jamna auto industries ltd · 2. mahindra navistar 3. force motors 4. taco hendrickson 1. vovlo ....
TRANSCRIPT
Jamna Auto Industries Ltd
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Company Profile
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3/11/2015 2
Market Capitalization
INR 1000 Cr Approx. (Share Price INR 240/- ~ INR 250/-)
Production Spring Capacity
2013 – 150,000 MT 2014 – 180,000 MT
Alliance Ridewell (USA) – Air Suspension & Lift Axle
Manufacturing Plants 6 Plants in 5 States
Listed in Stock Exchange
BSE – 520051, JAMNAUTO NSE – JAMNAAUTO
Sales
3rd in the World
2
Jamna Auto Industries Ltd
Jamna Auto – INR 1000 Cr
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Jamna Auto Industries Ltd - Share Holding
Promoters
Foreign - OCB
General Public
Other Companies
Foreign - NRI
Foreign Institutions
Others
NBFC and Mutual Funds
Financial Institutions
Category No. of Shares Percentage
Promoters 1,74,09,830 44.04
Foreign - OCB 1,35,01,653 34.15 * General Public 70,73,730 17.88 Other Companies 6,72,890 1.70 Foreign - NRI 3,32,589 0.84 Foreign Institutions 2,59,815 0.66 Others 2,12,350 0.54 NBFC and Mutual Funds 65,482 0.17 Financial Institutions 6,650 0.02 Total 3,95,34,989 100.00
* Foreign - OCB %28
NHK Spring Co, Japan 6 Total 34
Clearwater Capital (Cyprus & Singapore)
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Industry Leader (in India) ~ nearest Competitor 11% Market Share
Manufacturing More Than 400 Parts OEM Market Share 63%, OEM Share in Parabolic s : 95%
Manufacturing more than 350 Parts
Industry Leader (in India) nearest competitor 13 % Market Share
Strategically located all over India
FY 2013 – 14 Sales INR 894 Cr & Installed Capacity 180,000 MT p.a.
JAI’s Strength
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Conventional Leaf spring
Parabolic Leaf Spring Lift Axle
Current Products
Air Suspension
Products
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Locations
Yamuna Nagar
Malanpur
Chennai
Jamshedpur
Pant Nagar
Hosur
Products
Leaf Spring
Parabolic Spring
Lift Axle
Air Suspension
Markets
OE India
AM India
OE – Exports
AM – Exports
6 Locations 4 Products 4 Markets
Assembly Plants
Main Plants
* OE India- Original Equipment Manufacturer
* AM India – After Market India
Presence
Serving more than 20 OEM Customer Locations in India 6/17
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Domestic Customers
New Multinational Domestic Customers
Exports Customers
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Global Spring Manufacturers Global Leaf Market Scale
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Current
1980’s Leaf Spring Manufacturer Base Country CapacityNHK Spring Co. Ltd. Japan 2,00,000Delphi USA 1,00,000Eaton/Oxford Canada 1,00,000Krupp Germany 40,000Hendrickson USA 40,000DSP USA 40,000Rejna Europe 40,000Hoesh Germany 30,000Sarfedern Germany 20,000Johns Woodhead UK 10,000
Indian Market Scenario
Leaf Spring Manufacturer Base Country CapacityRassini Mexico 2,50,000Hendrickson Canada & Mexico 1,90,000Jamna Auto Industries Ltd. India 1,80,000NHK Spring Co. Ltd. Japan & Thiland 1,50,000Ventanna Eurpoe 1,10,000Dong Feng China 1,05,000FAW China 1,00,000MBHA Spain 36,000Olgin Turkey 28,000LPDN Eurpoe 24,000
