Capitaline

Analyst Meet / AGM 17-Sep-12

AGM

Igarashi Motors India

Targets sales of over Rs 300 crore in FY 2013

Igarashi Motors India held its 20th Annual General Meeting of the shareholders on 15th September 2012 in Chennai. Mr. Nohria, chairman of the company, addressed the shareholders on the performance of the company in financial year 2012.
Highlights of AGM:

The company met its FY 2012 annual targets with 118% growth in net profit to Rs 16.54 crore over 36.5% growth in topline to Rs 268.53 crore. The company had targeted sales of Rs 250 crore and net profit of Rs 16-18 crore for FY 2012.
It targets sales of over Rs 300 crore for FY 2013 i.e. over 20% y-o-y growth.
The company promises to declare dividend in FY 2013 after four year sabbatical from the same. The company withheld declaring dividend since FY 2009 due to financial losses and necessity to wipe out the accumulate losses before declaring dividend.
It now has substantial order book for torque actuator motors and the company expects that it would enable sales to double in next 4 years.
It has acquired Continental tyre as new customer
Its debt equity ratio has reduced from 3.18 in FY 2009-10 to 0.92 in FY 2011-12. The company hopes for the same to reduce further in FY 2012-13.
In June 2012 quarter, the net profit grew by robust 56% to Rs 4.89 crore on the back of 27% growth in topline to Rs 73.31 crore. The profits growth was hindered by tax write back in June 2011 quarter against tax provision of 1.45 crore in June 2012 quarter. The OPM surged by impressive 550 bps spike to 18.9% enabling 80% growth in operating profit to Rs 13.88 crore.

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