Any current/future new fundraising through debt or equity?

There is no mention of any current or planned fundraising through debt or equity in the transcript. The company discusses capital expenditure (CAPEX) plans primarily funded for growth initiatives such as KIA business, shade business, and seating business. CAPEX investments mentioned total around Rs. 24-25 crore, aimed at supporting new orders and revenue expansion. The focus appears to be on organic growth funded through operational cash flows rather than external fundraising. No specific references to new debt issuance or equity fundraising were made during the call or in the transcript.

Any current/future capex/capital investment/strategic investment?

NDR Auto Components has ongoing and planned capital expenditure primarily for new business segments: KIA new model and shade business. Capital work in progress stands at Rs. 24.27 crore as of the latest quarter. CAPEX breakdown: Rs. 7-8 crore for KIA business, Rs. 7-8 crore for shade business, and Rs. 20-25 crore for seating business. These investments are expected to support revenue growth of Rs. 250-300 crore in the next year. The company has acquired approximately 25 acres of land at MITL AURIC Bidkin, Chhatrapati Sambhajinagar, Maharashtra, costing around Rs. 37.63 crore. Additional land a

Future growth expectations in sales/revenue/volumes?

Current order book is around Rs. 400-450 crore, expected to be executed over 1.5 to 2 years. New orders include Rs. 50 crore BIW business and Rs. 100 crore seating program, mainly with Maruti Suzuki. Revenue growth driven by addition of Rs. 250-300 crore top line from new capacity and businesses expected next year, subject to market conditions. Capacity utilization currently at 80-85%, with expected ramp-up in orders related to KIA (January 2025), sun shade (January 2025), and Maruti EV (March 2025). Expansion of business footprint and operational efficiencies targeted to improve margins from

Future growth expectations in earnings/operating earnings/profits/EPS?

NDR Auto targets EBITDA margin expansion from the current 10.6% to 12% over the next 1.5 to 2 years. Revenue growth driven by new order book of Rs.400-450 crore to be executed over 1.5 to 2 years. New business with KIA and shade orders expected to ramp up starting January 2025, with EV program pickup by March 2025. Expected revenue addition of Rs.250-300 crore from new seating, KIA, and shade businesses, largely in FY26. Capacity utilization currently strong at 80-85%, supporting margin and volume growth. Management remains optimistic on opportunities and long-term growth despite near-term aut

Current/ Expected Orderbook/ Pending Orders?

Current order book is around Rs. 400 crore to Rs. 450 crore. This includes an increment from Rs. 250-300 crore last quarter. Incremental orders include Rs. 50 crore for BIW (Body-in-White) business and Rs. 100 crore for a new seating program. Both BIW and seating orders are with Maruti Suzuki. BIW order expected to be executed within 1 to 1.5 years. Seating order expected to be executed within 2 years. Overall order book expected to be executed over 1.5 to 2 years. New orders and ramp-ups (including KIA and shade programs) expected to ramp up mostly by Q4 FY25 and Q1 FY26.

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NDR Auto Components LtdQ3 FY24Auto Components

NDR Auto Components Ltd Q3 FY24 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹840P/E: 30.9Market Cap: ₹1.9K CrSector: Auto Components

Management growth scorecard

Revenue

Category 2

Margin

Category 2

Fundraise

N/A

Order

Yes

Capex

Yes

2 of 4 growth signals are positive.

Full analysis

Revenue guidance

Category 2

→Current order book is around Rs. 400-450 crore, expected to be executed over 1.5 to 2 years.
→New orders include Rs. 50 crore BIW business and Rs. 100 crore seating program, mainly with Maruti Suzuki.
→Revenue growth driven by addition of Rs. 250-300 crore top line from new capacity and businesses expected next year, subject to market conditions.
→Capacity utilization currently at 80-85%, with expected ramp-up in orders related to KIA (January 2025), sun shade (January 2025), and Maruti EV (March 2025).
→Expansion of business footprint and operational efficiencies targeted to improve margins from current 10.6% to 12% EBITDA margin over 1.5-2 years.
→Anticipate a slight industry slowdown in near term (next 1-2 quarters), but medium to long-term outlook remains strong.
→Capex investments in land and facilities to support growth and new OEM partnerships underway.

Margin guidance

Category 2

→NDR Auto targets EBITDA margin expansion from the current 10.6% to 12% over the next 1.5 to 2 years.
→Revenue growth driven by new order book of Rs.400-450 crore to be executed over 1.5 to 2 years.
→New business with KIA and shade orders expected to ramp up starting January 2025, with EV program pickup by March 2025.
→Expected revenue addition of Rs.250-300 crore from new seating, KIA, and shade businesses, largely in FY26.
→Capacity utilization currently strong at 80-85%, supporting margin and volume growth.
→Management remains optimistic on opportunities and long-term growth despite near-term auto sector slowdown.
→Operational efficiencies and better utilization of existing footprint to drive margin and profit expansion.
→Earnings and PAT have grown approximately 15-26% year-on-year in current quarters, with expectations of continued growth aligned with order ramp-up.

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Fundraise plans

→There is no mention of any current or planned fundraising through debt or equity in the transcript.
→The company discusses capital expenditure (CAPEX) plans primarily funded for growth initiatives such as KIA business, shade business, and seating business.
→CAPEX investments mentioned total around Rs. 24-25 crore, aimed at supporting new orders and revenue expansion.
→The focus appears to be on organic growth funded through operational cash flows rather than external fundraising.
→No specific references to new debt issuance or equity fundraising were made during the call or in the transcript.

Order book

Yes

→Current order book is around Rs. 400 crore to Rs. 450 crore.
→This includes an increment from Rs. 250-300 crore last quarter.
→Incremental orders include Rs. 50 crore for BIW (Body-in-White) business and Rs. 100 crore for a new seating program.
→Both BIW and seating orders are with Maruti Suzuki.
→BIW order expected to be executed within 1 to 1.5 years.
→Seating order expected to be executed within 2 years.
→Overall order book expected to be executed over 1.5 to 2 years.
→New orders and ramp-ups (including KIA and shade programs) expected to ramp up mostly by Q4 FY25 and Q1 FY26.

Capex plans

Yes

→NDR Auto Components has ongoing and planned capital expenditure primarily for new business segments: KIA new model and shade business.
→Capital work in progress stands at Rs. 24.27 crore as of the latest quarter.
→CAPEX breakdown: Rs. 7-8 crore for KIA business, Rs. 7-8 crore for shade business, and Rs. 20-25 crore for seating business.
→These investments are expected to support revenue growth of Rs. 250-300 crore in the next year.
→The company has acquired approximately 25 acres of land at MITL AURIC Bidkin, Chhatrapati Sambhajinagar, Maharashtra, costing around Rs. 37.63 crore.
→Additional land acquired earlier: 10 acres at Kharkhoda; exploring land acquisition near KIA’s manufacturing facility in Anantapur.
→These strategic land acquisitions are aimed at enhancing operational efficiency and catering to OEM customer requirements.
→Revenue impact from these investments is expected to materialize from FY26 onwards.

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