Earnings continue to be weak for GNA Axles in the second quarter with revenue down 13 percent. The commercial vehicle (CV) sector remains under pressure.

The company is also present in North America and Europe, which has witnessed strong demand that helped company to recover. “The revenues have improved in Q2,” said Ranbir Singh, President and CEO of GNA Axles in an interview to CNBC-TV18.

Total domestic revenue is around 45 percent.

CV and tractor segments have performed extremely well in the month of September. We are hopeful of CV segment to reach 50-70 percent of peak level, he added.

There is good visibility for export markets over the next two quarters so the export revenue should go up by 10 percent in next two quarters, he mentioned.

Singh is hopeful of achieving revenue of Rs 750-800 crore for FY21. He is targeting Rs 500 crore revenue in H2FY21.

Margins have also improved and he is hopeful of further improvement.

In terms of debt, Singh is planning to reduce it by Rs 30 crore this year.

First Published:Oct 13, 2020 3:28 PM IST