Arrow Coated Products Ltd (cmp 320.00)

MANAGEMENT DISCUSSION AND ANALYSIS REPORT  (From Annual Report2014)


Industry Structure and Development

A. Water Soluble Film (WSF): Arrow Coated Products Ltd, an ISO 9001:2008 certified company, is one of the leading manufacturers of cast water soluble film in the world, having world class manufacturing facilities in Ankleshwar, Gujarat & has one of largest cast water soluble film manufacturing machines in the world. Industry is now waking up to the need of water soluble film and its packaging advantages. This Wonder Product has got varied applications in industries ranging from Agrochemicals, Construction, Chemical, Embroidery, Health& hygiene to Water transfer printing (3D printing). WSF provides an instant solution to the various problems faced in handling of hazardous material by industries today. 

Most modern industries are turning to WSF as their primary packaging product. WSF is environmentally friendly and is proven to be harmless to flora and fauna, like rivers, fish and flora on land. Saving Ganga, from dirt and pollution will be a project very near to the heart of all Arrow Team Members.

 Our Company has developed a wide range of water soluble films especially for the agrochemical industry which dissolves completely in water & meets WHO standards (solubility standards) as per CIPAC method without damaging the environment or causing any harm to humans and has no health hazards. WHO has mandated that all Vector Control actives (like DDT, Lambda, Pyrethrins etc), weedicides, herbicides, insecticides etc must be packed in WSF. This increases the scope of WSF market in India and neighboring countries. 

Various NGOs and our own efforts for propagating the use of WSF in packaging of hazardous chemicals like Fungicides, Herbicides and Weedicides, which are exceptionally potent pesticides and the proper disposal of packaging materials, after the chemicals are dispensed with. The failure would result in serious health problems to flora, fauna, animals and human beings is now being acknowledged by this Industry. This has also led to the realization to follow international rules of packaging these chemicals in WSF in future.

B. Mouth Melting Strip (MMS): This technology is a relatively new development, but broadly based on WSF technology, which allows small quantities of active ingredients to be delivered in a user-friendly format. Adapting existing products such as oral sprays, liquids or tablets, or exploiting entirely new opportunities, Arrow MMS Division works closely with clients to create the most effective thin film product and process solutions. Arrow has now mastered the technology of edible water soluble film, and has made agreements with at least one company for out-licensing this patent in India. Coming year shall bring good results to the revenue stream, as many active ingredients belonging to health and hygiene shall be the preferred drug delivery system via this technology. As is aware, that this patent has now been granted in several countries, including Australia, South Africa, Europe and India. This patent is still being prosecuted in the USA.

C. Security Products: Arrow has been in the business of security documents and its components. This year Arrow intends to enter into a more volume business phase of brand protection. Taking cue from our experience in designing security products for high end security, this SBU has been divided into two separate divisions. Brand protection division shall handle medium end security products and Govt. Business division shall handle high end security products. As IPR becomes important, brand protection will gain importance and Arrow will have to be in the forefront to offer sharp solutions. Arrow has several patents in this security cluster and intends to create revenues in the coming years. Your company has secured at least one major order, from a leading agrochemical company in India, for this technology and it’s related product. This year we hope to add more companies to ensure that their brands are protected while using our patented product as an exclusive supply chain vigilance system

D. Arrow Care Division: Arrow Care Division mainly comprises of products based on Health and Hygiene. This year Arrow plans to introduce atleast 3 Products Via this division. Arrow Carez, a soap and shampoo strip, which totally dissolves in water, Arrow Klenz, an innovative “Sausage” shaped WSF capsule containing precise quantities of active ingredients in liquid form. The container bottles (which were hitherto dispensed away, creating an environmental mess) will be re-used atleast 20 times. It’s a simple innovation, which bring down the prices of cleaning liquids and make it affordable for even rural India to use and clean theirtable tops, glass windows, kitchens, cooking vessels, floors, toilets etc. In the near future, more products will be added on the same platform technology. Arrow has appointed atleast two exclusive franchisees for promoting this technology. It is expected to cover 30% of the Indian market in the coming 2 years.

 With thrust on hygiene and sanitation, as per hour PM’s speech, these products will find their way into rural india, as we intend to make them most affordable and cost efficient products.

