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Analyst Meet / AGM
03-Feb-11
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Conference Call
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Sona Koyo Steering Systems
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Targets EBIDTA margin of 12% for FY 12
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Sona Koyo Steering Systems held conference call on 31st Jan 2011 to discuss its performance for the quarter ended Sep 2010. The meeting was addressed by Mr. Sunjay Kapur - Vice Chairman & Managing Director and other senior top management members.
Key points from the discussion
- Targets sales growth of over 20% and EBITA margin of 12% in FY 12.
- Total capex is Rs 150 crore for FY 11 & FY 12. So far the company has spent Rs 22 crore.
- The OPM margin fell by 85 bps to 10.15% in Dec 10 quarter due to increased power rates, employee expenses and other expenditure. In order to increase the OPM margin, the company is trying to recover the material cost from customers in March 2011 quarter, increasing the supply chain and look at alternative source.
- The supplies to new orders that would commence in March 2011 quarter are: RPS – H for M&M (W408 model) and column/RPS-H for Tata Ace (0.5tons).
- The sales mix, productwise, is 16% driveline products (12.5%% in 9 month ended Dec 09) and 84% steering & column products (87.5% in 9 month ended Dec 09) in nine month ended Dec 2010. Increase in driveline sales contribution is largely attributed to launch of Maruti Suzuki's Eeco in 2010.
- The margins in driveline products are higher than steering products.
- Overall capacity utilization increased to 74% in 9 month ended Dec 2010 from 62% in 9 month ended Dec 2009. Capacity utilization of steering products stood at 77% and that of driveline products at 64% in 9 month ended Dec 2010.
- Has commenced production and supplies for manual column to Toyota (EFC) in Dec 2010 quarter.
- The staff cost increased due to revision in salaries in Oct 2010.
- In Dec 2010 quarter, JTEKT Corporation JV recorded sales of Rs 140 crore, EBIDTA of Rs 25 crore and PAT of Rs 11 crore.
- In Dec 2010 quarter, Fuji Kiko JV reported sales of Rs 20 crore, EBIDTA of Rs 3 crore and net loss of Rs .15 crore.
- Standalone debt is Rs 2361 crore and consolidated debt is Rs 3050 crore as on 31st Dec 2010.
- The company largely caters to passenger car and LCV segments. In LCV segment, it caters to Tata Ace and M&M's Maxximo. In passenger car segments, the companies/brands it caters to are Nissan's Micra, Toyota's Etios, Astar, i20, i10 etc.
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