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Jamna Auto Industries Ltd
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Company Profile
r subtitle style
9/4/2015 2
Market Capitalization
INR 800 Cr Approx. (Share Price INR 200/-)
Production Spring Capacity
2013 – 150,000 MT 2014 – 180,000 MT
Alliance Ridewell (USA) – Air Suspension & Lift Axle
Manufacturing Plants 6 Plants in 5 States
Listed in Stock Exchange
BSE – 520051, JAMNAUTO NSE – JAMNAAUTO
Sales
3rd in the World
2
Jamna Auto Industries Ltd
Jamna Auto – INR 1200 Cr
2/16
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9/4/2015 3
Global Spring Manufacturers Global Leaf Market Scale
3
Current
1980’s Leaf Spring Manufacturer Base Country CapacityNHK Spring Co. Ltd. Japan 2,00,000Delphi USA 1,00,000Eaton/Oxford Canada 1,00,000Krupp Germany 40,000Hendrickson USA 40,000DSP USA 40,000Rejna Europe 40,000Hoesh Germany 30,000Sarfedern Germany 20,000Johns Woodhead UK 10,000
Indian Market Scenario
Leaf Spring Manufacturer Base Country CapacityRassini Mexico 2,50,000Hendrickson Canada & Mexico 1,90,000Jamna Auto Industries Ltd. India 1,80,000NHK Spring Co. Ltd. Japan & Thiland 1,50,000Ventanna Eurpoe 1,10,000Dong Feng China 1,05,000FAW China 1,00,000MBHA Spain 36,000Olgin Turkey 28,000LPDN Eurpoe 24,000
3/16
Jamna Auto64%
Toyo15%
Friends Auto7%
Soni3%
Agya Auto3%
Vikrant4% Others
4%
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9/4/2015 4 4
Jamna Auto Industries Ltd - Share Holding
4/16
Promoters
Foreign Corporate Bodies
General Public
Other Companies
Foreign - NRI
Foreign Institutions
Others
NBFC and Mutual Funds
Financial Institutions
Category No. of Shares Percentage
Promoters 1,74,09,830 43.81
Foreign Corporate Bodies 1,34,63,653 33.88 * General Public 74,65,638 18.79
Other Companies 6,54,271 1.65
Foreign - NRI 1,45,069 0.37
Foreign Institutions 2,59,815 0.65
Others 2,27,210 0.57
NBFC and Mutual Funds 1,04,345 0.26
Financial Institutions 9,150 0.02 Total 3,97,38,981 100.00
* Foreign Corporate Bodies %28
NHK Spring Co, Japan 6 Total 34
Clearwater Capital (Cyprus & Singapore)
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9/4/2015 5
Industry Leader (in India) ~ nearest Competitor 11% Market Share
Manufacturing More Than 400 Parts OEM Market Share 64%, OEM Share in Parabolic: 95%
Manufacturing more than 350 Parts
Industry Leader (in India) nearest competitor 15 % Market Share
Strategically located all over India
FY 15 Sales INR 1200 Cr & Installed Capacity 180,000 MT p.a.
JAI’s Strength
5/16
9/4/2015 6
Conventional Leaf spring
Parabolic Leaf Spring Lift Axle
Current Products
Air Suspension
Products
6/16
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9/4/2015 7
Locations
Yamuna Nagar
Malanpur
Chennai
Jamshedpur
Pant Nagar
Hosur
Products
Leaf Spring
Parabolic Spring
Lift Axle
Air Suspension
Markets
OE India
AM India
OE – Exports
AM – Exports
6 Locations 4 Products 4 Markets
Assembly Plants
Main Plants
* OE India- Original Equipment Manufacturer
* AM India – After Market India
Presence
Serving more than 20 OEM Customer Locations in India 7/16
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9/4/2015 8
Domestic Customers
Exports Customers
8/16
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9/4/2015 9
TATA Motors
TATA Motors
Pant Nagar
Bhuj
1. TATA Motors
2. Ashok Leyland
Ropar
Indore
Bangalore
1. VOVLO
2. Ashok Leyland
3. Kamaz Vectra
4. Leyland Nissan
5. Scania
Chennai 1. Ashok Leyland
2. Bharat Benz (Daimler)
