This document provides an analysis of the automobile sector in India, including key economic factors affecting it, risks, and details on several major automobile companies. It discusses factors like pricing pressure, financing options, consumer income, technology access, and government policies that influence the sector. Risks mentioned include labor issues, cost overruns, political instability, and raw material/fuel prices. Financial details and investment recommendations are provided for Maruti Suzuki, Hero MotoCorp, Tata Motors, Eicher Motors, Ashok Leyland, and TVS Motor. Opportunities in the growing sector are noted, but volatility from currency movements and imported costs are flagged as challenges.
Idea Cellular's net sales increased 46.68% from Rs. 6,719.99 crores in FY2007-08 to Rs. 9,857.08 crores in FY2008-09. Operating profit grew 31.90% from Rs. 2,462.58 crores to Rs. 3,248.02 crores. However, net profit declined 18.35% from Rs. 1,006.15 crores to Rs. 821.54 crores due to a rise in interest, depreciation and tax expenses. Total income rose 49.36% from Rs. 6,919.04 crores to Rs. 10,334.40 crores driven by growth
For 2QFY2011, TVS Motor (TVSM) reported:
1) Net sales growth of 43% year-over-year to Rs. 1,616 crore, slightly above estimates, driven by a 33.4% increase in total volumes.
2) EBITDA margin expanded 20 basis points quarter-over-quarter to 6.7%, marginally below estimates.
3) Net profit grew 123.1% year-over-year to Rs. 54.8 crore, above expectations, due to lower interest costs and tax rates.
The analyst maintains earnings estimates for TVSM but remains Neutral on the stock, believing the recent run-up factors in expected growth over
Kossan's Financial Evaluation based on their annual financial statement from 2013 to 2015. We evaluate based on theory or formula from subject FIN745 (Financial Management). We also compare the result with Top Glove performance as Industry average.
Presentation of Swedbank's Year-End Report 2012Swedbank
1) Swedbank reported strong fourth quarter and full year 2012 results, with profits up year-over-year driven by higher market-related income and continued stable asset quality.
2) The bank will focus on improving customer service and efficiency through IT investments in 2013.
3) Capital levels remained high and Swedbank intends to increase dividends to 75% of annual profits going forward based on a strong capital position and efficiency focus.
Hindustan Construction Company (HCC) saw significant growth in key financial metrics from FY2006-07 to FY2007-08. Sales turnover increased 44% and net profit increased 37%. However, interest costs also increased substantially, lowering the net profit margin. While current assets grew 31%, current liabilities also increased 21%, reducing liquidity. HCC has higher leverage than industry averages. The management will need to focus on improving liquidity and reducing interest costs as the business model requires substantial debt for long-term infrastructure projects.
Ashok Leyland reported a 72% year-over-year growth in net sales for the second quarter of fiscal year 2011, driven by a substantial 72% increase in vehicle volumes. However, lower-than-expected growth in other businesses restricted overall revenue growth. Operating margins improved due to higher volumes and operating leverage. Net profit jumped 88.5% on the back of revenue growth and better margins. While outlook for the commercial vehicle industry remains positive, the analyst maintains a neutral rating on Ashok Leyland stock.
Tata Motors reported strong results for the first quarter of fiscal year 2011. Consolidated net sales grew 65% year-over-year to Rs. 27,056 crore, driven by higher domestic and JLR volumes as well as a 27% increase in JLR realizations. Consolidated operating profit jumped 667% to Rs. 3,855 crore and operating margins increased substantially to 14.2% compared to 3.1% in the prior year period. However, standalone performance was marginally below expectations with net sales up 63% to Rs. 10,416 crore and net profit falling 23% to Rs. 396 crore due to lower other income. While volumes grew 48% driven by strong
allstate Quarterly Investor Information Earnings Press Release 2004 1stfinance7
Allstate reported strong financial results for the first quarter of 2004, with a 43% increase in net income and 52% increase in operating income per share compared to the first quarter of 2003. Operating income reached $1 billion for the first quarter, driven by higher premiums earned in Property-Liability and higher realized capital gains. Property-Liability underwriting income increased 109% due to higher premiums, favorable loss trends, and lower catastrophes. Allstate Financial also saw increases in premiums and deposits as well as operating income. As a result of the strong performance, Allstate increased its full-year 2004 operating income per share guidance.
Idea Cellular's net sales increased 46.68% from Rs. 6,719.99 crores in FY2007-08 to Rs. 9,857.08 crores in FY2008-09. Operating profit grew 31.90% from Rs. 2,462.58 crores to Rs. 3,248.02 crores. However, net profit declined 18.35% from Rs. 1,006.15 crores to Rs. 821.54 crores due to a rise in interest, depreciation and tax expenses. Total income rose 49.36% from Rs. 6,919.04 crores to Rs. 10,334.40 crores driven by growth
For 2QFY2011, TVS Motor (TVSM) reported:
1) Net sales growth of 43% year-over-year to Rs. 1,616 crore, slightly above estimates, driven by a 33.4% increase in total volumes.
2) EBITDA margin expanded 20 basis points quarter-over-quarter to 6.7%, marginally below estimates.
3) Net profit grew 123.1% year-over-year to Rs. 54.8 crore, above expectations, due to lower interest costs and tax rates.
The analyst maintains earnings estimates for TVSM but remains Neutral on the stock, believing the recent run-up factors in expected growth over
Kossan's Financial Evaluation based on their annual financial statement from 2013 to 2015. We evaluate based on theory or formula from subject FIN745 (Financial Management). We also compare the result with Top Glove performance as Industry average.
Presentation of Swedbank's Year-End Report 2012Swedbank
1) Swedbank reported strong fourth quarter and full year 2012 results, with profits up year-over-year driven by higher market-related income and continued stable asset quality.
2) The bank will focus on improving customer service and efficiency through IT investments in 2013.
3) Capital levels remained high and Swedbank intends to increase dividends to 75% of annual profits going forward based on a strong capital position and efficiency focus.
Hindustan Construction Company (HCC) saw significant growth in key financial metrics from FY2006-07 to FY2007-08. Sales turnover increased 44% and net profit increased 37%. However, interest costs also increased substantially, lowering the net profit margin. While current assets grew 31%, current liabilities also increased 21%, reducing liquidity. HCC has higher leverage than industry averages. The management will need to focus on improving liquidity and reducing interest costs as the business model requires substantial debt for long-term infrastructure projects.
Ashok Leyland reported a 72% year-over-year growth in net sales for the second quarter of fiscal year 2011, driven by a substantial 72% increase in vehicle volumes. However, lower-than-expected growth in other businesses restricted overall revenue growth. Operating margins improved due to higher volumes and operating leverage. Net profit jumped 88.5% on the back of revenue growth and better margins. While outlook for the commercial vehicle industry remains positive, the analyst maintains a neutral rating on Ashok Leyland stock.
