Capitaline

Analyst Meet / AGM 17-Sep-10

AGM

Igarashi Motors India

Targets EBIDTA margin of 16-17% in FY 11

Igarashi Motors India held its 18th Annual General Meeting of the shareholders on 16th September 2010 in Chennai. Mr. Nohria, chairman of the company, addressed the shareholders on the performance of the company in financial year 2010.
Highlights of AGM:

The company targets revenue of Rs 180 – 200 crore in FY 11 from Rs 158.71 crore in FY 10, up by 13-26%.
It expects to achieve EBIDTA margin of 16-17% in FY 11 against 11% in FY 10.
It plans to raise Rs 50 crore to fund their growth, to raise their equity stake in Bosch JV and to reduce their debt equity ratio. The company is yet to decide on the mode of raising the fund which may be through QIP/ preferential allotment but has no plans to raise it via secondary market.
The company's current stake in Bosch JV is 12%.
The company primarily caters to the export market (77% of their revenue in FY 10) and has been hit by global recession. It expects countries to begin recovering from the global recession only from 2012-13 though not to the levels in 2007.
The company is looking at catering to non auto industries and domestic market though it would take a while for it to shape up.
Irrespective of global recession or venturing into the domestic market, the company plans to continue to meet 2/3rds of its business through exports.
In quarter ended June 2010, the company's topline grew by 33% to Rs 46.25 crore. Increase in OPM by 870 bps to 13.4% boosted the operating profit by whopping 279% to 6.21 crore. It turned around with net profit of Rs 2.07 crore against net loss of Rs 2.54 crore in June 2009 quarter.
In FY 10, the company's net sales crashed by 38% to Rs 158.71 crore. It recorded OPM of 11.5 % against OLM of 20.6% in FY 09. It translated to operating profit of Rs 18.22 crore against operating loss o Rs 53.07 crore. It reported net profit of Rs 2.73 crore from net loss of Rs 60.29 crore in FY 09.

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