F. Patents and IPR SBU: IPR is an important revenue stream for any Company. Arrow has spent reasonably heavy amounts of money in R&D and filing of patents in the last couple of years. Arrow have received 3 patent grants in Australia, United State and Europe, this year. In all we now have 30 granted patents nationally and internationally. Some of these patents have changed the way many Detergents, Pharma and Agro chemical products are being packaged and delivered. For example the Self Destructive Irreversible Security Packaging Water Soluble Film launched last year has captured the interest of the Agrochemical Industry. The drug delivery system, using mouth melting strips, is planned to bring revenues, having tied up with a Japanese company, as informed to the share holders. The delay in launch of this product is mainly due to regulatory affairs and time taken for acquiring licenses of various active ingredients, in this new form of drug delivery system.

 We are in continuous discussions with Companies on various patent revenue models. Intellectual property is one of the tools that differentiate your Company from other smaller competition; with protected core technology in the form of patents one has nuggets of wealth at the centre of the business. The patents are value creators for the Companies as they can be licensed, sold, assigned or cross licensed, so having a strong patent portfolio enables a Company to be royalty earner than royalty payer. Your company has proposes to approach DSIR (Department of Sciences and Research) for assisting us in creating pilot production for these families of patents. Scale up of these pilot projects will then allow your company to compete in the International arena, as our management is convinced that IP is the only way to leap forward in this globally interconnected world.

 The patent rights are territorial in nature, so one has to file and seek patent grant in all the countries separately where one wants to protect the invention. The filing of patent applications all over the world is an expensive task but once the patent is granted then various revenue generation streams come in to effect, which will create a WIN-WIN situation and long term incomes for your Company. Patents are granted for period of more than 15 years, but not more than 20 years, as per laws in most of the countries. Indian Patent office, since joining the TRIPS agreement and being a WTO signatory, has started granting (and protecting inventions) product and process patents.

G. Arrow UK Activities: Arrow UK increased further stake in Advance IP Technologies Limited (AIPT), a UK based Company. Arrow UK is a majority share holder of AIPT. This Company was formed as a jointly owned company by Arrow and Israel based promoters, being joint inventors in a Bio-digestible Drug Delivery Device (controlled) Patent. Advance IP specializes in generating revenues from various IPR (Patent) created by both the partners. Arrow is a Joint Patent holder of a block buster Patent in health and hygiene and the same has been assigned to Advance IP (AIPT). This Patent has been granted in UK and is being prosecuted in Europe, USA, Australia, China and India. UK laws allow all IP related income to be taxed at a lower rate bracket, so Arrow UK will gain monetary advantage in this process. Arrow UK and AIPT have made profits this year and we expect, going forward, this trend to continue in the coming years

F. Export Division SBU: Exports of our products have increased but there is a potentially unlimited and untapped market worldwide. There are only 3 major players in cast water soluble films and Arrow is one of them. All of us have unique methods of production of these films and have earned patent protection. Arrow UK has generated excellent inquiries and all this need special care. This year we segregated a new division specially to address to Arrow UK and other export markets. This should give a positive impetus to our export sales this year. With new investments in automated technology, Arrow is now gearing up to produce International quality of films as well as increase the quantum to satisfy the ever increasing hunger for WSF (water soluble films).

G. Arrow Pharma Foray: Taking advantage of the patented technology, our Company is in the process of securing partner(s) in the field of Pharmaceuticals and Nutraceuticals for entering into this highly lucrative and IPR sensitive field of saving human and animal lives. In future, Arrow proposes to enter crop protection using a different version of this patented process and patented product. As India starts its vision into providing food grains for the world population, the need for low pesticides residue will be very important. These are long term revenue generating fields that your Company is targeting using our Patents and knowledge acquired over the years. Both these ventures will mean additional Capital expenditures and your Company is planning this ahead of time. Arrow’s Pharma foray will be limited to the use of its patented drug (Active) delivery system, using edible Water Soluble Film, while the crop protection technology uses non edible WSF, and may take the out licensing route to market.

stock fallen from 575.00 levels expecting 20 eps for this year2015 one can accumulate at current levels.

Kennametal India

As manufacturing in India picks up, this MNC associate should record sharp jump in profit

Kennametal India (KIL) is 75% controlled by Kennametal USA. The leading manufacturer of hard metal products and machine tools caters to industries such as transportation, general engineering, aerospace and defense, energy, power generation equipment, earthworks, mining and construction.

