Quarterly Financial Analysis - Q4FY13 - E&Y

Quarterly Analysis of
Automotive Components Industry

(Listed Companies) Q4FY13
Prepared for ACMA
July 2013
Page 2 July 2013
Contents
Executive summary
Industry analysis
Segmental analysis
By company size
By product segment
Stock chart performance
Quarterly financial analysis Q4FY13
Page 3 July 2013
Executive summary Q4FY13
During Q4FY13, industry witnessed improvement in QOQ performance, both in terms of
sales growth and profitability:
Net sales grew by 5.3% in Q4FY13 over Q3FY13
EBITDA margin increased to 13.0% in Q4FY13 from 11.8% in Q3FY13
PAT margin improved by 80 bps QOQ, to reach 3.0% in Q4FY13, 52% of companies under
study witnessed QOQ improvement in PAT margin
However, industry posted decline in YOY sales growth and profitability during Q4FY13:
Net sales witnessed a YOY decline of 10% in Q4FY13 over Q4FY12
EBITDA margin declined by 40 bps while PAT margin declined by 90 bps in Q4FY13, 62% of
companies under study posted YOY decline in PAT margin
Improvement in margins on QOQ basis in Q4FY13 was led by decline in Landed
material, Employee, Depreciation and Interest costs as a % of sales. However, On YOY
basis, all costs except Landed material cost as a % of sales, increased during Q4FY13.
Electrical and Electronics segment was the best performing segment with highest
increase in absolute Net sales (394 million) and PAT (539 million) on YOY basis; while
Engines segment witnessed highest YOY decline in absolute numbers in PAT (INR1.2
billion) and Net sales (INR7.0 billion)
Margins improved on a QOQ basis in the Very large, Large and Medium segments,
while they witnessed a decline in the Small segment.
Note: Profits exclude non-operational part of Other Income
Page 4 July 2013
19.6
16.1
14.3
14.6
17.0
0
5
10
15
20
25
Q4FY12 Q1FY13 Q2FY13 Q3FY13 Q4FY13
145
132
125
124
131
100
110
120
130
140
150
160
Net Sales (INR billion)
Source: CapitalinePlus, accessed 17 June 2013
YOY growth rate trend
Q1FY13 Q2FY13 Q3FY13 Q4FY13
Net Sales 8% -2% -2% -10%
EBITDA (INR billion)
EBITDA
-19% -16% -9% -13%
-13%
Page 5 July 2013
5,644
3,175
2,241
2,705
3,910
800
1600
2400
3200
4000
4800
5600
6400
Net Sales witnessed a rise of 5.3% on QOQ
basis, with a 10% YOY de-growth during
Q4FY13.
EBITDA continued the increasing trend
since Q2FY13, with a 16% (INR2.3 billion)
rise on a QOQ basis in Q4FY13. However, on
YOY basis, EBIDTA declined by 13%
marking four consecutive quarters of
decline.
PAT increased by INR1.2 billion in Q4FY13
over Q3FY13, with a growth of 44.5%.
However, on YOY basis PAT declined by 31%
in the quarter.
PAT has been declining constantly on
YOY basis for past four quarters.
60 out of 90 companies posted a YOY
decline in PAT during Q4FY13.
PAT (INR million)
-31%
Net Profit
-46% -56% -24% -31%
Page 6 July 2013
935
1,848
916 1,406
224
49 266
5,644
341
671
716
1,945
13
63
161
3,910
-1000
1000
3000
5000
7000
I
N
R

m
i
l
l
i
o
n
Q4FY12 Q4FY13
17.2
51.1
24.0
29.1
13.8
2.3
7.9
145.5
13.7
44.1
21.2
29.5
11.9 2.4
8.2
131.0
0
45
90
135
180
I
N
R

