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Currently catering to a wide spectrum of automotive and non-automotive cable requirements, Suprajit Engineering has cemented itself as India's largest manufacturer of automotive cables.
Automobile cables account for about the major chunk of its revenues; with speedometers and the others accounting for the rest.
September 2013 quarter results – Consolidated sales rise 13% and PAT grows 18%
Despite adverse market conditions, for the quarter ended September 2013, Suprajit Engineering registered a good 13% rise in consolidated sales (including other operating income) to Rs 123.06 crore. OPM fell 100 basis points to 17.1% which limited OP growth to just 7% to Rs 21.00 crore.
Other income stood at Rs 2.38 crore and interest cost jumped 29% to Rs 3.32 crore. After providing for depreciation (up 2% to Rs 2.03 crore), PBT before EO jumped 21% to Rs 18.03 crore.
EO was nil.
Tax grew 28% to Rs 5.17 crore after which PAT grew 18% to Rs 12.86 crore.
Six month consolidated sales growth improves to 7% and PBT before after EO rises 9%
For the six month ended September 2013, consolidated sales grew 7% to Rs 231.35 crore. OPM fell 130 basis points to 15.7% which took OP down 1% to Rs 36.35 crore.
Other income stood at Rs 5.09 crore and interest cost jumped 30% to Rs 6.19 crore. Depreciation was stagnant at Rs 3.87 crore after which, PBT before EO grew 9% to Rs 31.37 crore.
EO gains was nil against Rs 5.18 crore. Thus PBT after EO fell 7% to Rs 31.37 crore.
Provision for tax fell 11% to Rs 9.57 crore, after which PAT fell 11% to Rs 21.80 crore.
Largest manufacturer of automobile cables catering to two and four-wheelers
Suprajit Engineering is the largest manufacturer of automobile cables in India, catering to the requirements of two and four-wheelers. It is a tier-1 supplier to all the leading two-wheeler majors (Hero Honda, Bajaj Auto, TVS Motors, Yamaha, LML, Kinetic, etc) and a tier-2 supplier to four-wheeler companies (Ford, Hyundai, Maruti and Tata Motors).
It has one of the largest manufacturing capacities for any one company in a specific country in the world.
New cable plant in Pathredi and 100% export oriented subsidiary started deliveries in August 2013
The company's commercial production at its new cable plant in Pathredi has started with deliveries to customers.
Suprajit Automotive, 100% export oriented subsidiary has started commercial production at its new cable plant at Doddaballapur with regular deliveries to overseas clients.
Valuation
The share price trades at 34.
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