Tata Motors reported strong results for the first quarter of fiscal year 2011. Consolidated net sales grew 65% year-over-year to Rs. 27,056 crore, driven by higher domestic and JLR volumes as well as a 27% increase in JLR realizations. Consolidated operating profit jumped 667% to Rs. 3,855 crore and operating margins increased substantially to 14.2% compared to 3.1% in the prior year period. However, standalone performance was marginally below expectations with net sales up 63% to Rs. 10,416 crore and net profit falling 23% to Rs. 396 crore due to lower other income. While volumes grew 48% driven by strong
allstate Quarterly Investor Information Earnings Press Release 2004 1stfinance7
Allstate reported strong financial results for the first quarter of 2004, with a 43% increase in net income and 52% increase in operating income per share compared to the first quarter of 2003. Operating income reached $1 billion for the first quarter, driven by higher premiums earned in Property-Liability and higher realized capital gains. Property-Liability underwriting income increased 109% due to higher premiums, favorable loss trends, and lower catastrophes. Allstate Financial also saw increases in premiums and deposits as well as operating income. As a result of the strong performance, Allstate increased its full-year 2004 operating income per share guidance.
The document analyzes various financial ratios for Engro Foods Limited for the years 2008, 2009, and 2010 to evaluate the company's liquidity, asset usage, profitability, and financial position. It calculates 13 key ratios including current ratio, quick ratio, return on assets, return on equity, and profit margin. The ratios provide insights into Engro Foods' ability to meet short-term obligations, efficiency in using assets, and effectiveness in generating profits.
Fauji Fertilizer and Fatima Fertilizer Annual Reports AnalysisSahir Moiz
The document compares the financial performance and position of Fatima Fertilizer and Fauji Fertilizer over the years 2008-2011. Key metrics analyzed include working capital, current ratio, quick ratio, various turnover ratios, profitability ratios, debt ratios, and total debt to equity ratio. The analysis shows that while both companies have faced financial challenges, Fauji Fertilizer's position and ratios are generally better than Fatima Fertilizer's over this period, indicating Fauji may be the better investment option based on stronger short-term financial stability and profitability.
This document is a group project submission analyzing and valuing Bharat Heavy Electricals Ltd (BHEL). It includes an industry analysis of the Indian capital goods sector, a company analysis of BHEL, technical analysis of BHEL's stock price, an analysis of BHEL's futures and options, and conclusions. The industry analysis discusses trends in the capital goods industry, key financial ratios, and competitive issues. The company analysis covers BHEL's products, financials, and valuation. Technical indicators and derivatives are also analyzed to evaluate BHEL.
Tech Mahindra reported a 4.2% quarter-over-quarter decline in revenue for the first quarter of fiscal year 2011, which was attributed to adverse currency movements and slower client decision making. The company's profitability declined as well, with earnings before interest, taxes, depreciation, and amortization margins contracting 480 basis points and net income declining 36.4% compared to the previous quarter. However, revenue grew 1.9% year-over-year and management expects growth to be led by strong volume increases from large transformational deals in the pipeline. While the outlook remains positive, uncertainties around currency fluctuations and aggressive hiring could pressure margins going forward.
FAG Bearing recorded strong results for the second quarter of 2010, with net sales growing 35% year-over-year to Rs. 273 crore, beating estimates. Operating profit increased 66% to Rs. 52 crore due to lower raw material costs and improved operating leverage. Net profit surged 82% to Rs. 33.8 crore, aided by robust top-line growth and lower taxes. The analyst maintains a "Buy" rating and revised earnings estimates upward based on the company's solid performance.
Ashok Leyland reported a 157% year-over-year growth in net sales for the first quarter of fiscal year 2011, driven by a 178% increase in vehicle volumes. However, operating profit margins of 10% were lower than expected due to lower growth in other business segments like engines and spare parts. Net profit jumped substantially to Rs. 123 crore compared to Rs. 7.8 crore in the prior year quarter, benefiting from higher sales volume and improved operating leverage. While volumes and sales grew strongly, margins were lower than estimates due to higher raw material costs and lower contribution from other business segments.
Motherson Sumi Systems (MSSL) reported a 32% year-over-year increase in net sales to Rs. 1,905 crores for the first quarter of fiscal year 2011, below expectations. Operating margins increased 370 basis points year-over-year to 9.8% but fell short of expectations and declined sequentially. Net profit for the quarter came in below expectations at Rs. 60 crores due to lower-than-expected revenue growth and margins. Management indicated input costs and currency impacts would be gradually passed on to customers, and the analyst maintains an 'Accumulate' rating while lowering the target price.
JK Lakshmi Cement (JKLC) reported a 1,663bp year-over-year decline in operating margin to 17.4% in the first quarter of fiscal year 2011 due to an 8.7% fall in realizations and a 36% increase in power and fuel costs. Net profit declined 78.6% year-over-year to Rs. 17 crore. The analyst maintains a "Buy" rating on JKLC, revising the target price to Rs. 92, expecting the company to face relatively less pricing pressure due to its concentration in high-growth northern and eastern regions and benefit from increasing captive power capacity.
Engro Foods Limited was officially launched in 2004 as a subsidiary of Engro. It has established dairy processing units in Sukkur and Sahiwal, Pakistan along with an ice cream production facility in Sahiwal. The main plant located in Sukkur sits on 23 acres of land and has a raw milk reception capacity of 300,000 liters per day. The plant was established at a cost of Rs. 1 billion and provides direct employment to 750 people.
Indusind Bank reported strong results for the second quarter of fiscal year 2015, with healthy growth in advances, deposits, and net interest income. Net interest income grew 19% year-over-year due to a 22% rise in advances and stable net interest margins. Asset quality remained stable with gross and net non-performing assets at 1.08% and 0.33% respectively. The bank expects further growth driven by its expansion strategy and improving business segments.
India Cements' net sales and profits declined significantly in the first quarter of fiscal year 2011 compared to the same period last year. Net sales decreased 8.1% and operating profit declined 71.2% due to a substantial decline in cement prices in Andhra Pradesh, which accounts for around 45% of the company's revenues. Net profit dropped 82.7% to Rs25cr as a result of the poor operating performance, despite a profit from selling shares in another company. The company expects pricing pressure to continue in the southern region in the coming quarters due to excess capacity.
Maruti Suzuki reported poor performance for 1QFY2011. Net sales came in marginally below estimates due to lower export realization. Operating profit was substantially impacted by a large contraction in operating margins. Higher royalty charges and increased input costs hurt operating performance. Net profit declined significantly year-over-year and missed estimates due to lower export realization, margin contraction, and higher costs.
1) Tata Consultancy Services (TCS) reported strong results for the first quarter of fiscal year 2012, outperforming expectations with revenue growth of 6.3% over the previous quarter and 31.4% over the same quarter of the previous fiscal year.
