MICO: Auto recovery drives growth in bottomline - Views on News from Equitymaster

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MICO: Auto recovery drives growth in bottomline

Jul 26, 1999

MICO has declared sales of Rs 3.8 bn (up 18.6% YoY) and a net profit of Rs 86.8 mn (up 265% YoY) for the second quarter ending 30th June 1999. Motor Industries company Limited (MICO), a 51% subsidiary of Bosch, is India's largest auto ancillary company in the organised sector. It enjoys a virtual monopoly in diesel fuel injection pumps and spark plugs. It also manufactures alternators, starter motors, and auto electrical items.

During the period, the net profit margins shot up to 2.3% (last year 0.75%) benefiting from the revival in demand for commercial vehicles and other automobiles in general. MICO is well poised to capitalise on the recovery in the automobile sector.

The near monopoly status MICO enjoys in certain auto ancillary segments makes its performance highly dependent on the growth of the automobile sector. With signs of a revival in the auto sector now emerging, the company's financial performance is expected to improve.

Market View:
The stock has been rated as a 'BUY' mainly on account of the recovery in the automobile sector, which is expected to give a boost to the topline and bottomline of the company.

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