ICICI Securities research report on Craftsman Automation (CFTM)’s Q4FY24 EBITDA came in at INR 2.1bn, down 6% QoQ (vs consensus estimate of INR 2.4bn). Powertrain (PT) segment’s EBITM at ~15% was ~300bps lower QoQ due to i) lower capacity utilisation on weaker off-take by domestic and global customers in CV segment, ii) development expenses for OHT/stationary engines segment.