Research And Views Archives

Apollo Tyres: Wrong side!
(Company Info)

Nov 3, 2004

Apollo Tyres, India’s leading tyre manufacturer announced its 2QFY05 results last week. The company has continued to witness pressure at the operating level. As a consequence, despite a 5% YoY growth in topline, bottomline has fallen by around 14%. For the half yearly period, the corresponding figures stood at 9% and a negative 15% respectively, on a YoY basis. If it were not for the other income the bottomline performance would have been even worse.

Exide: Margins break the circuit
(Company Info)

Oct 28, 2004

Exide, India’s largest manufacturer of automotive batteries has put up a disappointing set of 2QFY05 numbers. The bottomline of the company has fallen by 5% as compared to the same quarter last year. While the topline growth has been robust with a 26% YoY rise, higher raw material expenses have resulted into a dip in its bottomline. For the half-year period, the topline and bottomline growth stood at 22% and 15% respectively.

Exide: Will it continue to charge?
(Company Info)

Sep 22, 2004

Riding on the back of robust auto sales, Exide, India's largest automotive battery manufacturer has seen some significant buying interest in recent times. In this article let us throw some light on the company's recent performance and on the future prospects of the same.

Identifying an auto anc. stock: Do's and don'ts
(Sector Focus)

May 31, 2004

In Views on News, Equitymaster has tried to highlight here some factors one should keep in mind before investing in an Auto ancillary company. Know more

Bharat Forge: Eyeing global leadership
(Company Info)

Apr 7, 2004

Bharat Forge (BFL), the world's second largest forging company, is aiming to acquire global leadership and in order to fulfill these global designs, the company acquired a Germany based blue chip forging company, Carl Den Peddinghaus (CDP), for a total consideration of US$ 35 m (Rs 1.5 bn). In this article, let us try and analyse the current deal and also have a look as to what the company is further doing to achieve global leadership.

Auto ancillaries: In the driver’s seat
(Special Report)

Mar 1, 2004

While some Indian companies were winning plaudits for their work in the services field such as IT (information technology) and BPO (business process outsourcing), companies from the manufacturing sector weren’t exactly treading the same path. However, if the developments that have taken place recently in the auto ancillary industry are any indication, it will not be long before the domestic auto ancillary industry does a repeat act. And this newfound optimism in the industry is not without reaso

Auto ancillaries: Huge potential
(Sector Info)

Jan 5, 2004

While some Indian companies were winning plaudits for their work in the services field such as IT and BPO, companies from the manufacturing sector weren't exactly treading the same path. However, if the developments that have taken place recently in the auto ancillary industry are any indication, it won’t be long before the auto ancillary industry in the country does a repeat act. And this newfound optimism in the industry is not without reason.

Sundram Fasteners: Global designs
(Company Info)

Dec 24, 2003

Sundram Fasteners Limited (SFL), one of the largest manufacturers in the fastener industry, recently acquired the precision forging business of Dana Spicer Europe for a total consideration of GBP 1.5 m (Rs 12 crores). The division is located at Northumberland UK and has been hived off as a new company called Cramlington Precision Forge Ltd (CPFL) and would be a fully owned subsidiary of SFL.

MICO: An overview
(Company Info)

Dec 19, 2003

Motor Industries Company Limited (MICO), a member of the Bosch Group (Germany), is the country's leading manufacturer of automotive Spark Plugs and Diesel Fuel Injection Equipment. In addition, MICO also manufactures Industrial Equipment, Auto Electricals and Hydraulic Gear Pumps for tractor applications.

Bharat Forge: Poised for higher growth
(Company Info)

Dec 15, 2003

Bharat Forge, one of the largest forging companies in the world, was in the news recently on account of the company’s acquisition of a German forging company, Carl Den Peddinghaus GmbH.

Bharat Forge: The propellant shifts
(Company Info)

Oct 22, 2003

Bharat Forge, one of the largest forging companies in the world, has reported robust results for 2QFY04. While the topline of the company has grown 40% YoY, the bottomline of the company has registered an impressive growth of 70%. However, operating margins have declined by 330 basis points due to higher input costs.

Exide: 2QFY04 PAT up 45% YoY
(Company Info)

Oct 20, 2003

Exide, India’s leading battery manufacturer, has reported robust 2QFY04 results. While the topline of the company has registered a 9% YoY increase, the bottomline of the company has increased by an impressive 45% during the same period. The net profit of the company has risen mainly on account of improved sales and a reduction in interest expenses.

Munjal Showa – Riding high
(Company Info)

Oct 13, 2003

Munjal Showa was formed as collaboration between the Hero Group (39%) and Showa Corporation, Japan (26%). The company is the sole supplier of shock absorbers to Hero Honda Motorcycles and Honda Scooters and Motorcycles. Bulk of the company’s revenues is generated from the two-wheeler segment.

Exide: What next?
(Company Info)

Apr 25, 2003

Exide Industries, India's largest automotive battery supplier, announced its March quarter and FY03 results. For the full year, the company declared a topline growth of 11% YoY, while its bottomline grew significantly by 67% YoY. We take a look at the performance of the company, which derives most of its revenues from the automobile industry.

Exide: Mixed outlook
(Company Info)

Oct 11, 2002

The sharp spurt in commercial vehicle sales and impressive rise in passenger car sales have benefited auto ancillary majors significantly. Exide, the country's largest car battery manufacturer and supplier, has posted a 8% rise in revenues and notable rise in net profit for the second quarter ended September 2002.

Exide: Poised for pace
(Company Info)

May 3, 2002

Exide Industries, the market leader in the Indian automotive battery segment, has posted a 24% fall in net profits for the full year ended March 31, 2002. However, turnover during the same period has gone up 3% to Rs 7,915 m.

Exide: Reflecting the auto sector
(Company Info)

Jan 21, 2002

The third quarter performance of Exide Industries, the market leader in the automotive batteries sector, clearly reflects the rise in auto sales in recent months. While turnover has increased notably, profits for the first nine months of the current fiscal have declined.

Exide: Margins on the move
(Company Info)

Oct 16, 2001

Exide Industries, the market leader in the automotive and industrial batteries segment, has reported a sharp 18.2% fall in sales in the second quarter ended September 30, 2001. The slowdown in the economy and subdued auto demand has affected volume growth of the company.

Exide: What’s on the cards?
(Company Info)

Oct 3, 2001

The slowdown in auto demand has had a significant impact on profitability of auto ancillary manufacturers. Though Exide, the market leader in the automotive battery segment, reported a decent growth in sales in 1QFY02, profits fell sharply. Given the recent upturn in auto volumes, what can one expect from the company?

Exide: Reels under auto downslide
(Company Info)

Jul 13, 2001

Exide Industries Ltd (EIL), has reported a net profit of Rs 36 m for 1QFY02, a decline of 48.2% YoY. The company's sales grew by 11% during this period to Rs 1,762 m, but higher expenses on account of staff and other expenses have taken a toll on the company's bottomline.

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