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×

axles india Limited

160.00
+ 5.96 %
Scrip Name
AXLES
ISIN No.
INE701C01011
PAN No.
AAACA3173D
Face Value
10
No. of Outstanding Shares
25,484,410
Market Capitalization
407.75 Crore

AXLES INDIA LIMITED UNLISTED SHARE

Axles India Limited was jointly established with Eaton in 1982. In 1998, Dana Holding Corporation acquired Eaton Axles Business, and Axles India Limited shares were part of the transaction. Axles India Limited is a joint venture between Wheels India, Sundaram Finance and Dana Holding Corporation of the United States of America. Axles India Limited can provide Axle Housings for a full range of medium and heavy commercial vehicles. The Company have two factories, one at Sriperumbudur, Tamil Nadu and another at Cheyyar Taluk, Tiruvannamalai District, Tamil Nadu.

 

Axles India Limited started production at its Shriperumbudur plant, producing 10,000 axles for Ashok Leyland each year. In order to meet the growing needs of local OEMs, a new Axle housing was opened in Cheyyar in 1995. The company set up a new facility to manufacture Drive Head assembles in 2003. The Export Oriented Department (EOU) was establishein 2006 to serve the export market. In 2011, the Drive head business was sold to Dana India Private Limited.


Axles India Limited is specialized in manufacturing Rear Axle Housings, Tag Axle Housings, Drive Axle Housings, Trailer Axle Beams, Hub Reduction Axle Housings for medium and heavy duty commercial vehicles.


Today, Axles India Limited supplies its products to Tata Motors, Ashok Leyland, Dana India Private Limited, VE Commercial Vehicles, SML Isuzu, Mahindra trucks and buses, and Daimler India commercial vehicles. Axles India also exports to Dana in the U.S. and Volvo Trucks in Asia.

 

INCORPORATION DETAILS

CIN

U27209TN1981PLC008630

Registration Date

18 February 1981

Category / Sub-Category of the Company

Public Limited Company

Address of the Registered office and contact details

Registered office: 21, Patullos Road, Chennai 600002, Office : Singaperumal Koil Road, Sriperumbudur 602 105, Tamil Nadu. 

Phone: 8939368687  

E- Mail: axles@axlesindia.com

Name, Address and Contact details of Registrar and Transfer Agent, if any

Cameo Corporate Services Limited,                                         “Subramanian Building”, No. 1, Club House Road, Chennai - 600 002, Phone : 044 - 28460390                         Fax : 044 – 28460129                                                                E-Mail : investor@cameoindia.com


PARTICULARS OF HOLDING, SUBSIDIARY AND ASSOCIATE COMPANIES

Axles India Limited has no Subsidiary or Associate Company

 

BOARD OF DIRECTORS

S Ram (Chairman)

V Madhavan (Managing Director)

Srivats Ram

Rafael Aquique

Saket Sapra

Radha Unni

Jason Miller

Gajanan Gandhe


Principal Business Activities of the Company

Name and Description of main products/services

NIC Code of the product/service*

% to total turnover of the Company

Manufacture of Axles

29301

94%

 

AXLES INDIA LIMITED UNLISTED SHARE DETAILS

Total Available Shares

25484410

Face Value

Rs. 10 Per Equity Share

PAN No.

AAACA3173D

ISIN

INE319A01016

Lot Size

100

Markt Capitalisation

Rs.407.75 Crore

Last Traded Price

Rs.160

 

SHAREHOLDING PATTERN

(As on 31-03-2020)

S. No.

Shareholder’s Name

No. of Shares

% of total Shares of the company

1

Sundaram Finance Holdings Limited

98,91,754

38.82%

2

Wheels India Ltd

24,24,661

9.51%

3

Dana Global Products Incorporation

1,23,16,415

48.33%

4

Others

8,51,580

3.34%

 

Total

2,54,84,410

100%


INDUSTRY OUTLOOK

Over the period between FY 2016 to FY 2020, the automotive components industry registered a CAGR of 6%, with exports growing at a CAGR of 7.6% during FY2016-20 to reach US$ 14.5 billion in FY20. The auto components industry accounted for 2.3% of India’s Gross Domestic Product (GDP).


The Automotive Mission Plan (AMP 2026) has set a target to reach a turnover of US$ 223 billion by 2026 for the auto component sector backed with strong exports. Indian auto components industry can achieve this target if the Government maintains the favorable environment and corporate continue to invest in the industry. Original Equipment (OEM) sales generate around 54% of the industry’s revenue, while the remaining revenue is generated by replacement and exports. Indian automotive industry is highly dependent on US and European markets as they together account for 60% of overall auto component exports from India.


As per Automobile Component Manufacturers Association (ACMA), automobile component export from India is expected to reach US$ 80 billion by 2026. The Indian auto component industry aims to achieve US$ 200 billion in revenue by 2026. Turnover of automotive component industry stood atUS$49.3 billion in FY 2020 and export of auto components grew 2.7% to US$ 14.5 billion during the same time. Indian automotive industry (including component manufacturing) is expected to reach between US$ 251.4-282.8 billion by 2026.


