The Ashok Minda Group
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Jamna Auto Industries Ltd Company Profile 1/17 Jamna Auto Industries Ltd Sales Jamna Auto – INR 1000 Cr Market INR 1000 Cr Approx. Capitalization (Share Price INR 240/- ~ INR 250/-) Production 2013 – 150,000 MT 3rd in the World Spring Capacity 2014 – 180,000 MT Alliance r subtitleRidewell (USA) style – Air Suspension & Lift Axle Manufacturing 6 Plants in 5 States Plants Listed in Stock BSE – 520051, JAMNAUTO Exchange NSE – JAMNAAUTO 2/17 3/11/2015 2 2 Jamna Auto Industries Ltd - Share Holding No. of Category Percentage Shares Promoters 1,74,09,830 44.04 Promoters Foreign - OCB 1,35,01,653 34.15 * Foreign - OCB General Public 70,73,730 17.88 General Public Other Companies 6,72,890 1.70 Other Companies Foreign - NRI 3,32,589 0.84 Foreign - NRI Foreign Institutions 2,59,815 0.66 Foreign Institutions Others 2,12,350 0.54 NBFC and Mutual Funds 65,482 0.17 Others Financial Institutions 6,650 0.02 NBFC and Mutual Funds Total 3,95,34,989 100.00 r Financialsubtitle Institutions style * Foreign - OCB % Clearwater Capital (Cyprus & Singapore) 28 NHK Spring Co, Japan 6 Total 34 3/17 3/11/2015 3 3 JAI’s Strength OEM Market Share 63%, OEM Share in Parabolic s : Manufacturing95% More Than 400 Parts IndustryManufacturing Leader more (in India) than 350 ~ nearestParts Competitor 11% Market Share Industry Leader (in India) nearest competitor 13 % Market Share r subtitle style Strategically located all over India FY 2013 – 14 Sales INR 894 Cr & Installed Capacity 180,000 MT p.a. 4/17 3/11/2015 4 Products Current Products Conventional Leaf spring Air Suspension Parabolic Leaf Spring Lift Axle 5/17 3/11/2015 5 Presence Locations Products Markets Main Plants OE India Yamuna Nagar Leaf Spring Malanpur AM India Parabolic Spring Chennai OE – Exports Lift Axle Jamshedpur AM – Exports Air Suspension Assembly Plants Pant Nagar r subtitle style Hosur 6 Locations 4 Products 4 Markets * OE India- Original Equipment Manufacturer Serving more than 20 OEM Customer * AM India – After Market India Locations in India 6/17 3/11/2015 6 Domestic Customers New Multinational Domestic Customers r subtitle style Exports Customers 7/17 3/11/2015 7 Global Spring Manufacturers Global Leaf Market Scale Indian Market Scenario 1980’s Leaf Spring Manufacturer Base Country Capacity NHK Spring Co. Ltd. Japan 2,00,000 Delphi USA 1,00,000 Eaton/Oxford Canada 1,00,000 Krupp Germany 40,000 Hendrickson USA 40,000 DSP USA 40,000 Rejna Europe 40,000 Hoesh Germany 30,000 Sarfedern Germany 20,000 Johns Woodhead UK 10,000 Current Leaf Spring Manufacturer Base Country Capacity r subtitle styleRassini Mexico 2,50,000 Hendrickson Canada & Mexico 1,90,000 Jamna Auto Industries Ltd. India 1,80,000 NHK Spring Co. Ltd. Japan & Thiland 1,50,000 Ventanna Eurpoe 1,10,000 Dong Feng China 1,05,000 FAW China 1,00,000 MBHA