b
i
l
l
i
o
n
Q4FY12 Q4FY13
Note: Financials for 90 companies have been aggregated to reach the industry level numbers, for company categorization, refer pg 30
Segment-wise: YOY PAT trend
Segment-wise: YOY Net Sales trend
Four out of seven segments witnessed YOY Net sales decline during Q4FY13.
Highest YOY absolute decline Engines segment, INR7.0b
Highest YOY absolute increase Electrical and electronics segment, INR394m
Except Electrical and electronics and Interior segments, YOY PAT of all other product
segments declined considerably in Q4FY13.
Transmissions
and steering
Engines Suspension
and braking
Electrical and
electronics
Body and
chassis
Interior Others Industry
Transmissions
and steering
Engines Suspension
and braking
Electrical and
electronics
Body and
chassis
Interior Others Industry
-21% -14% -11% 1% -14% 4% 3%
-63% -64% -22% 38% -94% 28% -40%
-10%
-31%
Page 7 July 2013
68
18
3
1
0 20 40 60 80
Negative
0-20
20-40
>40
Number of companies
56
9
1
3
0 20 40 60
Negative
0-50
50-100
>100
Number of companies
% of companies
Note: selection of companies for the study has been done after removing the outliers
54
11
13
12
0 20 40 60
Negative
0-50
50-100
>100
% of companies
Industry average -0.6%
% of companies
Industry average (-10.0%)
Number of companies
Y
O
Y

i
n
c
r
e
a
s
e

i
n

r
a
w

m
a
t
e
r
i
a
l

c
o
s
t

(
%
)
Industry average (-31%)
Y
O
Y

P
A
T

g
r
o
w
t
h

(
%
)
Y
O
Y

N
e
t

S
a
l
e
s

g
r
o
w
t
h

(
%
)
Break-up of companies as per Net Sales growth
Break-up of companies as per PAT growth
Break-up of companies as per YOY increase in raw
material costs as a % to Net Sales
1%
3%
20%
76%
4%
1%
13%
81%
13%
14%
12%
60%
56
14
10
10
0 20 40 60 80
Negative
0-50
50-100
>100
Number of companies
Y
O
Y