2) A key highlight was 7.4% quarter-over-quarter growth in business volumes. While profit margins declined due to wage hikes, net profit remained flat due to foreign exchange gains.
3) Management maintained a positive outlook, highlighting strong demand environment and deal pipeline, and expects pricing increases later in the fiscal year.
allstate Quarterly Investor Information Earnings Press Release 2004 3rdfinance7
Allstate reported financial results for Q3 2004. While underlying business remained strong with increased premiums and policies in force, catastrophe losses from Hurricanes Charley, Frances, Ivan and Jeanne totaling $1.71 billion resulted in a net loss of $56 million compared to a $691 million profit in Q3 2003. Premiums and deposits for Allstate Financial increased to $4.02 billion for the quarter. Allstate revised its 2004 annual operating income per share guidance downward due to higher than expected catastrophe losses.
1 Q09 Earnings Eng Final[20090421134102809]Sang Park
The document provides LG Electronics' earnings release for the first quarter of 2009. It summarizes key financial results including:
- Consolidated sales of KRW 15.89 trillion, up 10.7% year-over-year but down 7.5% quarter-over-quarter. The operating profit margin was 0.12%.
- Sales and profit results for each business sector, including home entertainment, mobile communications, home appliances, and air conditioning. Most sectors saw sales growth year-over-year despite the economic recession.
- Parent company sales of KRW 7.07 trillion, up 2.1% year-over-year, with an operating profit of KRW 437 billion,
Ashok Leyland reported a 141.3% year-over-year growth in net sales to Rs2,939 crore for the fourth quarter of fiscal year 2010, in line with expectations. Net profit grew 317.6% year-over-year to Rs222.7 crore, higher than expected due to better operating margins and a change in depreciation policy. Operating margins increased 345 basis points due to price hikes, lower raw material prices, and cost reduction efforts. The company expects commercial vehicle industry volumes to grow 15-18% in fiscal year 2011.
Exide Industries reported a 35.1% increase in net profit for 1QFY2011 compared to the previous year. Net sales grew 27.5% year-over-year to Rs1,152 crore, exceeding estimates. Earnings before interest, taxes, depreciation, and amortization margins improved from the previous quarter due to a decline in other expenditures. The analyst maintains an "Accumulate" rating for Exide Industries due to reasonable valuations and expects net sales and profit to grow annually over the next two years.
1. Mahindra and Mahindra (M&M) reported good results for the first quarter of the fiscal year 2011, with net sales up 21.6% and operating profit up 27.4% compared to the same period last year.
2. Net profit beat analyst expectations by 11%, reaching Rs. 562 crore due to lower than expected tax rates and higher interest income.
3. The report recommends maintaining a "Buy" rating for M&M, setting a target price of Rs. 772 based on the company's core business valuation and value of investments.
Ultratech Cement reported lower than estimated revenues and profits for the first quarter of fiscal year 2011 due to a decline in sales prices and higher operating expenses. Net sales were down 8.1% year-over-year due to lower volumes and a 4.9% decline in prices. Increased power and freight costs led to a 41.9% fall in operating profits. The analyst maintains a 'Buy' rating, seeing benefits from Ultratech's expanded national presence post an acquisition and expects a recovery in prices. The stock is valued at Rs1,087 based on estimated earnings growth and industry valuation multiples.
This document discusses automobile insurance and managing risk. It notes that there are over 35 million automobile accidents annually in the US, making motor vehicle crashes the leading cause of death. Automobile insurance is an arrangement between an individual and insurer to protect against financial risks from accidents. Key types of coverage include liability, medical payments, uninsured motorist coverage, and physical damage insurance. Insurance rates can be influenced by factors like age, driving record, vehicle type, and location. Maintaining good grades, taking defensive driving courses, and bundling policies can help reduce insurance costs.
TALAT Lecture 2402: Design Recommendations for fatigue loaded structuresCORE-Materials
This lecture presents calculation of design stresses for variable stress ratios in practice, explanation on the background of design recommendations; it demonstrates the concept of partial safety factors and supply appropriate background information for aluminium; it enables the designer to evaluate service behavior of structural details on a more sophisticated level applying the same principles as in current design recommendations; it provides understanding of the fatigue design procedure according to current recommendations. Background knowledge in engineering, materials and fatigue as well as some knowledge in statistics is required.
The document provides an overview of the automobile industry in India. It discusses the history of automobiles from their origins in the late 18th century to key developments in India including the founding of Tata Motors in 1945. It then summarizes the current state of the Indian automobile industry, noting that India produces over 23 million vehicles annually, has major investments from companies like Ford and GM, and is one of the top exporters of automobiles in Asia. The industry contributes over 11% to India's GDP and provides employment for over 13 million people. A SWOT analysis is also included that examines the industry's strengths, weaknesses, opportunities and threats.
The document analyzes various financial ratios for Engro Foods Limited for the years 2008, 2009, and 2010 to evaluate the company's liquidity, asset usage, profitability, and financial position. It calculates 13 key ratios including current ratio, quick ratio, return on assets, return on equity, and profit margin. The ratios provide insights into Engro Foods' ability to meet short-term obligations, efficiency in using assets, and effectiveness in generating profits.
Fauji Fertilizer and Fatima Fertilizer Annual Reports AnalysisSahir Moiz
The document compares the financial performance and position of Fatima Fertilizer and Fauji Fertilizer over the years 2008-2011. Key metrics analyzed include working capital, current ratio, quick ratio, various turnover ratios, profitability ratios, debt ratios, and total debt to equity ratio. The analysis shows that while both companies have faced financial challenges, Fauji Fertilizer's position and ratios are generally better than Fatima Fertilizer's over this period, indicating Fauji may be the better investment option based on stronger short-term financial stability and profitability.
This document is a group project submission analyzing and valuing Bharat Heavy Electricals Ltd (BHEL). It includes an industry analysis of the Indian capital goods sector, a company analysis of BHEL, technical analysis of BHEL's stock price, an analysis of BHEL's futures and options, and conclusions. The industry analysis discusses trends in the capital goods industry, key financial ratios, and competitive issues. The company analysis covers BHEL's products, financials, and valuation. Technical indicators and derivatives are also analyzed to evaluate BHEL.
Tech Mahindra reported a 4.2% quarter-over-quarter decline in revenue for the first quarter of fiscal year 2011, which was attributed to adverse currency movements and slower client decision making. The company's profitability declined as well, with earnings before interest, taxes, depreciation, and amortization margins contracting 480 basis points and net income declining 36.4% compared to the previous quarter. However, revenue grew 1.9% year-over-year and management expects growth to be led by strong volume increases from large transformational deals in the pipeline. While the outlook remains positive, uncertainties around currency fluctuations and aggressive hiring could pressure margins going forward.
