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Suprajit Engineering Ltd RUDRA SHARES & STOCK BROKERS LTD. Dated : 20th May, 2016 DARK HORSE - SUPRAJIT ENGINEERING LTD. BUY Investment Rationale Price ` 162 Increasing the Cable production capacity Accumulate With new plants in Gujarat & Tamil Nadu, company is planning to increase the cable production Upside NA capacity from 150 M to 225 M cables per year, is progressing smoothly (as was expected to be Div Yield NA completed by March 2016). With this, it will have presence in 7 states with 15 Plants in India. Tenure 2-3 Years Note:- Cable production capacity during the FY 15 stood at 175 M. Sensex 25452.31 Merger Accretive to Suprajit’s Earning Per share from day one, Developing Synergies Nifty 7793.20 Company on April, 2016, has signed a share purchase Agreement & acquired majority stake in Group/Index B / S&P BSE Phoenix Lamps Ltd. Phoenix is the leader in Indian Automotive Industry for halogen headlamps with SmallCap significant market share in every segment. It has two European subsidiaries- Trifa & Luxlite, through which it has a good market share of Europe & many other countries in South America, Africa, & Middle East. This is an exciting new range of products to de-risk Suprajit's growth model, so far dependent Stock Details on one product, CABLES. With this acquisition, Phoenix would bring multiple synergies, & offer M.cap (` in cr) 2127 Suprajit's group a strong presence in the Indian auto component Industry. Equity (` In cr) 13.13 52 wk H/L ` 165/118 Benefits Post Acquisition Face Value ` 1 The consolidated sales of combined entity for the current year is expected to be in excess of NSE code SUPRAJIT `1100 crores with good financial ratios. BSE code 532509 The combined entity will be a leading auto component company with diversified product range and predominant market position in its respective product ranges. Key Valuation Ratios The combined entity will be in the top 15 in market capitalization amongst listed auto RONW 25% component space, in India. P/E 27.9 The combined entity will be supplying to leading automotive majors in India and the world. P/BV 7.0 The combined entity will have a strong footprint in domestic and international aftermarket. EV/EBIDTA 16.3 The combined entity will be exporting to more than 90 countries worldwide. Suprajit has good OEM global reach, whereas, Phoenix has good global aftermarket reach. Together, the combined entity can enhance its global presence through their networks in their respective markets, using mutual strengths and cross selling. IN ` Outperformed Industry Growth Rate, Aim to grow 5-10% better than it….. Key Financial Data Company has always outperformed the automotive industry growth, adding that in Q3 too the EV (`in cr) 2351 company’s consolidated growth for the core business without Phoenix Lamps business stood at 11%, BV (`in cr) 23.1 while the automotive industry was at 3%. Therefore, Company's aim is to grow 5-10 % better than the NW(`in cr) Est 304 Indian automotive growth, whatever that may be, on a consolidated basis. EPS (TTM) 5.8 Margin Improvement Operationally, the company saw improvement in the core business. The EBITDA margins for Q3 stood at 16% which were at the top end of the 14-16% range which Suprajit have sustained for last 8 years. The margin expansion was mainly due to lower commodity prices, operational efficiencies i.e. the wastage production have improved further & also, subsidiaries have gained due to $ appreciation. In % Share Holding Pattern Therefore, going forward, the merged entity would develop synergies with expansion in Suprajits margins. Strong Clientele Suprajit is a cable supplier to a wide range of global and domestic automotive customers including Promo Tata Motors, BMW, General Motors (India), Volkswagen, Ford India Limited, Suzuki, Mahindra & ter's 47.37% Mahindra, Jaguar, Land Rover, Piaggio, Nissan, Lear Corporation, Eicher Motors, Force Motors, Others 2W customers including TVS Motor Company, Hero Motors, Bajaj Auto, Honda Motorcycle & Scooter 52.63% India, Yamaha Motor India, Suzuki Motor Cycle India, Royal Enfield Motorcycles, Non automotive customers including John Deere, Kubota, Club Car, E-Z-GO, Codica, JCB, New Holland, Larsen & Toubro, Godrej & Boyce, Whirlpool Corporation, Catton Control Cables, Claas India and many other major automotive customers, two wheeler customers, motorcycle and scooter industry (either directly or indirectly). VALUATION (` In Cr except per share) FY 18Est. Earnings 136.03 Equity Share Capital 13.13 FV 1 No. Of equity Shares 13.13 EPS (FY2018 Est.) 10.36 Est. P/E Ratio 25 Estimated Price /Share 259 Corporate Governance Transparency Ratio's Year End 201503 201403 201303 201203 Tax Rate % 32.71 31.75 29.48 27.32 Receivable days72.76 70.86 71.87 71.10 Source:- Google Div. Payout % 23.86 23.62 - 30.14 RUDRA SHARES & STOCK BROKERS LTD. FY 2014-15 Results & Performance