i
m
p
r
o
v
e
m
e
n
t

i
n

E
B
I
D
T
A

m
a
r
g
i
n
s

(
%
)
% of companies
Industry average (-1.9%)
Break-up of companies as per improvement in EBIDTA
margins
11%
11%
16%
62%
Page 8 July 2013
Trends in profitability
EBITDA
margins range
No. of cos. as %
of total
Less than 5%
20%
5%to 7.5%
13%
7.5% to 10%
26%
10% to 12.5%
11%
12.5% to 15%
7%
15% to 20%
9%
More than 20%
14%
Total 100%
Distribution Q4FY13 EBITDA Margins Operational Margins
Margins improved on QOQ basis during Q4FY13, due to decline in Landed material, Employee,
Interest and Depreciation cost as a % of sales.
On YOY basis, industry witnessed a decline in margins due to rise in Employee, Depreciation
and Interest costs as a% of sales.
Note: Profits margins exclude non-operational part of Other Income
13.4%
12.2%
11.5%
11.8%
13.0%
9.4%
7.9%
6.8%
7.0%
8.3%
6.4%
4.4%
3.5% 3.5%
4.9%
3.9%
2.4%
1.8%
2.2%
3.0%
1%
5%
9%
13%
EBITDA EBIT PBT PAT
Page 9 July 2013
Trends in cost structure
62.8%
61.6%
62.9%
62.3%
62.1%
60%
61%
62%
63%
64%
Landed material cost Depreciation Employee cost Interest
Costs as a % of Net Sales
4.0%
4.3%
4.6%
4.8% 4.7%
8.2%
9.5%
9.9%
10.1%
9.5%
3.0%
3.5%
3.4%
3.5%
3.4%
0%
2%
4%
6%
8%
10%
12%
All costs witnessed a marginal decline on a QOQ basis in Q4FY13, with Employee cost as a %
of sales, witnessing highest decline of 60 bps.
On YOY basis, all costs except Landed material cost as a % of sales, increased during Q4FY13
with highest increase in Employee costs.
Landed
material
Employee
Interest
Depreciation
Page 10 July 2013
Methodology of segment classification by size
Companies have been classified into different segments on the basis of their revenue in FY13.
Categories in which companies have been classified are as follows:
Category Category Name Rev range (INR Cr) No of cos % share of revenue in FY13
A+ Very Large 1,000 plus 18 20%
A Large 500 to 1,000 15 17%
B Medium 100 to 500 38 42%
C Small Below 100 19 21%
Total
90 100%
Page 11 July 2013
Trends in profitability
EBITDA margin EBIT margin PBT margin PAT margin
Very Large (>1,000 Cr), 18 cos. Large (500-1,000 Cr), 15 cos.
Medium (100 500 Cr), 38 cos. Small (<100 Cr), 19 cos.
15.1%
13.3%
13.0%
13.3%
15.2%
10.7%
8.7%
7.9%
8.2%
10.1%
4.4%
2.3% 2.2%
2.5%
3.9%
7.4%
4.9%
4.4%
4.3%
6.6%
0%
4%
8%
12%
16%
10.3%
9.7%
9.2%
9.5%
9.6%
6.9%
6.0%
5.2% 5.2% 5.4%
3.3%
2.5%
1.7%
1.9%
2.1%
4.7%
3.4%
2.5% 2.6% 2.8%
0%
4%
8%
12%
16%
13.1%
12.1%
10.4%
10.7%
11.4%
9.5%
7.9%
6.0%
6.3%
7.2%
4.1%
2.8%
1.2%
2.1%
2.3%
6.4%
4.5%
2.5% 3.1%
3.7%
0%
4%
8%
12%
16%
6.2%
9.0% 8.1%
5.6%
5.1%
2.1%
4.9% 4.1%
1.3% 0.8%
-7.8%
-0.9%
-0.5%
-3.7%
-4.5%
-1.9%
0.2%
0.3%
-3.3%
-3.3%
-12%
-6%
0%
6%
12%
Margins of Small segment companies declined QOQ during Q4FY13, whereas margins for Very
large, Large and Medium segments improved during the same period.
On YOY basis, margins of all segments witnessed a steep decline during Q4FY13 except Very
Large companies
Note: Profit margins exclude non-operational part of Other Income, Source: Capitaline Plus, accessed 17 June 2013
Page 12 July 2013
Trends in cost structure (as a % of Net Sales)
Category A+ Category B Category C Category A
Landed material costs
Employee costs
Depreciation
Interest costs
62.8%
62.6%
63.9%
63.3%
62.6%
65.9%
62.4%
63.8%
62.7%
63.1%
