Research And Views Archives

Punjab Tractors: Almost there!
(Company Info)

Jun 2, 2004

Punjab Tractors, one of India’s leading manufacturers of tractors, has posted robust fourth quarter FY04 results. In terms of both sales volumes as well as profits recorded, fourth quarter performance has stood out as the best in the last eight quarters. While the topline of the company has witnessed a strong 60% YoY growth, the bottomline has vaulted 101%. For the full year however, it has continued to experience pressure at the net profit levels, as they fell by nearly 3% despite a 9% YoY rise

Tractor industry: Over the hump?
(Sector Info)

Apr 21, 2004

Backed by strong demand inducing factors such as attractive finance schemes and strong economic growth, the auto industry (includes cars, U.Vs and multi purpose vehicles) has registered a healthy jump of 32% in sales in FY04 on a YoY basis. However, the tractor industry has been a disappointment. Owing to indifferent monsoons in the year leading upto FY04 and a decline in government buying due to piling up of food grains, the industry volumes have witnessed a steady decline since FY00. But as we

Punjab Tractors: Woes continue
(Company Info)

Aug 1, 2003

There seems to be no respite for Punjab Tractors, one of the leading players in the Indian tractor market. While revenues have fallen by 26%, net profit has declined at an even faster rate of 59%. The poor performance could be attributed to subdued demand for tractor in rural areas and the ongoing de-stocking exercise.

M&M: Sales revs up
(Company Info)

Jul 28, 2003

M&M has announced its first quarter results today. While revenues have increased sharply, operating margins continue to remain under pressure due to poor performance of its farm equipment division. Growth in net profit is inflated due to lower base in the corresponding period previous year.

Telco: 1QFY04 revenues up 43%
(Company Info)

Jul 21, 2003

Tata Engineering (Telco) has posted yet another impressive quarterly result. Led by a sharp rise in commercial vehicle and passenger car sales, the company has posted a 43% rise in net sales and a significant growth in net profit for FY04.

Punjab Tractors: Is the worst over?
(Company Info)

Apr 22, 2003

Punjab Tractors, the second largest tractor manufacturer in the country, has posted a sharp 58% decline in net profit and a 39% fall in revenues for the full year ended March 2003. This has come in the wake of not only weakness in demand, but is also led by the accelerated inventory correction exercise undertaken by the company during the year. The correction exercise was due for more than a year and a half.

Tractors: Short-term concerns
(Sector Focus)

Dec 13, 2002

It has been a downhill road for the tractor sector over the last three years. This is not only due to poor monsoon but also because of the manufacturers own undoing. We analyse the performance of the tractor industry in the current fiscal and its future growth prospects.

Escorts: On a exit mode
(Company Info)

Dec 4, 2002

While it has been eventful year for most of the auto companies, it is not the case with tractor manufacturers. They have been affected by poor offtake. However, Escorts' performance has been weaker compared to its peers. The slowdown in demand combined with significant pricing pressure has resulted in the company posting a bigger loss in 2QFY03 compared to the corresponding period previous year.

M&M: Volatile 1HFY03
(Company Info)

Oct 30, 2002

Mahindra & Mahindra, the utility vehicle (UV) and tractor major, has posted a 8% rise in sales and a sharp rise in net profit for the second quarter ended September 2002 as against a net loss in the corresponding quarter previous year. While M&M has extended its market share in the UV segment, its share in tractors has fallen in 1HFY03.

Punjab Tractors: Hard times
(Company Info)

Oct 29, 2002

Punjab Tractors, in line with expectations, has posted a sharp fall in both revenues and profitability for the second quarter ended September 2002. Operating margins also have come under pressure on account of oversupply in the market.

Apollo Hospitals: IT driving healthcare
(Company Info)

Oct 3, 2002

Apollo Hospitals Enterprises Limited (AHEL), the largest healthcare provider in India, has given a new meaning to the term healthcare. With the aim to be an integrated healthcare provider i.e. being able to provide primary, secondary and tertiary healthcare, AHEL has set up a network of nearly 4000 beds and a network of pharmacies and clinics spread across the country. From a single hospital in the early 1980s the company has grown to become the largest healthcare provider in India and possibly

M&M: Mixed signals
(Company Info)

Sep 20, 2002

Among auto stocks, Mahindra & Mahindra (M&M) has been languishing at the current levels for quite some time. But the company's market leadership in the tractor and UV segments is a positive for the stock. The restructuring exercise undertaken has already started to reflect in terms of better profitability in 1QFY03.

Punjab Tractors: Turnover down 27%
(Company Info)

Jul 30, 2002

Punjab Tractors, the second largest player in the Indian tractor segment, has posted a sharp fall in sales and profits for the first quarter ended June 2002. One of the key reasons for the fall in volume sales could be on account of destocking at the dealer end apart from subdued demand in the industry.

M&M: Will it continue?
(Company Info)

Jul 30, 2002

M&M seems to be on the turnaround path. The company has posted a sharp rise in sales in 1QFY03 on the back of impressive performance of its farm equipment segment and higher demand for UVs. M&M is back in the black with a net profit of Rs 78 m, as compared to a net loss of Rs 296 m in 1QFY02.

Escorts: What lies ahead?
(Company Info)

Jul 15, 2002

Escorts Limited that has presence in agriculture machinery and engineering products, continues to suffer from the downturn in the tractor industry. The company recently announced its FY02 and 1QFY03 results. The sharp fall in sales in the first quarter of the current year ended June 2002 is primarily on account of de-stocking exercise undertaken by the company.

Utility Vehicles: Surprise package
(Sector Focus)

Jun 29, 2002

Judging by the rally in the auto sector, markets seem to be quite bullish on future growth prospects of the industry. But attention is paid only to high-growth segments like passenger cars, commercial vehicles and two-wheelers. While others like tractors, utility vehicles and light commercial vehicle seem to be out favour this season. Moving away from focus area of market, we analyse the performance of the UV segment in FY02 and the industry structure.

M&M: Scorpio lacks sting
(Company Focus)

Jun 29, 2002

Though volumes might not suggest so, it has been one of the most eventful years for auto sector. The reason being, Indian automobile manufacturers, atleast a few of them, have graduated to design and manufacture of indigenously produced vehicles. One of them is Mahindra & Mahindra (M&M), a key player in tractors and utility vehicle segment. Apart from analyzing M&M as an auto manufacturer, we have dealt with in detail the valuation of Mahindra-British Telecom (MBT) in this article because of its

M&M: Uphill test drive
(Company Info)

Jun 17, 2002

Mahindra & Mahindra (M&M), the diversified auto major, has posted a 8% fall in sales for the full year ended March 31, 2002. The company's net profits also dipped by 20%. But the company has achieved its objective of improving margins through cost reduction exercise.

Tractors: Structural constraints
(Sector Focus)

May 11, 2002

That India is number one in terms of irrigated land area, second in arable land and seventh in total area may not be startling for everyone, but what worries most of economist is the slower pace in productivity. Indian agricultural output could become uncompetitive in the long run if we fail to improve yield and quality of output. One way to improve productivity is to increase the level of mechanisation, which is of abysmally low level currently. In this article, we look at the growth prospects

Punjab Tractors: The Indian Swaraj
(Company Focus)

May 11, 2002

If one were to look at the broader trend on the bourses over the last six months, apart from software sector, auto stocks have been buzzing with activity. But within the auto sector, tractor manufacturers have been languishing at the current levels for quite sometime. Punjab Tractors in one of them.

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