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Suprajit is India's largest automotive cable maker with an annual cable capacity of 150 mn cables. Suprajit group has 15 plants. 14 in India and 1 in the UK, which also operates as a Tech Centre. Its customer list includes most Indian automotive majors. It also exports to many marquee global customers.
Automobile cables account for about the major chunk of its revenues; with speedometers and the others accounting for the rest.
September 2014 quarter results
For the quarter ended September 2014, Suprajit Engineering registered a good 24% rise in consolidated sales to Rs 152.86 crore. OPM fell 80 basis points to 16.3% which saw OP growing 19% to Rs 24.91 crore.
Other income fell 37% to Rs 1.51 crore and interest cost grew 23% to Rs 4.10 crore. After providing for depreciation (up 21% to Rs 2.46 crore), PBT grew 10% to Rs 19.86 crore.
Tax grew 7% to Rs 5.53 crore after which PAT grew 11% to Rs 14.33 crore.
Six months results
For the six months ended September 2014, sales grew 27% rise in consolidated sales to Rs 294.13 crore. OPM fell 40 basis points to 15.3% which saw OP growing 24% to Rs 45.14 crore.
Other income fell 34% to Rs 3.34 crore and interest cost grew 31% to Rs 8.10 crore. After providing for depreciation (up 23% to Rs 4.76 crore), PBT grew 14% to Rs 35.62 crore.
Tax grew 11% to Rs 10.63 crore after which PAT grew 15% to Rs 24.99 crore.
Acquires Speedo Cable Business of Pricol Ltd
Suprajit Engineering executed a Business Transfer Agreement with Pricol Limited, Coimbatore for acquisition of their Speedo Cable Business on a Slump Sale Basis. The business has an annual sales of around Rs. 10 crores with major OEM''s and after market customers. The company is in the process of transferring the plant and machinery from Pricol and will relocate the same to one of its facilities at Bangalore.
Valuation
The share price trades at Rs 118.
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