Customers are provided a variety of standard as well as customized products including special purpose machines, metalworking tools, customized tooling solutions and other engineered solutions.

The dual brand strategy of Kennametal and WIDIA ensures complete separation of customers and distributors. Kennametal serves directly and indirectly customers of specific components and other high-end solutions, while WIDIA serves customers through distributors, focusing on standard products.

New distributors have been brought on board for both the Kennametal and WIDIA brands to make sure that each brand is adequately represented across the country. Some of the initiatives such as productivity optimization services and tools management services have met good success in obtaining new business as well as retaining the existing business.

The intention is to build competency in certain key components of high volume manufactured by the customers. The objective is to "own" these key components through the development and application of "total solutions" (production process input, tool supply and appropriate service support) required to effectively and efficiently produce them for customers.

The overall long term strategy is to have more than 40% of the sales from new products. Close to 42% of the revenue from hard metals came from new products, i.e., products introduced in the last five years, in the fiscal ended June 2014 (FY 2014).

The effort is pursue localization of inputs and use India as a low-cost production location for exporting to other markets, particularly Asia. Besides improving capacity utilization, this measure should help in foreign exchange risk mitigation.

The acquisition of US-based Allegheny Techlologies’ tungsten materials business (TMB) and the Bolivia-based Emura by Kennametal Inc will provide access to high quality raw materials and the latest carbide recycling technologies. The TMB acquisition has brought in the Stellram branded product, which will provide better market share in the energy and aerospace sectors. To move up the value chain in the infrastructure side of the business, the focus has been on value-added products and phasing out of commodity products with lower profitability.

The operating profit margin (OPM), which was in the range of 20-27% but fell to 7.9% in FY 2013 and 9.2% in FY 2014, is likely to get back to the traditional levels of over 20% going forward.

The OPM improvement to 9.2% in FY 2014 from 7.9% in the previous fiscal is despite increase in raw materials costs to Rs 9 crore on account of the rupee deprecation from to the Rs 61 level in FY 2014 from the Rs 55 level in FY 2013. The improvement in profitability was driven by leveraging volumes and supported by many cost containment initiatives taken up in FY 2014.

Sales grew 8% to Rs 284.03 crore and the OPM improved 140 basis points to 9.5%, boosting OP 28% to Rs 27.05 crore in the six months ended December 2014 over a year ago. Profit before tax (PBT) was up 46% to Rs 17.24 crore.

Extraordinary loss was nil as against Rs 10.10 crore. Thus, PBT jumped 897% to Rs 17.24 crore. Provision for taxation stood at Rs 4.71 crore as against Rs 18 lakh, which restricted the PAT growth to 708% to Rs 12.53 crore as against Rs 1.552 crore a year ago.

With the new government taking charge with a clear mandate from the electorate, investor sentiment has improved. The government has also initiated the process of clearing the massive backlog of stalled investment projects. There will be benefit from the government’s Make-in-India initiative, too.

After years of negative growth rates, the medium and heavy commercial vehicles segment of the auto industry, a key user, is posting gradual recovery. We expect KIL to register sales of Rs 620.08 crore and PAT of Rs 30.66 crore in FY 2015. On an equity of Rs 21.98 crore and face value of Rs 10 per share, EPS works out to Rs 13.9. This EPS is likely to jump to Rs 31.8 in FY 2016. The scrip was trading around Rs 881 on 23 February 2015.

Balmer Lawrie & Company

Balmer Lawrie & Company (BLC) has emerged a multi-activity, multi-technology, multi-location conglomerate, with global foot prints. Along with its joint ventures (JVs), the PSU encompasses diverse interests including industrial packaging, logistic infrastructure services, tours and travel and grease and lubricants.

The manufacturing operations are in Kolkata, Mumbai, Chennai, Mathura and Silvassa and offices are at many locations in India. There are several JV operations in India and abroad, with overseas offices in the UK and UAE.

The seven strategic business units (SBUs) have presence in both manufacturing and service sectors. Major manufacturing SBUs comprise industrial packaging (IP) and greases and lubricants (GL), while key service SBUs include tour and travel (TT) and logistics infrastructure and services (LIS). Besides manufacturing performance chemicals and undertaking service-based activities such as project engineering and consultancy for the oil and infrastructure sector, activities include transporting containers and blending and packaging tea. This SBU approach provides the required focus and independence for each business unit.

