Jupiter Wagons (JWL) Q4 21/22 earnings summary

Executive summary

• FY22 revenue from operations rose 18.34% YoY to ₹1,17,835.40 lakh; consolidated PAT was ₹4,965.49 lakh versus ₹5,339.63 lakh in FY21.

• The business broadened across wagons, commercial-vehicle load bodies and containers; merger synergies, a large wagon order book and new mobility ventures underpin the growth plan.

Financial highlights

• Revenue from operations increased 18.34% YoY to ₹1,17,835.40 lakh; consolidated EBITDA was ₹11,410.66 lakh versus ₹10,632.69 lakh.

• Consolidated PBT before JV losses and tax was ₹7,595.44 lakh versus ₹6,586.49 lakh; consolidated PAT was ₹4,965.49 lakh versus ₹5,339.63 lakh.

• Consolidated EBITDA margin was 9.68% versus 10.68%; steel and component costs raised raw-material cost to 76.11% of revenue from 74.48%.

• Finance cost declined 13.98% YoY to ₹1,816.69 lakh, supported by lower borrowing rates and improved treasury management.

Outlook and guidance

• FY23 wagon shipments were targeted at ~3,000 units to Indian Railways and private operators; CMS crossings target was ~2,400 units.

• Container output was projected at ~2,200 units for FY23; the new line had delivered ~550 containers in its first half-year.

• Management cited expected FY23 commercial-vehicle industry growth of 23%-34%, with plans to capture similar growth; another outlook cited 25%-30%.

• Freight-wagon, commercial-vehicle and container demand was expected to remain robust; JV operations were expected to start in FY23.

• Jupiter Electric Mobility planned a 7-tonne commercial EV launch by early 2023; the GreenPower JV targeted passenger-transit and cargo products within two years.