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1. TATA Motors
1. TATA Motors
Pant Nagar
Bhuj
1. TATA Motors
2. Ashok Leyland
Ropar
Indore
Pune 1. TATA Motors
2. Mahindra Navistar
3. Force Motors
4. Taco Hendrickson
Bangalore 1. VOVLO
2. Ashok Leyland
3. Kamaz Vectra
4. Leyland Nissan
5. Scania –Coming Up in 2015
Chennai 1. Ashok Leyland
2. Bharat Benz (Daimler)
3. Renault Nissan
4. Ford India
5. ISUZU –Coming up in 2014
OEM Plants
JAI &OEMs Presence in India
1. AMW
Lucknow
Jamshedpur
JAI – Chennai
JAI – Jamshedpur
JAI – Pantnagar
JAI – Yamuna Nagar
JAI – Gwalior
JAI – Pune
JAI – Hosur
JAI Existing Plants
1. SML ISUZU
1. VECV
2. Force Motors
3. MTI
JAI Upcoming Plant
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Jamna Auto Industries Ltd
Financial Update 2014-15
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Jamna Auto Industries Ltd Highlights
• Upgradation of Credit Ratings by ICRA (Three Notches) - Long Term Rating improved from LBBB- to A- - Short Term Rating improved from A3 to A2+
• Healthy Liquidity Position
INR in Cr
Hundies in Hand (Duly accepted by Customers)
34
Un-utilized Working Capital Limits 34
Balance in Current Accounts 11
Total 79
LT ST
October 12 D D
March 13 BB+ A4+
July 13 BBB- A3
June 14 BBB A2
Sept 14 A- A2+
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Jamna Auto Industries Ltd Highlights - Cont’d • Interest Swaps:
Term Loans from Kotak (INR 15 Cr), HDFC (INR 10 Cr) and SBER (INR 10 Cr) have been converted
into Foreign Currency Loans in order to get interest rate benefit. With this, exports of next 3
years are also hedged without any additional cost. Estimated interest Savings INR 3 Cr.
• WAC for Term Loans considering above ‘Interest Swaps’ : <10% p.a.
• Further possible interest savings of INR 0.74 Cr against unutilized IRS Limit of INR 10 Cr with
ICICI Bank.
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Reduction in Borrowing (At Consolidated Level)
Reduction in Finance Cost
Q-4 (2013-14)
Q-1 (2014-15)
Q-2 (2014-15)
Q-3 (2014-15)
INR 5.7 Cr INR 4.4 Cr INR 4.7 Cr INR 4.5 Cr
93 105 100
82 73
67 64
71
18 15 27
13
0 0
164
123 115
109
86
67
64
-5
15
35
55
75
95
115
135
155
175
Mar 2013 Mar 2014 Jun 2014 Sep 2014 Dec 2014 Jan 15 Feb 15
Long Term
Short Term (WC)
Total Borrowing
INR in Cr
Jamna Auto Industries Ltd Highlights - Cont’d
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Commercial Vehicle Trends & Market Share Jamna Auto Industries Ltd
2013-14 9 Months
2014-15 9 Months
Growth in 9 Months
Growth in 2013-14
M & HCV Production (Nos.) 1,59,142 1,86,221 17% -21%
LCVs (Nos.) 3,61,479 3,17,310 -12% -14%
Vehicle Production (Nos.) 5,20,621 5,03,531 -3% -16%
Spring Demand (MTs) 96,638 1,13,989 18% -21%
JAI 's Business (MTs) – OEM 55,218 71,813 30% -23%
Market Share (%) 57 63 6% -1%
Note: Growth in Market Share is primarily due to increase in TML SOB from 54% to 65% in Q-4 (2013-14) and further increase in SOB to 70% in Q-3 of current year. Estimated TML SOB for Q4: 73%