With 200-litre capacity, the IP division is the largest manufacturer of steel drums in India. The major customers are lubricants and greases, transformer oil, chemicals, agrochemicals and food and fruit industries. Steel drums are utilized for safe packing, transport and storage. These drums are sold through a pan-India marketing network. The major opportunities for the SBU lie in extension of product range, leveraging the benefit of the multi-locational presence and well accepted quality standards across diverse industry segments leading to the most-preferred-supplier status with a large base of customers. Moving up the value chain as a packaging, filling and logistics services are offered to a large number of customers.

The LIS SBU comprises three segments: container freight stations (CFS) typically set up in the vicinity of ports, inland container depots (ICDs) established within proximity of industrial belts and located in the hinterland and warehousing and distribution. The CFS and ICD facilities are set up mainly as extension of port for custom clearance to decongest ports and to handle and temporarily store export-import cargo-laden or empty containers. These provide an integrated platform for pursuing activities such as loading, unloading, transporting, stuffing and de-stuffing of containers.

The existing low level of containerized export-import traffic in India compared with the world average offers scope for incremental business in the years to come. The economy is also showing signs of turning around and the push in infrastructure growth should provide opportunity to the SBU for further grow. The emergence of new storage models such as multi modal logistics park will improve quality of warehousing and optimize storage space.

The TT SBU is one of the largest International Air Travel Agencies Association-affiliated travel agencies in the country operating in the organized sector. The business consists of three segments: domestic travel, international travel and tour packages. Major clients of this SBU are government departments and ministries and PSUs. With the feel-good factor driving the economy post elections, a positive impact on the SBU is anticipated.

The GL SBU caters to two segments: automotive and industrial and Marine. The products are marketed under the Balmerol brand, a renowned name in this sector. A major strength area of the SBU is the knowledge base and technology at disposal. There is presence in the industrial sector, particularly in steel, mining, defense and railways, which is bolstered by the strategic location of the three manufacturing facilities in the east, south and west. The recent crash in base oil market will push down lubricant prices and improve the demand and the margin. Base oil is the primary raw material for manufacturing greases and lubricants.

Sales grew 12% to Rs 712.18 crore and profit after tax (PAT) jumped 66% to Rs 36.24 crore in the quarter ended December 2014 over a year ago. Sales grew 8% to Rs 2126.42 crore and PAT was down 8% to Rs 78.53 crore in the half year ended December 2014.

We expect BLC to register sales of Rs 2850.19 crore and PAT of Rs 144.19 crore in the fiscal ending March 2015 (FY 2015). Projected EPS works out to Rs 50.6. This EPS is likely to rise to Rs 61.6 in FY 2016. The share price was trading around Rs 586 on 23 February 2015.

Once the Indian economy gathers steam, all the divisions will do well. Moreover, the logistics, travel and lubricant businesses command high valuations in the market.

source: capital market

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Lakshmi Machine Works Ltd (cmp-3875)

Lakshmi Machine Works Ltd

Lakshmi Machine Works Limited (LMW) founded in the year 1962 is today a global player and one among the three manufacturers of entire range of Textile Spinning Machinery from Blow Room to Ring Spinning.

LMW diversified into CNC Machine Tools and is a brand leader in Manufacturing customised products.LMW Foundry makes Precision Castings for industries world over. LMW has added the Advanced Technology Centre to produce components for Aerospace Industry.

 

Equity:11CR        Expected E.P.S:195 rs       Div 300%

Mcap is only 4300cr where sale is 2165 cr last year .two times sales for a world class company is very actractive accunulate around this 3700-3900 levels for a target of minimum 5000 in next 2 years diffecence diverification may contribute much in future

 

PRODUCTS &DIVISONS

Textile Machinery

Products

Lakshmi Machine Works Ltd., has been consistently at the forefront of technological advancements in textile machinery. Over a period of time, the company has gained a worldwide reputation for its state-of-the-art technology and high quality standards. LMW has a major role as a totally integrated spinning system manufacturer. One can be assured of the unique LMW brand excellence on every product.

Components

Spinning machines from LMW contributes to a large extent in keeping production costs down and quality standards up. When it comes to replacement of parts it makes all the more sense to source original spare parts from LMW to optimize machine reliability, ensure quality and performance more importantly to ensure accurate interaction with other machinery parts. In short what you get is real value for money.