59.8%
58.6%
60.0%
59.8%
60.4%
55.8%
54.7%
55.7%
54.8%
56.0%
50%
55%
60%
65%
70%
4.4%
4.6%
5.0%
5.1%
5.1%
3.4%
3.8%
4.0%
4.2%
4.1%
3.6%
4.2%
4.4% 4.4%
4.2%
4.0%
4.1%
3.9%
4.3%
4.3%
3.0%
3.5%
4.0%
4.5%
5.0%
5.5%
8.0%
9.1%
9.7%
9.8%
9.2%
7.5%
9.2% 9.4%
9.7%
9.1%
9.3%
10.8%
11.0% 11.1%
10.5%
11.9%
12.4%
12.2%
13.7% 12.9%
6%
8%
10%
12%
14%
16%
3.3%
3.8%
3.6%
3.9%
3.6%
2.2%
2.5%
2.7%
2.6% 2.7%
3.1%
3.4% 3.5% 3.3%
3.5%
4.1%
4.7%
3.8%
4.6%
4.2%
0.0%
2.0%
4.0%
6.0%
Page 13 July 2013
Product-wise segment analysis
Page 14 July 2013
Transmissions and Steering segment -
Performance
935
521
365
455
341
200
300
400
500
600
700
800
900
1000
PAT(INR million)
17.2
13.7
12.8
13.1
13.7
8
9
10
11
12
13
14
15
16
17
18
-21%
-63%
Net Sales -7% -14% -14% -21%
Net Profit
-43% -58% -43% -63%
Net Sales and Net Profits witnessed significant decline on YOY basis in Q4FY13. However, in
line with the industry trend, Net sales improved QOQ during Q4FY13.
In Q4FY13, PAT of 7 out of 13 companies in the segment declined on QOQ basis.
Note: PAT exclude non-operational part of Other Income
Page 15 July 2013
Transmissions and Steering segment -
Profitability & Cost structure
Margins
60.7%
58.4%
59.3%
58.7% 59.1%
0%
10%
20%
30%
40%
50%
60%
70%
Landed material cost Depreciation
Employee cost Interest
3.8%
4.8%
5.2% 5.3%
5.1%
7.8%
10.1% 10.7% 10.7% 10.1%
2.9%
3.6% 3.7% 3.5%
3.3%
0%
2%
4%
6%
8%
10%
15.1%
14.2%
13.3%
13.7%
13.0%
11.4%
9.4%
8.0%
8.4%
7.9%
8.5%
5.9%
4.4%
4.9%
4.6%
5.4%
3.8%
2.9%
3.5%
2.5%
0%
4%
8%
12%
16%
20%
EBITDA EBIT PBT PAT
During Q4FY13, the segment witnessed decline in margins on QOQ basis, led by a rise in
Landed material cost, offsetting decline in Employee, Depreciation and Interest costs as a %
of sales.
Margins witnessed a steep decline on YOY basis, owing to steep rise in Employee,
Depreciation and Interest costs as a % of sales.
Note: Profit margins exclude non-operational part of Other Income
Page 16 July 2013
Engines segment - Performance
1,848
1,254
368
259
671
100
700
1300
1900
2500
51.1
48.2
45.0
42.9
44.1
30
35
40
45
50
55
Net Sales (INR billion) PAT(INR million)
-14%
-64%
Net Sales 4% -6% -12% -14%
Net Profit
-64% -87% -79% -64%
Net Sales of the segment increased on QOQ basis and decreased on YOY basis during Q4FY13.
18 out of 29 companies reported a rise in Net Sales on QOQ basis
25 out of 29 companies reported decline in Net Sales on YOY basis
During Q4FY13, PAT declined YOY by 64%, however on QOQ basis Net Profits rose by 160%.
Page 17 July 2013
53.0%
52.1%
54.1%
53.0% 52.8%
0%
10%
20%
30%
40%
50%
60%
Engines segment - Profitability & Cost structure
Margins
5.5%
5.9%
6.4%
6.9%
6.7%
8.9%
10.0%
10.7% 11.2% 10.6%
4.7%
5.7%
5.2%
6.0% 5.8%
0%
4%
8%
12%
16.9%
17.2%
14.6%
14.9%
16.3%
11.5% 11.4%
8.1% 8.0%
9.6%
6.8%
5.6%
2.9%
2.0%
3.7% 3.6%
2.6%
0.8%
0.6%
1.5%
0%
5%
10%
15%
20%
EBITDA EBIT PBT PAT
During Q4FY13, segment witnessed decline in margins on YOY basis, led by significant
increase in Employee, Depreciation and Interest cost as a % of sales.
On QOQ basis, margins improved due to decline in proportionate Landed material, Employee,
Interest and Depreciation cost as a % of sales. However, median margins witnessed a QOQ
decline.
Page 18 July 2013
Suspension and Braking segment - Performance
