Punjab-based auto components manufacturer, GNA Axles Ltd. on Friday reported its financial results for the second quarter of FY24, reflecting a mixed performance.

The company’s net profit rose by 3.3% year-on-year (YoY) to ₹28.5 crore, compared to ₹27.6 crore in Q2 FY23. However, revenue declined by 4.1%, falling to ₹387.5 crore from ₹404.2 crore in the same period last year.

The company’s EBITDA also saw a decrease, down 4.5% to ₹52.5 crore from ₹55 crore in the previous year. Despite the revenue and EBITDA decline, GNA Axles managed to maintain its margins at 13.5%, slightly lower than the 13.6% recorded in Q2 FY23.

Key metrics for the quarter include a rise in other income to ₹0.53 crore from ₹0.47 crore YoY and a marginal reduction in employee benefits expenses to ₹17.6 crore from ₹17.9 crore. The cost of materials consumed increased to ₹270.5 crore from ₹257.7 crore, indicating rising input costs that are impacting the industry.

Also read: Hindustan Zinc Q2 Results: Net profit rises 35% to ₹2,327 crore, margin expands 380 bps

GNA Axles specialises in manufacturing auto components for commercial vehicles, tractors, and off-road equipment. Its products are utilised by prominent OEM manufacturers globally, including Mahindra & Mahindra, John Deere, and Tractors and Farm Equipment (TAFE).

Following a mixed Q2 earnings report, GNA Axles shares were trading at ₹418.75 as of 3:10 PM today, down 1.93%​.