Machine Tools

LMW has established the Machine Tool Division to manufacture CNC Lathes, Machining Centres and other hi-tech Machine Tools.LMW Machine Tool Division has supplied more than 8500 CNC Lathes and Machining Centres across the country till date. The customer base consists of Automobile industry, Auto-ancillaries and General Engineering catering to large, medium and small scale industries.

Foundry 

The Foundry Division manufacturing Ductile Iron and Grey Iron Castings as per specific requirements of customers using state-of-the-art facilities. 

 

ATC

 

During 2009, LMW added to their formidable manufacturing resources, a new plant to produce detailed components for aerospace industry mainly focused on Engine, Structural and Landing gear parts. With sophisticated facilities and extensive experience we actively contribute to make our customers competitive.

“Advanced Technology Centre”- is a one stop Solution to the customer. In terms of infrastructure and capability, ATC has world class facilities and machines in place like CNC Lathes, VTLs, CNC Turn Mill Centre, CNC Machining Centres (Multi axes & Multi face), Sheet Metal fabrication and special processes with surface treatment, heat treatment & NDT facilities with NAS410 Level III certified In-house Inspector. In terms of Quality Assurance, we are aligned to AS9100 Rev C certified Organization. We are also NADCAP certified for special process like chemical process, NDT and Heat treatment. ATC has tied up the projects with major OEM`s in US & Europe and various division of Hindustan Aeronautics Limited.

Embracing of world class manufacturing technology & customer dedicated cell concept for potential business, focussed approach on the OEM`s which gives an edge over to quickly enhance the capacity & technology, in terms of future growth potential.

All 8 units are ISO 9001, ISO 14001 and OSHAS 18001 certified and ATC for AS9100C
NADCAP certified chemical, Heat treatment and NDT

 

 

 

Jindal Steel & Power

Jindal Steel & Power Ltd. releases its first Business Sustainability Report showcasing Innovation

• JSPL releases its first Business Sustainability Report; the first GRI G4 report in India in the

Metals sector

• JSPL invests in future technology to achieve sustainability across levels; the environment friendly Coal Gasification Plant is the first of its kind in India

• 70% of JSPL's waste gets reused in its production process

• The company's CSR programs benefitted 9 lakh people across geographies

• JSPL spent more than 4% of PAT in social activities

New Delhi, January 13, 2015: Jindal Steel and Power Limited (JSPL), India's leading steel and power company, today released the company's first Business Sustainability Report for FY 2013-14; showcasing Innovation as the corner stone of Sustainable Business. The Global Reporting Initiative (GRI) confirms that JSPL's Business Sustainability report is the first G4 report in the Metals sector in India. Ernst & Young LLP has also
independently assured the report, establishing its merit.
GRI is the most widely respected sustainability reporting framework worldwide.
The report outlines JSPL's efforts to integrate sustainable business solutions through catalysing innovation, infusing global talent at top management, maintaining robust internal processes through a system's driven approach, and ensuring environmental security.
Mr. Naveen Jindal, Chairman, Jindal Steel and Power Ltd. said, "JSPL is committed to nation building and in the process has always stepped forward to nurture a sustainable business environment. We firmly believe in ensuring a holistic growth of the organisation with authenticity, and reaching out to a diverse group of stakeholders by reinvesting in avenues that will boost the future growth of JSPL and the society at large."
It is important for the industries in steel and power sector to deploy environment management systems and make continuous efforts to reduce greenhouse gas emissions and air emissions. "JSPL has adopted state-of- the-art technology and world class practices to spearhead the environment security issue and safeguard future generations," Mr. Jindal added.
Speaking on the occasion, Mr. Ravi Uppal, M.D. & Group CEO, JSPL said -"The business environment and regulations in which JSPL operates is changing and focusing on business sustainability ensures that we leapfrog on the opportunities that change always offers, and ensure that JSPL's growth path remains holistic and indeed authentic."

Milestones achieved by JSPL:

• Approximately 70% of JSPL's waste gets reused in its production process

• All JSPL's units in India are maintained as zero discharge units ensuring maximum possible utilization of waste water.

• Outstanding in-house innovations at JSPL include the 121 m long rail which is the world's longest rail as well as the environment friendly Coal Gasification plant for DRI that is the first-of-its-kind in India

• JSPL is agile and well placed to adapt to the changes in business environment thanks to JSPL's strong balance sheet, proven track record of high utilization of capacities both in Steel and Power, and continued highest operational margins amongst peers both in India and globally.