FAG Bearing recorded strong results for the second quarter of 2010, with net sales growing 35% year-over-year to Rs. 273 crore, beating estimates. Operating profit increased 66% to Rs. 52 crore due to lower raw material costs and improved operating leverage. Net profit surged 82% to Rs. 33.8 crore, aided by robust top-line growth and lower taxes. The analyst maintains a "Buy" rating and revised earnings estimates upward based on the company's solid performance.
Ashok Leyland reported a 157% year-over-year growth in net sales for the first quarter of fiscal year 2011, driven by a 178% increase in vehicle volumes. However, operating profit margins of 10% were lower than expected due to lower growth in other business segments like engines and spare parts. Net profit jumped substantially to Rs. 123 crore compared to Rs. 7.8 crore in the prior year quarter, benefiting from higher sales volume and improved operating leverage. While volumes and sales grew strongly, margins were lower than estimates due to higher raw material costs and lower contribution from other business segments.
Motherson Sumi Systems (MSSL) reported a 32% year-over-year increase in net sales to Rs. 1,905 crores for the first quarter of fiscal year 2011, below expectations. Operating margins increased 370 basis points year-over-year to 9.8% but fell short of expectations and declined sequentially. Net profit for the quarter came in below expectations at Rs. 60 crores due to lower-than-expected revenue growth and margins. Management indicated input costs and currency impacts would be gradually passed on to customers, and the analyst maintains an 'Accumulate' rating while lowering the target price.
JK Lakshmi Cement (JKLC) reported a 1,663bp year-over-year decline in operating margin to 17.4% in the first quarter of fiscal year 2011 due to an 8.7% fall in realizations and a 36% increase in power and fuel costs. Net profit declined 78.6% year-over-year to Rs. 17 crore. The analyst maintains a "Buy" rating on JKLC, revising the target price to Rs. 92, expecting the company to face relatively less pricing pressure due to its concentration in high-growth northern and eastern regions and benefit from increasing captive power capacity.
Engro Foods Limited was officially launched in 2004 as a subsidiary of Engro. It has established dairy processing units in Sukkur and Sahiwal, Pakistan along with an ice cream production facility in Sahiwal. The main plant located in Sukkur sits on 23 acres of land and has a raw milk reception capacity of 300,000 liters per day. The plant was established at a cost of Rs. 1 billion and provides direct employment to 750 people.
Indusind Bank reported strong results for the second quarter of fiscal year 2015, with healthy growth in advances, deposits, and net interest income. Net interest income grew 19% year-over-year due to a 22% rise in advances and stable net interest margins. Asset quality remained stable with gross and net non-performing assets at 1.08% and 0.33% respectively. The bank expects further growth driven by its expansion strategy and improving business segments.
India Cements' net sales and profits declined significantly in the first quarter of fiscal year 2011 compared to the same period last year. Net sales decreased 8.1% and operating profit declined 71.2% due to a substantial decline in cement prices in Andhra Pradesh, which accounts for around 45% of the company's revenues. Net profit dropped 82.7% to Rs25cr as a result of the poor operating performance, despite a profit from selling shares in another company. The company expects pricing pressure to continue in the southern region in the coming quarters due to excess capacity.
Maruti Suzuki reported poor performance for 1QFY2011. Net sales came in marginally below estimates due to lower export realization. Operating profit was substantially impacted by a large contraction in operating margins. Higher royalty charges and increased input costs hurt operating performance. Net profit declined significantly year-over-year and missed estimates due to lower export realization, margin contraction, and higher costs.
1) Tata Consultancy Services (TCS) reported strong results for the first quarter of fiscal year 2012, outperforming expectations with revenue growth of 6.3% over the previous quarter and 31.4% over the same quarter of the previous fiscal year.
2) A key highlight was 7.4% quarter-over-quarter growth in business volumes. While profit margins declined due to wage hikes, net profit remained flat due to foreign exchange gains.
3) Management maintained a positive outlook, highlighting strong demand environment and deal pipeline, and expects pricing increases later in the fiscal year.
allstate Quarterly Investor Information Earnings Press Release 2004 3rdfinance7
Allstate reported financial results for Q3 2004. While underlying business remained strong with increased premiums and policies in force, catastrophe losses from Hurricanes Charley, Frances, Ivan and Jeanne totaling $1.71 billion resulted in a net loss of $56 million compared to a $691 million profit in Q3 2003. Premiums and deposits for Allstate Financial increased to $4.02 billion for the quarter. Allstate revised its 2004 annual operating income per share guidance downward due to higher than expected catastrophe losses.
1 Q09 Earnings Eng Final[20090421134102809]Sang Park
The document provides LG Electronics' earnings release for the first quarter of 2009. It summarizes key financial results including:
- Consolidated sales of KRW 15.89 trillion, up 10.7% year-over-year but down 7.5% quarter-over-quarter. The operating profit margin was 0.12%.
- Sales and profit results for each business sector, including home entertainment, mobile communications, home appliances, and air conditioning. Most sectors saw sales growth year-over-year despite the economic recession.
- Parent company sales of KRW 7.07 trillion, up 2.1% year-over-year, with an operating profit of KRW 437 billion,
Ashok Leyland reported a 141.3% year-over-year growth in net sales to Rs2,939 crore for the fourth quarter of fiscal year 2010, in line with expectations. Net profit grew 317.6% year-over-year to Rs222.7 crore, higher than expected due to better operating margins and a change in depreciation policy. Operating margins increased 345 basis points due to price hikes, lower raw material prices, and cost reduction efforts. The company expects commercial vehicle industry volumes to grow 15-18% in fiscal year 2011.
Exide Industries reported a 35.1% increase in net profit for 1QFY2011 compared to the previous year. Net sales grew 27.5% year-over-year to Rs1,152 crore, exceeding estimates. Earnings before interest, taxes, depreciation, and amortization margins improved from the previous quarter due to a decline in other expenditures. The analyst maintains an "Accumulate" rating for Exide Industries due to reasonable valuations and expects net sales and profit to grow annually over the next two years.
1. Mahindra and Mahindra (M&M) reported good results for the first quarter of the fiscal year 2011, with net sales up 21.6% and operating profit up 27.4% compared to the same period last year.
2. Net profit beat analyst expectations by 11%, reaching Rs. 562 crore due to lower than expected tax rates and higher interest income.
3. The report recommends maintaining a "Buy" rating for M&M, setting a target price of Rs. 772 based on the company's core business valuation and value of investments.
Ultratech Cement reported lower than estimated revenues and profits for the first quarter of fiscal year 2011 due to a decline in sales prices and higher operating expenses. Net sales were down 8.1% year-over-year due to lower volumes and a 4.9% decline in prices. Increased power and freight costs led to a 41.9% fall in operating profits. The analyst maintains a 'Buy' rating, seeing benefits from Ultratech's expanded national presence post an acquisition and expects a recovery in prices. The stock is valued at Rs1,087 based on estimated earnings growth and industry valuation multiples.