JAI’s presence
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Jamna Auto Industries Ltd Sales Comparison (In MTs) 9 Months (Actuals) Figures in MT
2013-14 2014-15 2013-14 2014-15 2013-14 2014-15H-1 H1 Q-3 Q-3 9 Months 9 Months
1 OEM 41,283 82.6% 47,186 82.7% 14.3% 13,935 72.3% 24,593 81.5% 55,218 79.7% 71,779 82.3%
2 Replacement 8,700 17.4% 9,902 17.3% 13.8% 5,335 27.7% 5,569 18.5% 14,035 20.3% 15,471 17.7%
Total 49,983 100% 57,088 100% 14.2% 19,270 100% 30,162 100% 69,253 100% 87,250 100%
Growth 14% Growth 57% Growth 26%
Outlook Q-4 & FY15
2013-14 2014-15 2013-14 2014-15Q-4 Q-4 FY FY
1 OEM 22,940 79.5% 32,671 83.9% 42.4% 78,158 79.7% 1,04,450 82.8%2 Replacement 5,913 20.5% 6,255 16.1% 5.8% 19,948 20.3% 21,726 17.2%
Total 28,853 100% 38,926 100% 34.9% 98,106 100% 1,26,176 100%
Growth 35% Growth 29%
%% Growth% % % %
% % Growth % %
S No Product
S No Product
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Jamna Auto Industries Ltd Financial Results (Standalone) 9 Months Q3
INR in Cr INR in Cr2013-14 2013-14 2014-15 Growth 2013-14 2014-15 2014-15 Growth
FY 9M 9M in % Q-3 Q-2 Q-3 in %
Net Sales 716.4 500.6 677.3 35% Net Sales 146.0 233.0 234.2 60%
Export Sales 7.9 5.3 8.5 60% Export Sales 0.9 1.9 2.2 158%
EBITDA (Normalised) 41.3 25.5 50.0 96% EBITDA 1.0 13.7 20.2 1960%
Operating Margin 16.4 7.4 30.9 317% Operating Margin (5.4) 7.7 13.4 350%
PBT (Operational) (4.3) (7.4) 18.2 347% PBT (Operational) (10.0) 3.3 9.2 192%
PAT * 14.3 11.4 13.7 20% PAT (7.4) 3.4 5.1 168%
Cash Accruals 39.1 29.5 32.8 11% Cash Acctuals (1.1) 9.5 11.9 1183%
EBITDA Margin (%) 5.8% 5.1% 7.4% 45% EBITDA Margin (%) 0.7% 5.9% 8.6% 1185%
Operating Margin (%) 2.3% 1.5% 4.6% 208% Operating Margin (%) -3.7% 3.3% 5.7% 256%
PBT (%) -0.6% -1.5% 2.7% 282% PBT (%) -6.8% 1.4% 3.9% 158%
PAT (%) * 2.0% 2.3% 2.0% -12% PAT (%) -5.1% 1.5% 2.2% 143%
Cash Accruals (%) 5.5% 5.9% 4.8% -18% Cash Accruals -0.8% 4.1% 5.1% 775%
* PAT (FY14) includes Exceptional items of INR 17.6 Cr16/17
Jamna Auto Industries Ltd Financial Results (Consolidated) 9 Months Q3
INR in Cr INR in Cr2013-14 2013-14 2014-15 Growth 2013-14 2014-15 2014-15 Growth
FY 9M 9M in % Q-3 Q-2 Q-3 in %
Net Sales 833.8 587.9 753.0 28% Net Sales 169.9 255.9 262.1 54%
Export Sales 7.9 5.3 8.5 60% Export Sales 0.9 1.9 2.2 158%
EBITDA (Normalised) 49.1 31.3 56.7 81% EBITDA 2.7 15.4 22.3 736%
Operating Margin 23.2 12.7 36.1 185% Operating Margin (3.9) 9.0 15.2 492%
PBT (Operational) (0.8) (4.8) 22.5 569% PBT (Operational) (9.5) 4.3 10.7 212%
PAT * 13.8 10.9 13.5 23% PAT (8.3) 3.2 4.8 158%
Cash Accruals 39.8 29.6 34.0 15% Cash Accruals (1.8) 9.6 12.0 786%
EBITDA Margin (%) 5.9% 5.3% 7.5% 41% EBITDA Margin (%) 1.6% 6.0% 8.5% 442%
Operating Margin (%) 2.8% 2.2% 4.8% 123% Operating Margin (%) -2.3% 3.5% 5.8% 354%
PBT (%) -0.1% -0.8% 3.0% 466% PBT (%) -5.6% 1.7% 4.1% 173%
PAT (%) * 1.7% 1.9% 1.8% -4% PAT (%) -4.9% 1.2% 1.8% 138%
Cash Accruals (%) 4.8% 5.0% 4.5% -10% Cash Accruals (%) -1.0% 3.7% 4.6% 545%
* PAT (FY14) includes Exceptional items of INR 17.6 Cr17/17
Thank You