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The company held its AGM on 24th April'14 and was addressed by Mr. Avinash Gandhi, Chairman
Key highlights
The company reported strong set of Q1 CY 2014 results where net sales was up by 20%. The growth was driven by strong export sales.
The new bearing plant in Savli is fully commercialized during Q1 CY'14. The plant is used predominately to manufacture specialized bearings. The demand for specialized bearings at international market is very high and unless domestically things improve, the facility will predominately be used for exports.
While domestically things are moving slowly in terms of auto and industrial business, exports are doing well and management expects exports to continue to perform strongly in CY 2014.
Overall, management is confident of atleast double digit growth in CY 2014.
Capex for CY 2014 is planed around Rs 60 crore.
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