This document discusses automobile insurance and managing risk. It notes that there are over 35 million automobile accidents annually in the US, making motor vehicle crashes the leading cause of death. Automobile insurance is an arrangement between an individual and insurer to protect against financial risks from accidents. Key types of coverage include liability, medical payments, uninsured motorist coverage, and physical damage insurance. Insurance rates can be influenced by factors like age, driving record, vehicle type, and location. Maintaining good grades, taking defensive driving courses, and bundling policies can help reduce insurance costs.
TALAT Lecture 2402: Design Recommendations for fatigue loaded structuresCORE-Materials
This lecture presents calculation of design stresses for variable stress ratios in practice, explanation on the background of design recommendations; it demonstrates the concept of partial safety factors and supply appropriate background information for aluminium; it enables the designer to evaluate service behavior of structural details on a more sophisticated level applying the same principles as in current design recommendations; it provides understanding of the fatigue design procedure according to current recommendations. Background knowledge in engineering, materials and fatigue as well as some knowledge in statistics is required.
The document provides an overview of the automobile industry in India. It discusses the history of automobiles from their origins in the late 18th century to key developments in India including the founding of Tata Motors in 1945. It then summarizes the current state of the Indian automobile industry, noting that India produces over 23 million vehicles annually, has major investments from companies like Ford and GM, and is one of the top exporters of automobiles in Asia. The industry contributes over 11% to India's GDP and provides employment for over 13 million people. A SWOT analysis is also included that examines the industry's strengths, weaknesses, opportunities and threats.
Power generation using human power and animal powerTaresh Kala
The document presents a proposal for generating power using human and animal power. It discusses using bicycles and animal labor like bulls to power generators through gearing systems. The generators would charge batteries, which could then power lights and other devices, providing electricity for remote areas without access to power grids. It provides calculations for bull and bicycle power systems and discusses components like alternators, batteries, and their connections. The proposal aims to provide off-grid power solutions in a sustainable and low-cost manner.
This document discusses requirements for all-terrain vehicles (ATVs) in the United States, including:
1) Mandatory requirements include complying with the ANSI/SVIA 1-2007 safety standard, having a Commission-approved action plan, and banning 3-wheel ATVs.
2) Firms must monitor dealers to ensure compliance with age recommendations and advertising guidelines. Non-compliant dealers may face fines or contract termination.
3) All ATV manufacturers, importers, distributors and retailers must report any non-compliant or defective ATVs that could pose a substantial hazard. Failure to comply with requirements may result in civil or criminal penalties.
The document provides an opportunity-risk analysis for selecting the best country to operate an automobile manufacturing business. It analyzes the automobile sector outlook, growth trends, and evaluates India, China, Brazil, and Thailand based on their market potential, political scenario, infrastructure development, labor availability, material costs, and presence of auto part suppliers. The analysis finds that China and India score highest on overall opportunity factors. However, all countries face socio-economic and political risks like public unrest, government instability, corruption and security threats that could impact business operations.
O documento discute o tema da autoestima, definindo-a como a confiança em nossa capacidade e merecimento. Explica que a autoestima tem dois aspectos inter-relacionados: autoeficiência e autorrespeito. Também aborda as fontes internas da autoestima saudável, como racionalismo, realismo, intuição, criatividade, independência e flexibilidade.
Poka-yoke is a Japanese strategy developed by Shigeo Shingo in 1961 to prevent defects by making mistakes impossible. It aims for zero defects through techniques that stop production processes from errors like missing parts or incorrect operations. Poka-yoke includes prevention methods that avoid defects and detection methods that find defects before they spread, using controls, warnings, or direct contact with parts. Examples are sensors that count steps or colors that ensure the right parts are used. Poka-yoke benefits include faster quality improvement at lower worker attention cost while improving safety and reliability.
The document discusses an automatic air suspension system for vehicles. It provides an introduction to air suspension systems and their role in supporting a vehicle's weight while providing a smoother ride. The key components of an air suspension system are the air supply, air bags, and height control valves. It works by using air bags made of rubber and plastic that are inflated or deflated to adjust the vehicle's height and maintain a level position. The advantages listed are excellent suspension and comfort, fully automatic level control, good handling, protection of the vehicle from damage, keeping tires firmly pressed to the ground, and increasing the life of the vehicle.
Renewable Sources of Energy- Dynamo in Bicycleadithebest15
How can we use a renewable Energy Source to ride a bicycle which can emit light in the night and that too, without no money spent?
This Presentation depicts the production of electricity by simply paddling your bicycle.
Of course it is a little expensive, but surely it is better than the battery system...
You can apply it too in your bicycle!
To know more, download the Powerpoint Presentation.
The method described in this presentation is just one way of pulling the build off, mostly based on what my team did. There is no doubt that there might be better ways. The purpose of this presentation was for the newbies to see how the various mechnicals come together, their relative proportions, sizes, positions, layouts, etc.
Also, I shall carry out corrections and revisions from time to time, so that more information can be passed on effectively to successive BAJA aspirants.
Risk Assessment, Mitigation And Management In Epc Projects With Case Study By...HIMADRI BANERJI
Risk Assessment, Analysis, Mitigation and Management of EPC is therefore, of prime importance today especially with newer risks thrown open by the global economic meltdown related risks, risk related liabilities for performance are allocated to the EPC contractor, with instruments as Liquidated Damages, Extended Guarantees, Latent Defect Liabilities etc.
A project report on fundamental & technical analysis of automobile sector at ...Babasab Patil
This document provides an executive summary of a study analyzing the automobile sector in India through fundamental and technical analysis. Specifically, it analyzes Tata Motors and Maruti Suzuki.
The study aims to predict stock prices and identify optimal times to buy and sell shares. It uses tools like Relative Strength Index (RSI), moving averages, and candlestick charts to analyze past stock performance and identify trends.
Key findings include identifying periods when RSI signals indicated selling Tata Motors and Maruti Suzuki shares, as well as periods of low RSI that signaled buying opportunities. Moving averages and candlestick charts also provided insights into price trends.
The automobile sector in India is growing rapidly and these companies are financially
This document describes a minor project to generate electricity using a bicycle. It introduces the concept of using a bicycle's mechanical energy from pedaling to power small electrical devices. The bicycle's rotation is used to turn a dynamo or alternator to convert the mechanical energy into electrical energy. This energy can be used to charge small lighting devices or electronics like phones and laptops. The document then provides theoretical background on Faraday's laws of electromagnetic induction and how changing a coil's magnetic field induces an electric current. It explains how to increase the induced current and lists applications of Faraday's laws like transformers, generators, and induction cooking. The progress report section outlines the components and steps taken to build a prototype bicycle generator.
This document discusses the anti-lock braking system (ABS) in vehicles. It describes how ABS uses electro-mechanical controls to prevent wheels from locking and skidding during braking. It outlines the basic components of ABS including speed sensors, hydraulic modules, and pressure release valves. The document also explains the different types of ABS systems and their advantages in improving braking control and stopping distances, while allowing steering. However, it notes some disadvantages are increased risks, maintenance needs, and costs associated with ABS.
