{"id":136165,"date":"2022-08-10T08:16:00","date_gmt":"2022-08-10T12:16:00","guid":{"rendered":"https:\/\/44.250.171.167\/?p=136165"},"modified":"2022-11-14T06:40:52","modified_gmt":"2022-11-14T11:40:52","slug":"ndr-auto-components-ltd-ndrauto-q1-fy23-earnings-concall-transcript","status":"publish","type":"post","link":"https:\/\/alphastreet.com\/india\/ndr-auto-components-ltd-ndrauto-q1-fy23-earnings-concall-transcript\/","title":{"rendered":"Ndr Auto Components Ltd (NDRAUTO) Q1 FY23 Earnings Concall Transcript"},"content":{"rendered":"

Ndr Auto Components Ltd\u00a0(NSE: NDRAUTO<\/a>) Q1\u00a0FY23 Earnings Concall dated Aug. 10, 2022<\/strong><\/p>\n

Corporate Participants:<\/h2>\n

Sanjiv Kumar<\/strong>\u00a0—\u00a0Financial Advisor<\/em><\/p>\n

Pranav Relan<\/strong>\u00a0—\u00a0Whole-Time Director<\/em><\/p>\n

Analysts:<\/h2>\n

Supriya Madye<\/strong>\u00a0—\u00a0Kirin Advisors — Analyst<\/em><\/p>\n

Vaibhav Sharma<\/strong>\u00a0—\u00a0Kogin Research — Analyst<\/em><\/p>\n

Dishant Jain<\/strong>\u00a0—\u00a0Quasar Capital — Analyst<\/em><\/p>\n

Jagvir Singh<\/strong>\u00a0—\u00a0Shade Capital — Analyst<\/em><\/p>\n

Dhwanil Desai<\/strong>\u00a0—\u00a0Turtle Capital — Analyst<\/em><\/p>\n

Ankur Shah<\/strong>\u00a0—\u00a0Quasar Capital — Analyst<\/em><\/p>\n

Sandeep Mane<\/strong>\u00a0—\u00a0Individual Investor — Analyst<\/em><\/p>\n

Presentation:<\/h2>\n

Operator<\/strong><\/p>\n

Good Morning, ladies and gentlemen. Welcome to the Q1 FY’23 Results Conference Call of NDR Auto Components Limited hosted by Kirin Advisors Private Limited. [Operator Instructions]<\/p>\n

I now hand the conference over to Ms. Supriya Madye from Kirin Advisors. Thank you, and over to you, ma’am.<\/p>\n

Supriya Madye<\/strong>\u00a0—\u00a0Kirin Advisors — Analyst<\/em><\/p>\n

Thank you. Good morning, ladies and gentlemen. I thank you everyone for joining the first conference call of NDR Auto Components hosted by Kirin Advisors to discuss the performance of the first quarter of FY’23. Now, I would like to welcome management team of NDR Auto Components. Today we have with us, Mr. Pranav Relan, Whole-Time Director; Mr. Rajat Bhandari, Executive Director and the Company’s Secretary; Mr. Vinod Kumar, CFO; and Mr. Sanjiv Kumar, Financial Advisor.<\/p>\n

Now I hand over the floor to Mr. Sanjiv Kumar for opening remarks. Over to you, sir.<\/p>\n

Sanjiv Kumar<\/strong>\u00a0—\u00a0Financial Advisor<\/em><\/p>\n

Thank you. Hello, everyone. First, everyone is in good health. I welcome you all to the first conference call of NDR Auto Components Limited to discuss the performance of the company during the first quarter of FY’23. It is a great pleasure to have you all on call.<\/p>\n

Before we discuss the performance of the Company for the first quarter of FY 2023, let me brief you about NDR Auto Components Limited. NDR Auto Components is a flagship company of the Rohit Relan Group. The company was incorporated in March 2019 with a view to demerge the automobile seating business of Sharda Motor Industries Limited. The company is engaged in the business of manufacturing, seating solutions like frames and trims to four-wheeler and two-wheeler vehicles. We have three plants right now. One is located at Gurgaon, Haryana; second is at Pathreri, Haryana; and third is at Bengaluru. They all are catering to the Maruti Suzuki, Toyota Boshoku and Suzuki Motorcycle India Private Limited.<\/p>\n

