Capitaline

Analyst Meet / AGM 26-Jul-12

AGM

WABCO India

Capex of Rs 50 crore for FY 13

WABCO India held 8th Annual General Meeting at Chennai on 25^th July 2012. M Lakshminarayan, Chairman and P Kaniappan, Wholetime Director of the company chaired the meeting.
Highlights of meet

The production of commercial vehicle industry fitted with air brakes reduced by 13% in June 2012 quarter due to adverse economic conditions and high inflation. The company expects the same trend to continue for a while. On account of the uncertainty of the domestic M&HCV industry, the company is shifting its focus to exports and aftermarket sales.
The company is expanding its capacity at its SEZ plant in Chennai with new compressor assembly line. The setting up of the compressor assembly is carried out in two phases. The Phase 1 of the project which involves parts supply has been initiated and Phase 2 i.e. set up of full assembly line would be completed by September 2012. The capacity of this new project is 1 lakh compressors per annum. This would cater to exports thereby adding on to their export growth. The full ramp up of the assembly line is expected in Q1 FY 14.
The capex for FY 13 is Rs 50 crore. It would be largely towards setting up assembly plant in Lucknow and the ongoing expansion at Mahindra SEZ, Chennai i.e compressor line. The Lucknow assembly plant that involves capex of Rs 15 crore would commence operations by March 2013. It will have capacity of 10,000 vehicle sets. It will cater to CV plants that are located in the North such as Tata Motors etc. Besides these two main projects, the company is also expanding capacity at its Ambattur plant.
The company introduced various new products in the Indian market in 2011-12. Some of them are complete brake system aggregate for Daimler India Heavy and light duty truck; localization of 318cc compressor and variants for OEMs, hand brake valve with self return feature etc.
It is in process of implementing in series production of higher capacity air compressors for heavy duty engine program for Volvo. It is also commencing series production of brake chambers for North American OEM – Daimler trucks North America.
Declared dividend of Rs 5 per share for FY 2012.

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