The document discusses solar power towers, which use an array of flat, movable mirrors called heliostats to focus sunlight on a central collector tower. The concentrated sunlight heats a fluid in the tower that is used to generate steam and power a turbine, producing electricity. Several early solar power tower projects from the 1980s-1990s are described that varied in size from 0.5-10 MW and used different heat transfer fluids and storage media. The technology has advantages of being easy to operate, environmentally friendly, and having falling costs as renewable energy.
Automobile safety aims to minimize accidents and consequences through design, equipment, and regulation. Safety systems are classified as active or passive based on whether they act before or after an accident. Active safety focuses on aerodynamics, self-healing materials, traction control, hill assist, adaptive cruise control and headlights to avoid accidents. Passive safety includes airbags, seatbelt pretensioners, and active head restraints that protect during accidents. Advanced technologies have significantly reduced fatality rates, though more affordable safety systems are still needed in many markets.
This document provides an overview of Six Sigma and the Mumbai Dabbawalas. It begins with an introduction to Six Sigma that defines key terms like sigma, defects, and the goals of Six Sigma to eliminate defects and satisfy customers. It then explains the Six Sigma methodology of DMAIC and DFSS. The next section discusses the Mumbai Dabbawalas and how their lunch delivery system achieves Six Sigma levels of quality with minimal resources. The Dabbawalas' coding system, daily operations, and achievements are outlined. The document concludes by emphasizing the leadership commitment, training, and cultural change needed for successful Six Sigma implementation.
The document provides an overview of the automobile industry in India. It discusses that the industry contributes 4% to India's GDP and employs over 10 million people. It summarizes that Maruti, Tata, and Mahindra & Mahindra are major players in the passenger vehicle, commercial vehicle, and tractor segments respectively. The document also outlines various career opportunities and discusses the future prospects of growth for the Indian automobile industry.
The document discusses automotive design with respect to ergonomics. It covers five aspects of ergonomics, including safety and comfort. It describes using computer-aided design to simulate drivers and optimize cockpit ergonomics. It also discusses designing car controls and displays with symbols and aspects of automotive seat design for driver comfort.
- Sales and profits were impacted by external factors such as chip shortages and the Ukraine war, however margin increased due to an improved product mix.
- Assets and income grew due to increased lease volume and a focus on high-value models, despite a decline in overall vehicle sales.
- Solid financial performance was maintained through efficient operations and strong asset quality, while further diversifying funding sources.
Discounted Cash Flow Method of Valution for Maruti SuzukiPRACHI NAVGHARE
This document calculates the discounted cash flow valuation of a company from 2017 to 2022. It projects the company's free cash flows to the firm over this period based on figures for assets, liabilities, working capital, EBIT, depreciation, capital expenditures and tax rates. It then calculates the net present value of these projected free cash flows. Additionally, it calculates the company's weighted average cost of capital, determines the terminal value based on long-term growth projections, and sums the present values to estimate an enterprise value and intrinsic equity value per share of INR 7,079, indicating the current market price undervalues the company.
1) Nestle reported a 16.9% increase in top-line to Rs1,480cr, slightly below estimates, due to higher volumes and limited price increases. Bottom-line grew only 2.3%, significantly below expectations, due to a spike in input costs.
2) Gross margins contracted 263bps and EBITDA margins fell 397bps as input costs rose substantially. Higher brand investments and other expenses also weighed on profits.
3) The analyst downgrades Nestle to Neutral and lowers earnings estimates due to higher input costs and competitive pressures. Valuations leave little upside potential given cost pressures.
Tech Mahindra Result Update 4qfy2010-040510Angel Broking
Tech Mahindra reported better-than-expected 4QFY2010 results, with revenue growth of -0.3% quarter-over-quarter. Revenue growth in constant currency was 4% supported by strong volume growth from their top account BT. EBITDA margins remained flat at 23.6% despite rupee appreciation and profit after tax grew 31.3% due to lower interest costs and foreign exchange gains. The analyst maintains a Buy recommendation based on expected revenue and profit growth over the next two years.
1) Infosys reported modest revenue growth of 3.2% qoq for 1QFY2012. EBITDA and margins declined due to wage hikes.
2) Guidance for 2QFY2012 revenue growth was lower than expected at 3.5-5% qoq. Annual revenue growth guidance was unchanged.
3) The analyst revised EPS estimates down and cut the target price to INR 3,200 due to macro concerns and muted guidance.
1) Infosys reported modest revenue growth of 3.2% qoq for 1QFY2012. EBITDA and margins declined due to wage hikes.
2) Guidance for 2QFY2012 revenue growth was lower than expected at 3.5-5% qoq. Annual revenue growth guidance was unchanged.
3) The analyst revised EPS estimates down and the target price to Rs 3,200, maintaining an "Accumulate" rating given macro concerns.
1) Infosys reported modest revenue growth of 3.2% qoq for 1QFY2012. EBITDA and margins declined due to wage hikes.
2) Guidance for 2QFY2012 revenue growth was lower than expected at 3.5-5.0% qoq. Annual revenue growth guidance remained unchanged.
3) The brokerage firm revised down its target price for Infosys to INR 3,200 per share and recommended accumulating the stock.
1) Infosys reported modest revenue growth of 3.2% qoq for 1QFY2012. EBITDA and margins declined due to wage hikes.
2) Guidance for 2QFY2012 revenue growth was lower than expected at 3.5-5% qoq. Annual revenue growth guidance was unchanged.
3) The analyst expects challenges in meeting the upper end of annual guidance given macro concerns and lowered 2Q guidance. Estimates were cut and the target price was revised downwards to Rs 3,200.
Larsen & Toubro Limited (L&T) is an Indian engineering conglomerate engaged in engineering, construction, and manufacturing. The document provides an overview of L&T and the engineering industry in India. It summarizes L&T's financial performance and position, highlighting strong revenue and order inflow growth. Calculations include projected financial statements, weighted average cost of capital, discounted cash flow valuation, and target price of Rs. 2,413.60 per share for L&T.
Larsen and Toubro (L&T) reported much better than expected results for the fourth quarter of fiscal year 2010. Revenues grew 28.1% year-over-year to Rs. 13,858 crore, driven by increases in several business segments. Operating margins reached a historic high of 15.1% due to cost controls. The order backlog remained robust at Rs. 1,00,239 crore. Going forward, the analyst maintains a positive view on the company given its strong order backlog, operating cash flows, and return ratios above 20%.
ONGC reported higher than expected results for the fourth quarter of fiscal year 2010 driven by increased net realizations and other operating income. Earnings before interest, taxes, depreciation, and amortization were above estimates due to higher other income. Depreciation costs were also higher than expected. The company maintained an accumulate rating and target price of Rs1,233 based on the positive impact of increased gas prices and potential for further reforms in the oil and gas sector.