The management and the senior leadership team of the group have more than three decades as long as experience and expertise in this domain. The company is supplying seating arrangements to Relan Group Company Bharat Seats Limited, who is key supplier to leading automobile companies like Maruti Suzuki India Limited, Suzuki Motorcycle India Private Limited, Toyota Boshoku India Private Limited and Bellsonica. Our seating arrangements are used in the car model of Brezza, Alto, Ciaz, Wagon R, Swift Dzire, Toyota Hyryder and Grand Vitara. In the two-wheeler segments, we have a stronger presence in Suzuki Gixxer and Suzuki Access.<\/p>\n

For FY’22, the company has achieved consolidated turnover of INR232 crore and net profit of INR14.89 crores. Now I will brief you with the group companies. First is Bharat Seats Limited. The company owns 28.66% stake in Bharat Seats Limited, which carries on the business of manufacturing of car seat assemblies, carpet set for automobiles and motorcycle seats. The company posted a profit after tax of INR11.91 crore left during the financial year 2021-2022.<\/p>\n

Second is the Toyo Sharda India Private Limited. The company owns 50% stake in Toyo Sharda India Private Limited, which carries on the business of manufacturing car seat lifter and recliner. The company posted a profit after tax of INR2.61 crore during the financial year 2021-2022. Third, the company own 50% stake in Toyota Boshoku Relan India Private Limited. Right now, we have no pressure during the financial year 2021-2022, and we are in the process of discussion with them for future business opportunities.<\/p>\n

Now I will give you a little industrial background right now. The performance of auto ancillary companies is directly linked to the performance of the automobile industry. The auto ancillary industry supplies intermediate equipment as automotive parts to automobile manufacturers. The automobile industry witnessed laggard since FY 2019, due to weak sentiments and tightening of liquidity in non-banking and other lending institution. Further COVID-19 pandemic and lockdown further worsened the situation, but now with the opening of the economies at a rising demand for electric vehicles the automobile industry has started witnessing good demand and so has auto ancillary. It is expected that the auto ancillary markets in India shall become the third largest in the world by 2025. The auto ancillary market is anticipated to reach INR7,756 billion by FY 2027, expanding at a compound annual growth rate of 15.35% during the financial year 2022 to the financial year 2027.<\/p>\n

Key growth drivers of the industry are: The enforcement of the BS-VI standard of safety and addition is anticipated to help the export market expand during the forecast period for the benefit of auto component player in India. Foreign players prefer India, because it is a cost-effective location for manufacturing, which works well for the auto ancillary markets. The demand for automobile to remain upbeat with rising per capita income. Improvement in road structures and national connectivity would drive the demand for the automobile sector.<\/p>\n

The old vehicle scrappage policy 2021 will further provide impetus to automobile demand. As auto ancillary is directly linked to the automobile industry it will witness a sharp rise in demand. Future looks promising. Automobile demands are back on the track post pandemic. We are seeing good demand for vehicles popping up. We are completely focused on our future growth prospective and have outlined capacities expansion program. We are also looking at putting up a plant in Gujarat to serve requirements of new plants and the same is expected to commence its production from March 2023.<\/p>\n

Now let me take you through the financial performance of the company for the first quarter of FY 2023. We started FY 2023 on a very strong note. Q1 FY’23 performance made a strong growth path. We are confident of strong performance for FY’23, and thereafter your company is poised to grow at exponential rate in years to come. For Q1 FY’23 of the qualitative business, the company reported revenue higher by 40.46%. EBITDA increase up by 34.38%. PBT at INR4.95 crores, up by 73.68% [Phonetic]. PAT at INR4.12 crore, up by 73.1%. EPS is now 6.81, against 3.97 in the corresponding quarter. On standalone basis, revenues are up by 42.36%, EBITDA is up by 55.53%, PBT is up by 80.58%, and PAT is up by 80.51%. So, we had a very strong performance in the Q1.<\/p>\n

Now the house is open for the Q&A, questions-and-answers.<\/p>\n

Questions and Answers:<\/h2>\n

\u00a0<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Ladies and gentlemen, we will now begin with the question-and-answer session. [Operator Instructions] The first question is from the line of Vaibhav Sharma from Kogin Research. Please go ahead.<\/p>\n

Vaibhav Sharma<\/strong>\u00a0—\u00a0Kogin Research — Analyst<\/em><\/p>\n

Thank you for the opportunity. Congratulations to the management for the good set of numbers. So I have three to four questions regarding business of the company and on the financial. So I’ll start with the business part. So as you told you are demerged from the Sharda Auto Components, so are we only doing the seating business or any other business also from Sharda that we are taking care of?<\/p>\n

