AUTOMOTIVE AXLES LTD
Add to watch list to get report alerts
BSE Code:
505010
NSE Code:
AUTOAXLES
Business Profile
Business Profile
Established in 1981, Automotive Axles (AAL) is a joint venture between Meritor Automotive, USA (formerly the automotive division of Rockwell International Corporation), a Fortune 500 company and the Kalyani Group.
With manufacturing facilities at Hootagalli in Mysore, Karnataka, AAL is amongst the few independent manufacturers of rear drive axle assemblies in India. It has expanded capacities at a cost of Rs 51 million. AAL has a domestic OEM clientele which includes Ashok Leyland, Telco, Daewoo Motors, Mahindra & Mahindra, Volvo and Bharat Earth Movers. Ashok Leyland alone contributes close to 56% of its sales. The company is also a single source for drive axle assemblies for certain military applications. The company`s export market consists of clients like the Mercedes Benz joint venture in Indonesia and supply of drive axle assemblies to ArvinMeritor Plants in Brazil & China. AAL`s product range includes a wide range of rear drive axles catering to commercial vehicles ranging from 6 tons to 35 tons GCW, S-Cam actuated quick change air brakes and trailer axles.
AAL is focusing on increasing penetration in export markets. Currently, 6% of its total revenues come from exports. However, with Meritor Heavy Vehicle Systems, USA, AAL is upgrading technology to enhance exports in the future. Accordingly, the company is also setting up a new gear sets facility for the export market.
Financials
The company registered 18.3% increase in profit to Rs 119.9 million in the quarter ended June 2007 from Rs 101.35 million in the quarter ended June 2006.
Its income increased 18.46% to Rs 1,479.75 million in the quarter ended June 2007 from Rs 1,249.11 million in the quarter ended June 2006.
Its sales increased 18% to Rs. 1474.47 million in the quarter ended June 2007 from Rs 1,248.46 million in the quarter ended June 2006.
The company registered EPS of Rs 0.79 in the quarter ended June 2007.
Recent Developments
10-JAN-06
Automative Axles has informed that Reliance Vision Fund - Scheme of Reliance Mutual Fund has sold 151,223 equity shares aggregating to 1.001% of the total paid up capital of Automotive Axles. The shareholding of Reliance Vision Fund - Scheme of Reliance Mutual Fund after the said sale is 653,777 shares aggregating to 4.326% of the total paid up capital of Automotive Axles.