Spain 36,000 Olgin Turkey 28,000 LPDN Eurpoe 24,000 8/17 3/11/2015 8 8 JAI &OEMs Presence in India Pant 1. TATA Motors Nagar 2. Ashok Leyland Ropar 1. SML ISUZU JAI – Pantnagar Lucknow 1. TATA Motors Indore 1. VECV JAI – Yamuna Nagar 2. Force Motors 3. MTI JAI – Gwalior Bhuj JAI – Jamshedpur 1. AMW Jamshedpur 1. TATA Motors Pune 1. TATA Motors r subtitleJAI – Pune style 2. Mahindra Navistar 3. Force Motors 4. Taco Hendrickson JAI – Hosur 1. Ashok Leyland Chennai OEM Plants 1. VOVLO Bangalore 2. Bharat Benz (Daimler) JAI Existing Plants 2. Ashok Leyland JAI – Chennai3. Renault Nissan 3. Kamaz Vectra JAI Upcoming Plant 4. Ford India 4. Leyland Nissan 5. ISUZU –Coming up in 2014 5. Scania –Coming Up in 2015 9/17 3/11/2015 9 Jamna Auto Industries Ltd Financial Update 2014-15 10/17 Jamna Auto Industries Ltd Highlights • Upgradation of Credit Ratings by ICRA (Three Notches) LT ST October 12 D D - Long Term Rating improved from LBBB- to A- March 13 BB+ A4+ - Short Term Rating improved from A3 to A2+ July 13 BBB- A3 June 14 BBB A2 • Healthy Liquidity Position Sept 14 A- A2+ INR in Cr Hundies in Hand 34 (Duly accepted by Customers) Un-utilized Working Capital Limits 34 Balance in Current Accounts 11 Total 79 11/17 Jamna Auto Industries Ltd Highlights - Cont’d • Interest Swaps: Term Loans from Kotak (INR 15 Cr), HDFC (INR 10 Cr) and SBER (INR 10 Cr) have been converted into Foreign Currency Loans in order to get interest rate benefit. With this, exports of next 3 years are also hedged without any additional cost. Estimated interest Savings INR 3 Cr. • WAC for Term Loans considering above ‘Interest Swaps’ : <10% p.a. • Further possible interest savings of INR 0.74 Cr against unutilized IRS Limit of INR 10 Cr with ICICI Bank. 12/17 Jamna Auto Industries Ltd Highlights - Cont’d Reduction in Borrowing (At Consolidated Level) INR in Cr 175 164 155 135 123 115 115 105 109 100 Long Term 93 95 86 82 Short Term (WC) 71 73 75 67 Total Borrowing 64 67 55 64 35 27 18 15 13 15 0 0 -5 Mar 2013 Mar 2014 Jun 2014 Sep 2014 Dec 2014 Jan 15 Feb 15 Reduction in Finance Cost Q-4 Q-1 Q-2 Q-3 (2013-14) (2014-15) (2014-15) (2014-15) INR 5.7 Cr INR 4.4 Cr INR 4.7 Cr INR 4.5 Cr 13/17 Jamna Auto Industries Ltd Commercial Vehicle Trends & Market Share 2013-14 2014-15 Growth in Growth in 9 Months 9 Months 9 Months 2013-14 M & HCV Production (Nos.) 1,59,142 1,86,221 17% -21% JAI’s presence LCVs (Nos.) 3,61,479 3,17,310 -12% -14% Vehicle Production (Nos.) 5,20,621 5,03,531 -3% -16% Spring Demand (MTs) 96,638 1,13,989 18% -21% JAI 's Business (MTs) – OEM 55,218 71,813 30% -23% Market Share (%) 57 63 6% -1% Note: Growth in Market Share is primarily due to increase in TML SOB from 54% to 65% in Q-4 (2013-14) and further increase in SOB to 70% in Q-3 of current year. Estimated TML SOB for Q4: 73% 14/17 Jamna Auto Industries Ltd Sales Comparison (In MTs) 9 Months (Actuals) Figures in MT 2013-14 2014-15 2013-14 2014-15 2013-14 2014-15 S No Product % % Growth % % % % H-1 H1 Q-3 Q-3 9 Months 9 Months 1 OEM 41,283 82.6% 47,186 82.7% 14.3% 13,935 72.3% 24,593 81.5% 55,218 79.7% 71,779 82.3% 2 Replacement 8,700 17.4% 9,902 17.3% 13.8% 5,335 27.7% 5,569 18.5% 14,035 20.3% 15,471 17.7% Total 49,983 100% 57,088 100% 14.2% 19,270 100% 30,162 100% 69,253 100% 87,250 100% Growth 14% Growth 57% Growth 26% Outlook Q-4 & FY15 2013-14 2014-15 2013-14 2014-15 S No Product % % Growth % % Q-4 Q-4 FY FY 1 OEM 22,940 79.5% 32,671 83.9% 42.4% 78,158 79.7% 1,04,450 82.8% 2 Replacement 5,913 20.5% 6,255 16.1% 5.8% 19,948 20.3% 21,726 17.2% Total 28,853 100% 38,926 100% 34.9% 98,106 100% 1,26,176 100% Growth 35% Growth 29% 15/17 Jamna Auto Industries Ltd Financial Results (Standalone) 9 Months Q3 INR in Cr INR in Cr 2013-14 2013-14 2014-15 Growth 2013-14 2014-15 2014-15 Growth FY 9M 9M in % Q-3 Q-2 Q-3 in % Net Sales 716.4 500.6 677.3 35% Net Sales 146.0 233.0 234.2 60% Export Sales 7.9 5.3 8.5 60% Export Sales 0.9 1.9 2.2 158% EBITDA (Normalised) 41.3 25.5 50.0 96% EBITDA 1.0 13.7 20.2 1960% Operating Margin 16.4 7.4 30.9 317% Operating Margin (5.4) 7.7 13.4 350% PBT (Operational) (4.3) (7.4) 18.2 347% PBT (Operational) (10.0) 3.3 9.2 192% PAT * 14.3 11.4 13.7 20% PAT (7.4) 3.4 5.1 168% Cash Accruals 39.1 29.5 32.8 11% Cash Acctuals (1.1) 9.5 11.9 1183% EBITDA Margin (%) 5.8% 5.1% 7.4% 45% EBITDA Margin (%) 0.7% 5.9% 8.6% 1185% Operating Margin (%) 2.3% 1.5% 4.6% 208% Operating Margin (%) -3.7% 3.3% 5.7% 256% PBT (% ) -0.6% -1.5% 2.7% 282% PBT (% ) -6.8% 1.4% 3.9% 158% PAT (% ) * 2.0% 2.3% 2.0% -12% PAT (% ) -5.1% 1.5% 2.2% 143% Cash Accruals (%) 5.5% 5.9% 4.8% -18% Cash Accruals -0.8% 4.1% 5.1% 775% * PAT (FY14) includes Exceptional items of INR 17.6 Cr 16/17 Jamna Auto Industries Ltd Financial Results (Consolidated) 9 Months Q3 INR in Cr INR in Cr 2013-14 2013-14 2014-15 Growth 2013-14 2014-15 2014-15 Growth FY 9M 9M in % Q-3 Q-2 Q-3 in % Net Sales 833.8 587.9 753.0 28% Net Sales 169.9 255.9 262.1 54% Export Sales 7.9 5.3 8.5 60% Export Sales 0.9 1.9 2.2 158% EBITDA (Normalised) 49.1 31.3 56.7 81% EBITDA 2.7 15.4 22.3 736% Operating Margin 23.2 12.7 36.1 185% Operating Margin (3.9) 9.0 15.2 492% PBT (Operational) (0.8) (4.8) 22.5 569% PBT (Operational) (9.5) 4.3 10.7 212% PAT * 13.8 10.9 13.5 23% PAT (8.3) 3.2 4.8 158% Cash Accruals 39.8 29.6 34.0 15% Cash Accruals (1.8) 9.6 12.0 786% EBITDA Margin (%) 5.9% 5.3% 7.5% 41% EBITDA Margin (%) 1.6% 6.0% 8.5% 442% Operating Margin (%) 2.8% 2.2% 4.8% 123% Operating Margin (%) -2.3% 3.5% 5.8% 354% PBT (% ) -0.1% -0.8% 3.0% 466% PBT (% ) -5.6% 1.7% 4.1% 173% PAT (% ) * 1.7% 1.9% 1.8% -4% PAT (% ) -4.9% 1.2% 1.8% 138% Cash Accruals (%) 4.8% 5.0% 4.5% -10% Cash Accruals (%) -1.0% 3.7% 4.6% 545% * PAT (FY14) includes Exceptional items of INR 17.6 Cr 17/17 Thank You .