GNA Axles gets buy from Cen­trum

The Asian Age - - Money -

GNA Axles Ltd (GNA), es­tab­lished in 1993, is one of the lead­ing man­u­fac­tur­ers of rear axle shafts used in on-high­way and off-high­way ve­hic­u­lar seg­ments in In­dia. GNA’s ma­jor cus­tomer in­clude Orig­i­nal Equip­ment Man­u­fac­tur­ers (OEMs) like M&M, John Deere, TAFE and tier-1 sup­pli­ers to OEMs like Au­to­mo­tive Axles Ltd, Mer­i­tor HVS AB and Dana Ltd. GNA is well di­ver­si­fied with In­dia ac­count­ing for 54 per cent of FY17 rev­enue, North Amer­ica (15 per cent), Europe (21 per cent), South Amer­ica (4 per cent) and rest of the world (6 per cent). It has two man­u­fac­tur­ing plants in Pun­jab, with ca­pac­ity of man­u­fac­tur­ing 23 lakh rear axle shafts (ca­pac­ity uti­liza­tion 78 per cent for FY17), three lakh spin­dles (73 per cent) and 4 lakh other/drive shafts (85 per cent) per an­num. It is ex­pected to gain sig­nif­i­cantly on ac­count of CV cy­cle re­cov­ery (both do­mes­tic and ex­port markets) and bounce back in trac­tor sales.

Broking firm: Cen­trum Rat­ing: Buy Clos­ing price: `346.30

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