This document provides an overview and financial analysis of Yes Bank, an Indian private sector bank. Some key details:
- Yes Bank was founded in 2004 and is headquartered in Mumbai. It provides banking and financial services.
- As of 2015, Yes Bank had revenues of $3.7 billion, net income of $470 million, and total assets of $14 billion.
- The bank has received several awards and recognitions for its performance and innovation.
- Over the last 5 years, Yes Bank has seen significant growth in deposits, advances, and total assets, with profits also rising steadily over this period.
- Various ratios show improving performance and profitability from 2013-2017 across areas like margins,
Oberoi Realty reported financial results for the quarter ending March 31, 2015. Net profit increased 33.74% to Rs. 1030.20 million compared to the same quarter last year. Revenue increased 56.28% to Rs. 3447.10 million. Earnings per share was Rs. 3.14, up from Rs. 2.35 the previous year. The company recommended a dividend of Rs. 2 per share for the full year 2014-15. For the full year, revenue was Rs. 9401.60 million and net profit was Rs. 3171.20 million.
Bharat Forge reported strong results for 1QFY2011 with net sales growing 75.7% year-over-year to Rs 630.1 crore, beating estimates. Operating margins improved significantly to 25.2% due to lower raw material costs and higher utilization levels. Net profit was Rs 59.4 crore, exceeding expectations due to improved volumes and operating leverage. The analyst recommends accumulating the stock given the better-than-expected performance and revised upward estimates.
Godrej Consumer Products reported strong revenue growth of 48.1% for the fourth quarter, driven primarily by the consolidation of Godrej Sara Lee. However, excluding this contribution, domestic growth was a disappointing 5.3%. Earnings growth of 54.6% was boosted by margin expansion but adjusted earnings grew only 16% excluding Godrej Sara Lee. While international operations grew robustly, growth in the core domestic business of soaps and hair colors slowed. The brokerage maintains an 'Accumulate' rating based on Godrej's wider portfolio and potential for acquisitions but expects growth to moderate going forward.
- Global car sales and revenues increased due to strong customer demand and a greater share of high-priced models like SUVs and Genesis. Domestic car sales also grew from normalized production.
- Profitability was enhanced through revenue growth from leases and prime loans, but expenses increased and profits declined somewhat due to rising interest rates.
- Asset quality was maintained with delinquencies below 1% through conservative risk management practices.
- Global car sales and revenues increased due to strong customer demand and a greater share of high-priced models like SUVs and Genesis. Domestic car sales also grew from normalized production.
- Profitability was enhanced through revenue growth from leases and prime loans, but expenses increased and profits declined somewhat due to rising interest rates.
- Asset quality was maintained with delinquencies below 1% through conservative risk management.
JK Lakshmi Cement Q4FY15: Attractive valuations; Maintain buyIndiaNotes.com
JK Lakshmi Cement reported quarterly earnings below expectations due to lower-than-expected sales volumes. Volumes fell 9% year-over-year to 1,550kt due to continued weakness in demand in northern and western markets. EBITDA fell 36% to Rs715 million and PAT fell 44% to Rs378 million due to the impact of lower volumes. However, the company is increasing capacity to 12mtpa by June 2016 which will help drive future growth as demand revives. Capex is also expected to reduce in the current fiscal year as expansion projects near completion.
Tata Motors reported strong results for the fourth quarter of fiscal year 2010. Consolidated net sales were up 84.6% year-over-year to Rs. 28,978 crore, driven by higher other income and improved performance at subsidiaries like Jaguar Land Rover. Operating profit was Rs. 3,135 crore compared to an operating loss in the prior year. Net profit increased significantly to Rs. 2,228 crore from Rs. 316 crore in 4QFY2009, benefiting from cost cutting measures and higher other income. The results were above expectations due to the company's aggressive cost reductions and good turnaround at key subsidiaries.
- Sales and profits recovered in 2022 despite external uncertainties such as chip shortages and the Ukraine war. Asset growth was driven by increased car sales, particularly of high-ASP models.
- Profitability increased sharply due to sales growth of more profitable vehicles and a stable domestic car market. The operating margin rose to 7.5% from 5.9% the previous year.
- The lease business continued expanding, contributing to revenue and profit growth. Non-auto assets also increased through partnerships with Hyundai Motor. Financial stability was maintained within regulatory guidelines.
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Maruti Suzuki India Limited is a subsidiary of Japanese automaker Suzuki Motor Corporation. It has a market share of 42% in the Indian passenger car market. This document provides an analysis of Maruti Suzuki, including defining the automobile industry in India, performing a portfolio analysis using BCG matrix and GE matrix, analyzing the attractiveness of the industry using Porter's five forces, describing Maruti Suzuki's value chain, and discussing Porter's generic strategies of cost leadership implemented by Maruti Suzuki. Key points include Maruti Suzuki's market leadership through low cost of ownership and maintenance, investments in manufacturing facilities to achieve economies of scale and cost advantages, and targeting of the high-growth small car segment in India.
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The document discusses supply chain challenges and opportunities in the retail industry in India. It provides an overview of the retail industry and major retailers in India. It then discusses supply chain functions and challenges in retail like purchasing, store replenishment, and transportation damages. Opportunities in the growing retail sector are also outlined. The document also discusses Big Bazaar's distribution network and future supply chains, detailing expertise and solutions offered.
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This document provides a summary of key economic factors impacting the Indian automobile industry and capital markets as a whole. It discusses factors such as excess capacity, pricing pressure, financing options, advertising and income levels that influence the automobile sector. It also analyzes macroeconomic indicators, global cues, political stability, and growth prospects that impact capital markets. The document concludes with an analysis of present and future opportunities in the auto sector as well as risks, noting the sector's continued slowdown poses risks for investors.
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2. Economic Factor Affecting Automobile
Sector
• Pricing Pressure
• Financing options
• Income of the consumer / buyer
• Efficient Operations
• Wide Dealer Network
3. Economic Factor Affecting Automobile
Sector
• Access to Latest Technologies
• Factor of production
• Government policies and taxes
• Presence across segments
• Advertising and marketing
4. Risk In Automobile Sector
• Labour unrest and industrial action.
• Unexpected delays and cost overrun due to.
• Slow down in government decision due to political instability.
• Raw material price.