916
702
633
602
716
0
200
400
600
800
1000
24.0
22.0
21.4
20.2
21.2
15
17
19
21
23
25
PAT(INR million)
-11%
-22%
Net Sales 8% 1% -7% -11%
Net Profit
-16% -23% -8% -22%
YOY growth in Net sales deteriorated to -11% in Q4FY13, however, net sales for the segment
grew on a QOQ basis (by 5.2%) for the first time since Q4FY12.
Segment witnessed YOY PAT decline in Q4FY13, continuing the trend of past four quarters.
However, the segment grew QOQ (by 19%), first time since Q1FY13.
Page 19 July 2013
69.3%
67.8% 68.2%
67.5% 67.6%
0%
10%
20%
30%
40%
50%
60%
70%
80%
Suspension and Braking segment - Profitability
& Cost structure
Margins
2.6%
2.8%
2.9%
3.1%
3.4%
7.0%
8.2% 8.2%
8.8%
8.3%
1.8%
1.7% 1.8%
1.8%
1.6%
0%
2%
4%
6%
8%
10%
9.8%
9.1%
8.8% 8.8%
9.1%
7.2%
6.3%
5.9%
5.7%
5.7%
5.4%
4.6%
4.1%
3.9%
4.0%
3.8%
3.2%
3.0% 3.0%
3.4%
0%
4%
8%
12%
EBITDA EBIT PBT PAT
On QOQ basis, margins witnessed marginal rise in Q4FY13. Rise in Depreciation cost and
Landed material cost was offset by decline Employee and Interest cost as a % of sales
Margins declined YOY notwithstanding steep decline in material cost and marginal decline in
interest cost, due to significant rise in Employee cost and Depreciation cost as a % of sales.
Page 20 July 2013
Electrical and Electronics segment -
Performance
1,406
303
601
1,077
1,945
0
400
800
1200
1600
2000
2400
29.1
26.3
24.2
26.4
29.5
0
10
20
30
40
1%
38%
Net Sales 21% 7% 14% 1%
Net Profit
-49% 66% 132% 38%
Amongst the seven segments, Electrical and Electronics segment was the best performing
segment with highest increase in absolute net sales and PAT, on YOY basis.
The segment also outperformed the industry, in terms of YOY Net sales and PAT growth in
Q4FY13.
Page 21 July 2013
Electrical and electronics segment - Profitability
& Cost structure
Margins
67.0% 67.0%
68.3%
67.0%
65.8%
0%
10%
20%
30%
40%
50%
60%
70%
3.6%
3.3%
3.7%
3.5% 3.6%
9.1%
10.3%
10.7%
10.4%
9.5%
1.7%
1.6%
1.7%
1.5%
1.3%
0%
3%
6%
9%
12%
12.5%
7.4%
9.8%
11.0%
14.7%
8.9%
4.1%
6.2%
7.5%
11.2%
7.2%
2.5%
4.4%
6.0%
9.8%
4.8%
1.2%
2.5%
4.1%
6.6%
0%
4%
8%
12%
16%
EBITDA EBIT PBT PAT
The segment witnessed a steep QOQ rise in margins, due to decline in Landed material,
Employee and Interest costs as a % of sales. In absolute terms, EBITDA grew by INR1.4 billion
in the quarter, of which, INR0.98 billion rise was contributed by Motherson Sumi alone.
Margins of the segment also improved on YOY basis during Q4FY13, due to reduction in
Landed material and Interest costs, offsetting the rise in Employee costs as a % of sales.
Page 22 July 2013
Body and chassis segment - Performance
13.8
12.0
11.2
11.4
11.9
10
11
12
13
14
15
224
177
30
58
13
0
100
200
300
PAT(INR million)
-14%
-94%
Net Sales 9% 0.5% -3% -14%
Net Profit
10% -52% -9% -94%
The segment witnessed YOY decline in Net Sales and PAT during Q4FY13. PAT has been on a
YOY decline since Q2FY13.
On QOQ basis also, Net sales increased by 4.3%, while PAT witnessed a QOQ decline of
77.8%.
Page 23 July 2013
Body and chassis segment - Profitability & Cost
structure
Margins
77.5%
75.1%
76.4% 76.4%
77.7%
0%
10%
20%
30%
40%
50%
60%
70%
80%
3.0%
3.3%
3.4% 3.4%
3.0%
6.8%
8.3%
9.0%
8.6%
8.5%
2.6%
2.8% 2.7% 2.7%
3.2%
0%
2%
4%
6%
8%
10%
9.2%
8.4%
6.8%
7.2%
6.7%
6.2%
5.1%
3.4%
