compared to the same quarter last year.
- Rail market demand remains robust, particularly in Brazil and North America.
- Timken India Ltd (NSE:TIMKEN) is gaining market share in the Indian rail freight market, holding over 50%.
- The company is investing in new technologies and expanding its Bharuch plant, expected to be operational by the end of the year.
- Strong performance in the process industry, with a 5% increase in sales over nine months.
- Overall sales declined by 10% compared to the previous quarter.
- Exports contracted by 6.6% due to global economic factors and weak end market demand.
- EBITDA margin decreased by 2.8% compared to the previous quarter, primarily due to an unfavorable product mix and lower volume leverage.
- The heavy truck market remains weak, impacting export sales.
- The company faces challenges in leveraging fixed costs due to suboptimal plant loading and inflexible labor costs.
Ladies and gentlemen, good day, and welcome to Timken India Q3 FY24 earnings conference call, hosted by Avendus Spark. This conference call may contain forward-looking statements about the company, which are based on beliefs, opinion, and expectations of the company as on the date of this call. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict. (Operator Instructions) Please note that this conference is being recorded.
I now hand the conference over to Mr. Mukesh Saraf from Avendus Spark. Thank you, and over to you, sir.
Thank you, Yousuf. Good afternoon, Mukesh Saraf here from Avendus Spark. Appreciate everybody logging in. I'm pleased to host Mr. Sanjay Koul, Chairman and Managing Director of Timken India, and Mr. Avishrant Keshava, CFO and Whole-time Director of Timken India. We'll start with some brief opening remarks from Mr. Koul, and then follow it up with the Q&A. Over to you, sir.
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