Production of two wheelers, passenger vehicles, commercial vehicles and three wheelers reached 21.03 million, 3.43 million, 0.75 million, and 1.13 million, respectively, in FY 2020.Moreover, 26.36 million vehicles being manufactured in the country in FY 2020. The Government of India expects automobile sector to attract US$ 8-10 billion in local and foreign investment by 2023.


The Indian auto-components industry is set to become the third largest in the world by 2025.

 

 

 

 

PROFIT & LOSS STATEMENT OF AXLES INDIA LIMITED (In Rs. Lakhs)

 

PARTICULARS

2021

2020

2019

2018

Revenue from Operation

30,604.78

40,477.72

61,608.08

48,009.11

EBITDA

773.54

2,307.56

6,569.02

4,113.43

EBITDA margin

2.53%

5.70%

10.66%

8.57%

Finance Cost

63.49

176.06

242.09

183.18

Depreciation

902.6

1,119.19

968.54

889.33

Other Income

596.89

384.69

496.9

377.29

Profit before Tax

404.34

1,397.00

5,855.29

3,418.21

Tax

108.27

180.11

2,049.65

1,186.85

Profit after Tax (PAT)

296.07

1,216.89

3,805.64

2,231.36

PAT margin

0.95%

2.98%

6.13%

4.61%

EPS

0.98

4.52

14.87

8.56

 

BALANCE SHEET OF AXLES INDIA LIMITED (In Rs. Lakhs)

 

PARTICULARS

31st March 2021

31st March 2020

31st March 2019

ASSETS




NON CURRENT ASSETS




Tangible Assets

6,122.49

6,785.56

6,753.75

Intangible Assets

16.7

35.73

51.16

Financial Assets

239.32

258.31

543.95

Other Non-Current Assets

50.47

57.84

64.44

TOTAL NON CURRENT ASSETS

6,428.98

7,137.44

7,413.30

CURRENT ASSETS




Inventories

9,236.52

4,832.89

7,141.89

Financial assets

66.29

62.71

329.93

Trade Receivables

14,493.42

9,141.75

14,197.86

Cash and Cash equivalents

3,248.33

4,035.21

1,410.86

Tax Assets

256.36

180.31

180.31

Other Current assets

335.68

380.29

254.45

TOTAL CURRENT ASSETS

27,636.60

18,633.16

23,515.30

TOTAL ASSETS

34,065.58

25,770.60

30,928.60

EQUITY AND LIABILITIES




EQUITY




Equity share capital

2,548.88

2,548.88

2,548.88

Other Equity

11,003.22

11,135.83

11,212.42

TOTAL EQUITY

13,552.10

13,684.71

13,761.30

LIABILITIES




NON CURRENT LIABILITIES




Financial liabilities

71.25

62.21

0

Provisions

482.83

426.17

285.91

Tax liabilities

219.57

230.32

582.24

Employee benefit obligations

250.19

248.01

206.29

TOTAL NON CURRENT LIABILITIES

1,023.84

966.71

1074.44

CURRENT LIABILITIES




Borrowings

7,700.95

4,700.47

6,935.72

Financial liabilities

879.74

617.44

618.54

Trade payables

9,085.12

4,266.38

7,079.60

Provisions

353.63

145.29

19.39

Employee benefit obligations

104.82

155.41

106.79

Current tax liabilities

108.64

50.79

21.55

Other current liabilities

1,256.74

1183.4

1311.27

TOTAL CURRENT LIABILITIES

19,489.64

11,119.18

16,092.86

TOTAL LIABILITIES

20,513.48

12,085.89

17,167.30

TOTAL EQUITY AND LIABILITIES

34,065.58

25,770.60

30,928.60


DIVIDEND AND RETAINED EARNINGS

Particulars

2021

2020

2019

2018

Dividend (In Rs.)

Nil

1.5

4

3

Retained Earnings (In Rs. Lakhs)

10,968.47

11,057.33

11,133.92

8,264.36

 

PERFORMANCE OF THE COMPANY


Due to the decline in the automotive sector, Revenue from Operations decreased by around 24.39% in FY 2021 and reached Rs. 30,604.78 lakhs, as against Rs. 40,477.72 lakhs in FY 2020.


EBITDA saw a significant fall of 66.48% in FY 2021 and reached Rs. 773.54 lakhs from Rs. 2,307.56 lakhs in FY 2020. EBITDA margins fell from 5.70% in FY 2020 to 2.53% in FY 2020.


Profit After tax declined by 75.67% from Rs. 1,216.89 lakhs in FY 2020 to                  Rs. 296.07 lakhs in FY 2021.


The company increased its borrowings by 63.83% from Rs. 4,700.47 lakhs in as of 31st March 2020 to Rs. 7,700.95 lakhs as of 31st March 2021.


The current Ratio of the company as of 31st March 2021 is 1.41, stating that the company does not have any liquidity issues.


The company has given dividend every year from FY 2017 to FY 2020 and that too in a progressive manner. But for FY 2020, the dividend per share was                 Rs. 1.5, 62.5% less than the dividend per share of Rs. 4 for FY 2019. The company has not given any dividend for FY 2021.





 



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