3.8%
3.7%
3.6%
2.3%
0.6%
1.1%
0.5%
1.6%
1.5%
0.3%
0.5% 0.1%
-2%
2%
6%
10%
EBITDA EBIT PBT PAT
Margins witnessed a steep QOQ decline during Q4FY13, due to significant rise in Landed
material and Interest costs as a % of sales.
On YOY basis also, margins declined significantly, owing to steep rise in Employee and Interest
costs and marginal rise in Landed material cost as a % of sales.
Page 24 July 2013
Interior segment - Performance
49.2
20.8
-1.6
60.3
62.8
(10)
10
30
50
70
2.34
2.22
2.36
2.44
2.43
2.0
2.5
4%
28%
Net Sales 16% 22% 42% 4%
Net Profit
7% NA 237% 28%
Interior segment is one of the only two segments to witness positive YOY growth in Net profits
during Q4FY13.
The segment outperformed the industry in terms of YOY growth in Net sales and PAT during
Q4FY13.
.
Page 25 July 2013
Interior segment - Profitability & Cost structure
Margins
85.5%
83.6%
84.3%
83.7%
82.5%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
1.2%
1.6%
1.8% 1.8% 1.8%
5.0%
5.4%
5.0% 5.0%
5.1%
1.3%
1.2%
1.5%
1.4%
1.1%
0%
2%
4%
6%
5.6%
4.1%
4.0%
5.4%
6.7%
4.4%
2.5%
2.2%
3.7%
4.9%
3.1%
1.3%
0.7%
2.3%
3.8%
2.1%
0.9%
-0.1%
2.5%
2.6%
-1%
1%
3%
5%
7%
EBITDA EBIT PBT PAT
Margins of the segment improved significantly both on YOY and QOQ basis during Q4FY13.
Improvement in YOY margins is led by decline in Landed material and Interest costs,
offsetting the rise in Employee and Depreciation cost as a % of sales
Page 26 July 2013
Other segment - Performance
266
198
247
195
161
0
40
80
120
160
200
240
280
7.9
7.2 7.6
8.0
8.2
2
4
6
8
10
PAT(INR million)
3%
-40%
Net Sales 6% 1% 13% 3%
Net Profit
-29% -21% -37% -40%
Net sales of the segment have been on a QOQ rise since Q1FY13, and grew by 2.6% QOQ in
Q4FY13.
Absolute PAT of the segment declined, both on YOY and QOQ basis and was lowest in last
five quarters.
Page 27 July 2013
Other segment - Profitability & Cost structure
Margins
62.1%
62.8%
62.2% 62.4%
61.0%
0%
10%
20%
30%
40%
50%
60%
70%
3.4%
3.6% 3.6% 3.5% 3.6%
8.9%
9.9%
9.7%
10.0%
9.6%
2.8% 2.9%
3.1%
2.7% 2.8%
0%
2%
4%
6%
8%
10%
12%
11.6%
10.5%
12.1%
10.0%
9.7%
8.3%
6.9%
8.6%
6.5%
6.2%
5.5%
4.0%
5.5%
3.8%
3.4%
3.4%
2.7%
3.2%
2.4%
2.0%
0%
2%
4%
6%
8%
10%
12%
14%
EBITDA EBIT PBT PAT
Margins of the segment reduced significantly both on YOY and QOQ basis during Q4FY13.
However, the median margins witnessed a QOQ rise during the period.
Page 28 July 2013
Stock chart performance
90
95
100
105
110
February-13 March-13 April-13 May-13
EYAX B S E Auto Index B S E Sensex
India: EY Automotive suppliers Index (EYAX), BSE Auto Index and BSE Sensex
Sources: Prowess, accessed 26 June 2013
Note: EYAX is a market capitalization weighted index comprising 89 listed automotive component suppliers
Page 29 July 2013
Assumptions and other information
Total 90 automotive component companies have been included for the purpose of the analysis.
Size-based segment classification of these 90 companies is as follows:
Names of the companies in each segment
1. Transmission (13) Automotive axles, Bharat Gears, Dynamatic Tech., Fairfield Atlas, Gujarat Automotive, Hi-tech
Gears, JMT Auto, Rane (Madras), Setco Automotive, Shanthi Gears, Shivam Autotech, Sona Koyo Steer., ZF
Steering.
2. Suspension (15) Auto Pins, Brakes Auto, Coventry Coil., Enkei Wheels, Frontier Springs, GS Auto International,