• JSPL has 1 university (OP Jindal Global University) in Sonipat; 1 Engineering college (OP Jindal Institute of Technology) at Raigarh; 1 training school (Jindal Institute of Power Technology) for Power Plant Professionals; 5 O.P. Jindal Community Colleges in Odisha, Chattisgarh and Jharkhand; 4 Industrial Training Institutes via a Public Private Partnership scheme with Government of India; JSPL also provides

332 community teachers to 160 Government children's schools; children's schools under the aegis of JSPL
are at Raigarh, Tamnar, Nalwa, Angul and Patratu imparting education to 5500 students.

• JSPL's unique corporate brand rests on the 3 pillars of 1. Innovation, 2. Nation building 3. Social commitment.

• JSPL's social commitment has benefitted 9 lakh people

 More than 42000 training hours for employees were clocked in during FY 2013-14

• JSPL has brought in the last years outstanding domain experts as well as young professionals such that overall 27% of JSPL today is less than 30 years of age.

• JSPL's Management style is focusing on a systems driven approach to build internally a robust organization that is successful also in the long term.

The company has ventured into backward areas and has developed them as islands of progress and development by investing into education, healthcare and clean environment initiatives like:

• Infrastructure development (such as construction / repair / renovation of roads, community centres, rehabilitation and resettlement colonies, rural electrification and other rural infrastructure).

• Support to educational institutions by providing teachers from community to government schools, teacher trainings, learning material, scholarships, and improving and upgrading school infrastructure, developing and supporting vocational training and skill development.

• Environmental conservation programs (such as watershed development, ground water recharge, solar street lighting etc.)

• Healthcare and population stabilization programmes involving organising health camps, setting up state-of-the-art healthcare centres and educating people as to the merits of population control.

• Clean India campaign comprises water, hygiene and sanitation related programs such as providing clean drinking water facilities, construction/ renovation of toilets and sanitation facilities, and programs to maintain cleanliness and hygiene.

The report further details the company's social commitment to go beyond the peripheries of its site locations. During the assessment year, JSPL had spent more than 4% of PAT towards social activities. As a responsible corporate, JSPL has also been making significant efforts to resolve issues of national and global significance.
The report also deep dives into five detailed case studies which showcase innovations within the company detailing JSPL's socio-capitalist business model, concern about health and safety of local communities, educational initiatives, and world class SOPs being implemented in plants.
JSPL's Business Sustainability Division, set-up in 2014, is uniquely placed as a central node coordinating with various departments that are related to the company's business longevity. The Chief Sustainability Officer is also part of the CEO's office for all business matters. In this way, JSPL has ensured business longevity as a priority embedded into the core of company's business.

About Jindal Steel and Power Limited (JSPL)

Jindal Steel and Power Limited (JSPL) is a US$ 3.6 billion business conglomerate, and one of India's fastest growing and largest integrated steel manufacturers, significantly present in Steel, Power Generation and Infrastructure segments, catering to a large part of India's domestic energy and infrastructure requirement. Part of the over US$ 18 billion diversified O. P. Jindal Group, JSPL's business operations span across Asia, Africa and Australia. The company has committed investments exceeding US$ 30 billion in the future and has several business initiatives running simultaneously across continents.
Led by Shri Naveen Jindal, the youngest son of the legendary Shri O.P. Jindal, the company produces economical and efficient steel and power through backward and forward integration. From the widest flat products to a whole range of long products, JSPL today has a product portfolio that caters to markets across the steel value chain.

Phoenix Lamps Ltd cmp 114.00

Phoenix Lamps Limited ( Formerly known as Halonix Limited ) has emerged as the largest manufacturer of Automotive Lighting. Capitalizing on technologically superior three state-of-the-art manufacturing plants,company able to successfully cater to the growing needs of our products in the After market, Original Equipment Manufacturer (OEM) market and across the the globe.

The company is sold off the low margin general lighting business for a consideration for Rs 160 crore and out of this proceeds,it reduced its debt from Rs 125 crore to Rs 25 crore. 

It is the leader in the auto ancillary lamps space with a market share of 50 percent in the passenger vehicle segment, 70 percent in two-wheelers and 70 percent in the commercial vehicle segment..67.5 percent is held by the P/E fund."

expecting company may post 13 rs eps and 30% div for the year expecting good returns in next 6 months