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Analyst Meet / AGM
27-Apr-10
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Conference Call
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Banco Products
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Expects orders on regular basis from North America
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Banco Products (Banco) held conference call on 26th April 10 to discuss its performance for the quarter and year ended Mar 10. The meeting was presided over by Mr. Vimal Patel – Chairman.
Key Highlights from the Discussion
- The company expects to get orders on regular basis from North American market.
- The company's Rudrapur plant has begun supplies to Mahindra & Mahindra's tractor plant. Rudrapur plant will supply to Tata motors, Mahindra & Mahindra (M&M), Ashok Leyland (ALL) and Bajaj Auto that are in same location.
- The company has invested a total of USD 3.4 million equity in its African subsidiary named Kilimanjaro Biochem, Tanzania.
- In the quarter ended March 2010, Banco Products doubled net profit of Rs 22.01 crore thanks to impressive topline, robust operating performance and marginal increase in depreciation cost.
- Domestic sales grew by 67% to Rs 273 crore in FY 10.
- Exports grew by healthy 33% to Rs 135 crore in FY 10.
- Segmentwise, the radiator sales were Rs 314 crore and gasket sales were Rs 89 crore in FY 10.
- Western Europe contributes 75-85% of total exports while the balance 15% is contributed by rest of world.
- Capacity utilization in FY 10 is 75-80%.
- Major clients are Tata Motors, M&M, ALL, caterpillar, Indian railways etc.
- Tata Motors contributes 11% to sales.
- The competition is more in aftermarket in export market.
- The company enjoys better margins from exports and aftermarket than from OEMs and domestic sales.
- Capex for FY 10 was Rs 11.3 crore.
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