During the PY FY 2015, Company's subsidiaries have performed commendably well with significant growth in sales & profitability. Company recorded an income of ` 580.63 crores during the year 2014-15 as against ` 535.93 crores during the year 2013-14, recording a growth of 8.34%. The Profit after tax was ` 44.61 crores during the year 2014- 15 as against the Profit after tax of ` 47.65 crores during the year 2013-14. The consolidated group income was ` 671.81 crores for the year 2014-15 against ` 600.73 crores for the year 2013-14, recording a growth of 11.83 %. The consolidated Profit after tax was ` 50.29 crores during the year 2014-15 as against ` 50.80 crores during the year 2013-14. Company’s revenue growth is ahead of Industry growth, as in the past. However, due to inflationary pressures, restructuring costs, cross currency effects, changes in the depreciation requirement etc., had certain impacts on the profitability of the Company, when compared to previous year. Company’s overall performance has been satisfactory, despite difficult market conditions. Business of the company grew significantly in the last year mainly due to new contracts with BMW & NISSAN. The good performance at NISSAN has resulted in the first spin off contracts of the company with Renault. Also, BMW one of the key customers of the company, continues to provide new business opportunities. Company's healthy Balance Sheet & strong cash flow support the organic & inorganic growth plants of the company. Also, during the year gone by, company acquired the cable division from Pricol Ltd. On a slump sale basis, & integrated its operations into the company's cable division. WHOLLY OWNED SUBSIDIARIES: The consolidated sales of the subsidiaries were ` 95.87 crores against ` 67.02 crores previous year, an increase of 43%. The EBIDTA was ` 12.45 crores against ` 7.96 crores previous year an increase of 56%. The Profit before tax was ` 8.07 crores against ` 4.96 crores previous year an increase of 62%. During the current year also, the Subsidiaries are expected to perform satisfactory. Consolidated Results ` in crores Developing Quarter Ended % % change Synergies Particulars 31.12.2015 30.09.2015 31.12.2014 change Y-0-Y with Net Sales 676.36 416.47 455.18 62.40% 48.59% Phoenix EBITDA 107.00 64.10 70.33 66.93% 52.14% lamps+ope- EBITDA % 15.82% 15.39% 15.45% - - rational PBT 89.79 50.30 55.18 78.51% 62.72% efficiencies+ PBT% 13.28% 12.08% 12.12% - - strong PAT 54.72 32.21 36.95 69.89% 48.09% clients lead PAT % 8.09% 7.73% 8.12% - - to margin EPS 4.56 2.68 3.08 70.15% 48.05% improve. Note:- As the company merged with Phoenix Lamps Ltd during FY15-16. Therefore, the figures are not comparable with PY. Snapshot of Revenue & profitability Source: Company's Presentation RUDRA SHARES & STOCK BROKERS LTD. BUSINESS UPDATE Commercial production started at Plot No. 1047, Charal Industrial Area, Sanand, Ahmadabad, Gujarat for a marquee two wheeler Japanese Major. Trial production started at Plot No. G 28 & 29, Sipcot Industrial Area, Vallam Vadaggal, Sriperumpudur Taluk, Chennai. Commercial production expected to commence before end of June 2016-17. Qualified Institutional Placement with marquee institutional investors of Rs. 150 crores was successfully completed A Memorandum of Understanding to set up a Joint Venture to manufacture gear shifters and parking brake levers has been entered with Daeshin Machinery Limited, Korea. The Board of directors have also approved a postal ballot to secure necessary approvals from the shareholders for increasing the investment and borrowing limits to Rs. 1000 crores each. Phoenix Lamps Limited acquired 83.33% shares held by Luxlite Lamps S.a.r.l. (Luxembourg) in Trifa Lamps Germany GmbH (Germany). With this, Trifa Lamps is now a 100% owned subsidiary of Phoenix Lamps Limited (India). International Lamps Holding Company SA,(ILHC) was merged with Luxlite Limited, S.a.r.l. (Luxembourg). Luxlite is now 100% owned subsidiary of Phoenix Lamps Limited. Both these transactions were completed by 31.3.2016. Phoenix Lamps Limited will now only have two wholly owned subsidiaries – Trifa Lamps, GmbH and Luxlite Lamps S.a.r.l. The building construction at Pathredi was completed. Construction is in advanced stage for the plant in Vallam Vadagal area, Chennai. Groundbreaking for the new plant at Charal Industrial Estate, Sanand, Gujarat took place in January, 2015. RUDRA SHARES & STOCK BROKERS LTD. Company Overview Suprajit is a customer centric company taking on challenging product development while manufacturing to international specifications for a wide range of control cables and instruments. The company started with manufacturing high quality liner cables to exacting Japanese standards for the automotive industry in 1987. Currently, it caters to a wide spectrum of automotive and non-automotive cable requirements.
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