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Analyst Meet / AGM
13-Aug-09
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AGM
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NRB Bearings
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Expects CV market to revive only in FY'10-11
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NRB bearings held its AGM on 12/08/09. T.S.Sahney, the MD of the company addressed the meet.
Key highlights
- NRB manufactures all types of bearings ie, ball bearings, roller bearings, needle bearings, cylindrical bearings, tapered/thrust roller bearings etc. The entire sales of the company are manufactured at its plants and there are no trading activities undertaken.
- Of the total sales around 85% of sales go to automotive industry and the rest are to the other industries. Of the total auto sales, CV and two wheeler put together would constitute around 70-75% of the bearing sales and the balance sales would be of the passenger car bearings. Company also exports its bearings and for FY'09, the exports stood around 17% of total sales, which was largely to commercial vehicle industry in EU.
- The company is very strong in needle, cylindrical and thrust bearings. All the thrust bearing orders of Maruti and other passenger car players come to NRB bearing as there are only three major players, the other two are unlisted. Also where thrust and cushion is more important especially in CV industry, NRB bearings are preferred.
- The company expects revival in CV to happen only in next year, somewhere around July'10. Also in FY'10, the exports looks bad as EU markets are down by more than 75%. However things will be better than Q1 FY'10 and last year as well, as last two quarter sof FY'09 was very bad domestically. Overall real growth to kick start from FY'11 where commercial vehicle industry will actually revive and there will be more volume growth.
- The company has incurred capex and has sufficient capacity of bearings. So going forward, capacity will never be an issue. In near term, depreciation and interest cost will remain high and can restrict the bottom line growth. The company is operating around 60-70% of installed capacity.
- The company plans to increase the sales of non-automotive share in the overall sales figure by targeting more infrastructure, mining, metals and other non-conventional energy sectors. Overall these efforts will bear fruits from FY'11 onwards.
- The Thailand subsidiary which is a Greenfield expansion by the company was not operational so far because of the global meltdown, but will be operational from Sep'09 onwards.
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