• Restructuring of Automobile company
• Financial - Allocation and cash flow Supply Chain
• Operational Efficiency & Raw Material prices
• Fuel Efficiency & Fuel Prices
• segment Competitiveness & Emerging markets
7. VALUATION & INVESTMENT RECOMMENDATIONS
• Manesar Plant reopens under full security of employees
• MSIL to fast track its New alto launch which is priced about 2 lakhs
• Suzuki making MSIL a small car manufacturing hub
• Volume growth of 10.8% for FY2012
• Company facing slowdown as the demand environment is impacted
• Share in diesel vehicle is 38% during 1st quarter FY13
•Net sales grew by 27.5% yoy to Rs.10,778cr in 1st quarter FY13
• EPS Estimates to be INR 66.87 and ROE of 12.1% for FY2013
• Expected significant volume growth of 15% for FY13
• Coming up with new plant and Skill development center in Gujarat
and R&D center in Haryana
• Maintain BUY with long term perspective target price of INR 1250
9. VALUATION & INVESTMENT RECOMMENDATIONS
• Capacity Expansion to more than 9 Mn units
• R& D ramp up in terms of talent
• International Tie-ups for Technology
• Strong Exports momentum
• Volume demand to moderate to 10 %
• EPS Estimates to be INR 132/146 for FY13/FY14
• Long term potential remains intact
• Significant Volume growth
• Margin expansion potential ahead
• Maintain BUY with target price of INR 2,125
11. VALUATION & INVESTMENT RECOMMENDATIONS
• Highest ever volumes growth 29.1% by Jaguar Land Rover
•TML Drivelines Sales volumes increased on the back of growth in
domestic CV market
• Anticipated CAGR of 30.9% in truck market for 5year period 2010 –15
• Future products in pipeline for FY 12 including Variants from Prima
range, World LCV range, ACE variants & Safari Storme
• Strong operating cash flows in JLR and Capex ,Investment plans
expected to be about GBP 2 bn in FY 13
• Extend export potential
• EPS Estimates to be INR 44.1/48.7 for FY13/FY14
•Credit Suisse has downgraded Tata Motors based on poor financials
•The CMP is Rs.246.00 against the valuation of Rs.135.37
• Tata Daewoo decreasing EBITDA and PAT margins
• Increasing Debt ,which could reach to Rs.491,000 m in FY14-15
• Recommendation- Do Not Buy
13. VALUATION & INVESTMENT RECOMMENDATIONS
•Acquired 50 acres of land for construction of its new manufacturing
facility at Oragadam, Chennai, (Expected to commence in 1st half of
2013).
•The VEPT project, announced in 2010, is on track for scheduled
commencement of operations by end of 2012.
•Recently signed a 50:50 Joint Venture with Polaris Industries Inc. to
set up a greenfield project. Eicher Motors will invest Rs125cr.
•EPS estimate comes to be around 189.6 for FY 13
•Enhance production capacity
•Improve profitability
•New product launches
•Distribution and after market footprint
•Maintain HOLD with target price of INR 2,125
14. Ashok Leyland
BSE: 500477|NSE: ASHOKLEY |BLOOMBERG: AL:IN
Financial Snapshot INR Million CMP: 21.85| Target Price: 41.27|
Income Statement Y/e 2011 2012E 2013E Rating: BUY
Net Revenue 1,11,177 1,30,996 1,60,675
Raw Material Expenses 81,210 96,488 1,20,254
gross profit 29,967 34,508 40,421 Market Cap (Mn INR) : 58,135.79
employee cost 9,597 10,461 11,768 P/E Ratio: 10.27
other expenses 8,192 10,459 12,796 EPS (TTM): 2.12
EBITDA 12,178 13,589 15,856 Shares Outstanding (Mn): 2,660.68
Depr. & Amortization 2,674 3,503 3,758 Dividend Yield (%) 5yr ng: 5.92
Net Interest 1,636 2,307 2,570 52 Week High/ Low (Rs.): 30.57/20.0
Other Income 151 90 250
PBT 8,019 7,869 9,778
Total Tax 1,705 1,495 1,858
PAT 6,314 6,374 7,921
Ex-Od items / Min. Int. -150
Adjusted PAT 6,314 6,524 7,921
Avg. Shares O/S (m) 2,660.70 2,660.70 2,660.70
EPS (Rs.) 2.4 2.5 3
15. Ashok Leyland
• One of the largest commercial vehicle manufacturers in India with a
turnover of US $ 2.5 billion in 2011-12
• The largest supplier of logistics vehicles to the Indian Army
• 2 facilities in Prague (Czech Republic) and Ras Al Khaimah (UAE).
• 50:50 Joint Ventures (JV) with Nissan Motor Company (Japan) for
Light Commercial Vehicles and John Deere (USA) for construction
equipment
• JV with Continental AG (Germany) is for developing automotive
Infotronics
•JV with the Alteams Group is for producing high press die casting
aluminum components for both the automotive and
Telecommunication sector
16. VALUATION & INVESTMENT RECOMMENDATIONS
•Registered the highest growth of a 45 per cent CAGR over 2006-07 to 2011-12
•Expected demand for buses growing by 8-10 per cent from 2011-12 to 2016-17
•Expected CAGR of 17-20 per cent during 2010-11 to 2015-16 in SCV category
while 12-14 % in HCV category
•While Total Industry Volume dipped 12% last year, its market share is up 4%
•Proposed FDI in retail
• EPS Estimates to be INR 3/3.5 for FY13/FY14
•Operating margins for the next 2 years are expected to improve
•Significant Sales growth
• Maintain BUY with target price of INR 40.27
17. TVS Motor
BSE: 532343|NSE: TVSMOTOR|BLOOMBERG: TVSL:IN
CMP: 40| Target Price: 50| Rating: BUY
Market Cap (Mn INR) : 19,193.52
Financial Snapshot P/E Ratio: 14.58
INR Million
FY 11 FY12 FY13 EPS (TTM): 2.77
Total operating income 62891 75851 85496 Shares Outstanding (Mn): 475.09
Total operating expenses 58963 70381 79576 Free Float (%): 40.69
EBITDA 3928 5470 5921 Dividend Yield (%): 2.73
Other income 113 23 23 52 Week High/ Low (Rs.): 70.30/31.8
Depreciation 1073 1439 1469
EBIT 2968 4054 4475
Interest 470 461 461
Recurring PBT 2498 3593 4014
Net extra ordinary items -17 0 0
PBT 2481 3593 4014
Total taxes 535 886 1204
PAT 1946 2708 2810
EPS 4.09 5.69 5.9
18. VALUATION & INVESTMENT RECOMMENDATIONS
Company has planned to launch a series of new product in FY13.
The company expects to grow more than the industry
expects(10%).
Technology tie up with BMW may lead to increase in share prices.
EPS estimates to be INR 5.9 for the FY13.
Expected EPS for 2013
7
Market price has undervalued so 6
5.69 5.9
5
growth in share price can be expected 4 4.09
Volatility is in favor of share price. 3 Series1
Maintain BUY with target price of 2
1
INR 50.
0
FY 2011 FY 2012 FY 2013
19. ANALYSIS OF PRESENT-FUTURE
OPPORTUNITIES
• Unfavorable and volatile due to currency
movements
• Imported raw materials and components
• Loss because of operating leverage
• Dip in consensus points
• Max growth expected