3. Renault Nissan
4. Ford India
5. ISUZU
OEM Plants
JAI &OEMs Presence in India
AMW
Lucknow
Jamshedpur
JAI – Chennai
JAI – Jamshedpur
JAI – Pantnagar
JAI – Yamuna Nagar
JAI – Gwalior
JAI – Hosur
JAI Existing Plants
SML ISUZU
1. VECV
2. Force Motors
3. MTI
9/16
Pune TATA Motors
Alwar Ashok Leyland
Jamna Auto Industries Ltd
Q1 Update
2015-16
10/16
Jamna Auto Industries Ltd Q1 Highlights
• Upgradation of Credit Ratings by ICRA - Long Term Rating from A- to A - Short Term Rating from A2+ to A1 Ratings further improved in July 2015 - Long Term from A to A+ - Short Term from A1 to A1+
• Healthy Liquidity Position
INR in Cr
Unutilized Working Capital Limits (PO Finance & Cash Credit)
40
BOE/Discountable Invoices in hand (Volvo, Nissan, SML, VE Commercial)
9
Balance in Current Accounts 5
Total 54
Since Jamna is into CV Industry which is cyclical in nature, these funds will be used for better cash flow management
during down trend
LT ST
Oct 12 D D
Mar 13 BB+ A4+
Jul 13 BBB- A3
Jun 14 BBB A2
Sep 14 A- A2+
Apr 15 A A1
Jul 15 A+ A1+
Note: Above liquidity is after Steel Buying of INR 50 Cr done on Cash Discount basis in Q1 11/16
Jamna Auto Industries Ltd Borrowing Trend
Note: Long Term Debt as on 31.03.2015 includes one year Term Loan liability of INR 38 Cr
93 105
62 52
44
71
18
0
12 -
164
123
62 63
44
-
20
40
60
80
100
120
140
160
180
M A R 2 0 1 3 M A R 2 0 1 4 M A R 2 0 1 5 J U N - 1 5 A U G - 1 5
Long Term
Short Term (WC)
Total Borrowing
INR in CrINR in Cr
12/16
Commercial Vehicle Trends & Market Share Jamna Auto Industries Ltd
Q1 2014-15
Q1 2015-16
Q1 Growth
Growth in 2014-15
M & HCV Production (Nos.)
62,327 75,053 20.4% 21%
LCVs (Nos.) 1,02,841 98,833 -3.9% -10%
Vehicle Production (Nos.)
1,65,168 1,73,886 5.3% -0.3%
Spring Demand (MTs) 36,304 42,898 18.2% 20%
JAI 's Business (MTs) – OEM 22,886 27,455 20% 33%
Market Share (%) 63 64 1.6% 6%
JAI’s presence
13/16
Jamna Auto Industries Ltd Sales Comparison (In MTs)
Springs (Figures in MT)
2014-15 2015-16 2014-15Q1 Q1 FY
OEM 22,886 82.9% 27,455 83.4% 1,04,032 82.8%Replacement 4,707 17.1% 5,449 16.6% 21,565 17.2%
Total 27,593 100% 32,904 100% 1,25,597 100%
Growth 19%
Lift Axle (Nos.) 2014-15 2015-16 2014-15Q1 Q1 FY
924 3,750 6,940
Net Sales (INR in Cr) 2014-15 2015-16 2014-15
(Standalone) Q1 Q1 FY
210 254 979
Growth 21%
Net Sales (INR in Cr) 2014-15 2015-16 2014-15
(Consolidated) Q1 Q1 FY
235 290 1,095
Growth 23%
%% %Segment
14/16
Jamna Auto Industries Ltd Financial Results
Q1 - Standalone Q1 - ConsolidatedINR in Cr INR in Cr
2014-15 2014-15 2015-16 Growth* 2014-15 2014-15 2015-16 Growth*FY Q-1 Q-1 in % FY Q-1 Q-1 in %
Net Sales 979.2 210.1 254.2 21% Net Sales 1,095.0 235.0 290.1 23%
Export Sales 10.8 4.4 2.7 -39% Export Sales 10.8 4.4 2.7 -39%
EBITDA 86.0 16.1 27.7 72% EBITDA 96.5 18.9 30.2 60%
Operating Margin 56.7 9.9 19.9 101% Operating Margin 65.4 11.9 21.9 83%
PBT 39.8 5.7 16.9 196% PBT 47.4 7.6 18.7 148%
PAT 29.4 5.2 13.9 168% PAT 29.4 5.5 12.8 135%
Cash Accruals 58.7 11.4 21.7 91% Cash Accruals 60.5 12.4 21.1 70%
EBITDA Margin (%) 8.8% 7.7% 10.9% 42% EBITDA Margin (%) 8.8% 8.1% 10.4% 29%
Operating Margin (%) 5.8% 4.7% 7.8% 66% Operating Margin (%) 6.0% 5.1% 7.5% 48%
PBT (%) 4.1% 2.7% 6.6% 144% PBT (%) 4.3% 3.2% 6.5% 101%
PAT (%) 3.0% 2.5% 5.5% 121% PAT (%) 2.7% 2.3% 4.4% 90%
Cash Accruals 6.0% 5.4% 8.5% 57% Cash Accruals (%) 5.5% 5.3% 7.3% 38%
* Growth over Q1 of 2014-15 * Growth over Q1 of 2014-15
15/16
Thank You
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