ATUL AUTO LTD-$
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BSE Code:
531795
NSE Code:
ATULAUTO
Business Profile
Business Profile
Established in 1986, Rajkot-based Atul Auto (ATULAUTO) pioneered motorized rural transport in Gujarat, with multi-purpose vehicle called the Khushbu. In early 2000, the company identified a niche market in the three wheeler segment. The manufacturing facilities of the company are located in Rajasthan, Rajkot, Haridwar and Gujarat. ATULAUTO exports its products to Nigeria, Kenya, Egypt and Tanzania. The Haridwar plant was established in 2006, with a capacity of 12,000 vehicles per annum on a single shift basis with an initial capex of Rs 100 million. AAL has also entered into a power purchase agreement with Rajasthan Vidhyut Parivahan Nigam for the sale of electricity. Khushbu Finance Auto is the subsidiary of ATULAUTO.
Financials
Atul Auto registered a steep drop of 51.35% in net profit of Rs 3.6 million for the quarter ended June 2007 from a profit of Rs 7.4 million for the quarter ended June 2006.
Net sales declined 10.39% to Rs 229.4 million for the quarter ended June 2007 from Rs 256 million for the quarter ended June 2006.
Total income dipped 10.41% to Rs 235 million from Rs 262.3 million for the quarter ended June 2006.
The earnings per share (EPS) of the company stood at Rs 0.67 for the quarter ended June 2007.
Recent Developments
15-JUN-07
On April 21, 2007, the shareholders approved the board`s proposal to create offer, issue and allot equity shares and/or fully convertible debentures/partly convertible debentures/optionally convertible debentures/optionally partly convertible debentures or any other convertible instrument or any other instrument, exchangeable with equity shares aggregating the amount of Rs 250 million at such price including premium and on such terms and conditions as the board may think proper at the appropriate time to qualified institutional buyers (QIBs), whether in India or abroad, subject to necessary provisions and approvals.
25-APR-07
Rajkot-based Atul Auto is planning to launch its four-wheeler light commercial vehicle (LCV) in the coming two years to compete with the Tata Ace.
Future Plans
ATULAUTO is targeting a 21% market share of its category in diesel three wheeler segment by 2010. It plans to create an easy-to-maintain, 4-wheeler utility vehicle that will be have the lowest total-cost-of-ownership. The vehicle will provide the lowest downtime and therefore, the maximum benefit to the owner. ATULAUTO has envisaged Rs 1800 million capital expenditure over five years to fund its expansion plans, which include rolling out its one-tonne mini truck by 2009. The company plans to raise Rs 400 million in the year 2006-07 through securitization and private placement in its subsidiary, Khushbu Auto. Another Rs 1200 million will be raised in 2007-08 through public offering and Rs 200 million in 2008-09 through internal accruals and debt.
Atul Auto is planning to launch a four-wheeler light commercial vehicle (LCV) in two years. The company plans to would the LCV at its Rajkot plant.