Gabriel India, Hind.Composites, Jamna Auto Inds, Munjal Showa, Rane Brake Lin., Steel Str. Wheel, Sundaram Brake,
WABCO India, Wheels India.
3. Engine (29) Alicon Cast., Amforge Inds., Amtek Auto, Amtek India, Banco Products, Bharat Forge, Bimetal
Bearings, EL Forge, Federal-Mogul Go, Hinduja Foundries, IP Rings, KEW Inds., Kalyani Forge, Kar Mobiles, Menon
Bearings, Menon Pistons, Munjal Auto, Pradeep Metals, Ramkrishna Forg., Rane Engine Val., Rico Auto, Samkrg
Pistons, Shriram Pistons, Sibar Auto Parts, Sundaram Clayton, Sundram Fasteners, Talbros Auto., Triton Valves, Ucal
Fuel Sys.
4. Body and Chassis (8) Auto.Corp.of Goa, Autoline, Automotive Stamp, Jay Bharat, Jay Ushin, JBM Auto, Omax
Autos and Rasandik Engg.
5. Electrical and Electronics (11) Denso India, Fiem Inds., Halonix, Hella India, India Nipp. Elec., Lumax AutoTech,
Lumax Inds., Minda Inds., Motherson Sumi, REIL Electricals and Subros.
6. Interior (3) Bharat Seats, Harita Seating, Swaraj Automotive.
7. Others (11) ANG Inds, LG Balakrishnan, Lumax Auto. Sys., Mahindra Comp, Precision Pipes, Remsons Inds,
Schrader Duncan, Sharda Motor, Simm. Marshall, Suprajit Engg. and Veljan Denison.
FY13 Revenue
More than
1,000 Cr.
Between 500
Cr. to 1,000 Cr.
Between 100 Cr.
to 500 Cr.
Less than
100 Cr.
Total
Category Very large Large Medium Small
No. of cos. 18 15 38 19 90
Page 30 July 2013
Assumptions and other information (contd)
Bosch, Commercial Engineering, Hindustan Hardy Spicer, Kinetic Engineering and Vybra Automet
have been removed from the scope of this report as they were posing as outliers.
Battery and tyre manufacturers are excluded from the scope of the report.
All margins and profitability number excludes non operational part of Other Income to exhibit only the
operational aspect of the profitability of the respective company, segment or the industry as a whole.
Ratios Formula used
EBITDA margin (EBITDA-other income)/Net Sales
EBIT margin (EBIT-other income)/Net Sales
PAT margin (PAT-other income)/Net Sales
Current ratio Total Current assets/ Total current liabilities
Debt/Equity Ratio
Loan Funds /Equity
Equity= Share capital+ Reserves & Surplus
Capital employed
Net fixed assets+ inventories+ debtorscurrent liabilities and
provisions
ROCE (EBIT Other Income)/ Average capital employed
Fixed asset turnover Annual Net Sales/ Average Net Fixed Assets
Page 31 July 2013
Disclaimer
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Ernst & Young refers to the global organization of member firms of Ernst & Young Global Limited, each of which is a separate legal entity.
Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients.
2013 Ernst & Young LLP Published in India.
All Rights Reserved. For more information, please visit www.ey.com/india
This work product has been prepared by Ernst & Young LLP on the basis of a scope of work agreed with the Automotive Components
Manufacturers Association of India (ACMA), and does not purport to be all-inclusive or to contain any information that a prospective
reader may expect or desire. Accordingly, if made available to ACMAs members or any other person or entity, this work product is
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