Pranav Relan<\/strong>\u00a0—\u00a0Whole-Time Director<\/em><\/p>\n

So, at the moment we are only doing the seating business.<\/p>\n

Vaibhav Sharma<\/strong>\u00a0—\u00a0Kogin Research — Analyst<\/em><\/p>\n

Okay. So, I see you are mainly supplying to Maruti Suzuki, so what kind of supply arrangements that we have? And how much did we supply them in last financial year, if you can throw some light on that?<\/p>\n

Pranav Relan<\/strong>\u00a0—\u00a0Whole-Time Director<\/em><\/p>\n

So, last financial year we supplied about 75% of our business going to Maruti Suzuki four-wheeler and about 20% to 25% went to the two-wheeler segment.<\/p>\n

Vaibhav Sharma<\/strong>\u00a0—\u00a0Kogin Research — Analyst<\/em><\/p>\n

Okay. So, 75% of your business, but then, how — in terms of number of seats or anything that you can give idea like Maruti has sold around 16 lakh cars in FY’22. So how much number of sets or seats that we have provided to them?<\/p>\n

Pranav Relan<\/strong>\u00a0—\u00a0Whole-Time Director<\/em><\/p>\n

About 500,000.<\/p>\n

Vaibhav Sharma<\/strong>\u00a0—\u00a0Kogin Research — Analyst<\/em><\/p>\n

About 500,000. So — and majorly we are around 30%, 35% of our sales — good contribution to the Maruti, I think that will be correct?<\/p>\n

Pranav Relan<\/strong>\u00a0—\u00a0Whole-Time Director<\/em><\/p>\n

Yes.<\/p>\n

Vaibhav Sharma<\/strong>\u00a0—\u00a0Kogin Research — Analyst<\/em><\/p>\n

So, what will be the net selling your sales to the Maruti in which model you have the highest?<\/p>\n

Pranav Relan<\/strong>\u00a0—\u00a0Whole-Time Director<\/em><\/p>\n

Wagon R and Brezza.<\/p>\n

Vaibhav Sharma<\/strong>\u00a0—\u00a0Kogin Research — Analyst<\/em><\/p>\n

Wagon R and Brezza. So, Brezza, it’s old model as well as the new model that they have launched?<\/p>\n

Pranav Relan<\/strong>\u00a0—\u00a0Whole-Time Director<\/em><\/p>\n

Yeah, both.<\/p>\n

Vaibhav Sharma<\/strong>\u00a0—\u00a0Kogin Research — Analyst<\/em><\/p>\n

Okay. So, you are directly supplying to Maruti, or any — through your other companies or what kind of arrangements do you have?<\/p>\n

Pranav Relan<\/strong>\u00a0—\u00a0Whole-Time Director<\/em><\/p>\n

So, at the moment, we supply to Maruti through our associates company Bharat Seats and our Bangalore facility is going to be up and running. I think the production has already started that is going to be for the Toyota company.<\/p>\n

Vaibhav Sharma<\/strong>\u00a0—\u00a0Kogin Research — Analyst<\/em><\/p>\n

So, to Toyota you will be supplying direct?<\/p>\n

Pranav Relan<\/strong>\u00a0—\u00a0Whole-Time Director<\/em><\/p>\n

We are going to be supplying to the seat maker which in turn we will be supplying to Toyota.<\/p>\n

Vaibhav Sharma<\/strong>\u00a0—\u00a0Kogin Research — Analyst<\/em><\/p>\n

Okay. So, you are not providing the full seat, so how it works? You are providing a frame or some parts or how does it work?<\/p>\n

Pranav Relan<\/strong>\u00a0—\u00a0Whole-Time Director<\/em><\/p>\n

We are providing the complete frame and the seat cover.<\/p>\n

Vaibhav Sharma<\/strong>\u00a0—\u00a0Kogin Research — Analyst<\/em><\/p>\n

Okay. So the padding and the foams will be added by another — your associate company?<\/p>\n

Pranav Relan<\/strong>\u00a0—\u00a0Whole-Time Director<\/em><\/p>\n

Yes, the padding and the assembly is done by the final maker.<\/p>\n

Vaibhav Sharma<\/strong>\u00a0—\u00a0Kogin Research — Analyst<\/em><\/p>\n

Okay. So, currently I think I don’t know I have listened or not, currently how many models — for how many models do Maruti we are supplying?<\/p>\n

Pranav Relan<\/strong>\u00a0—\u00a0Whole-Time Director<\/em><\/p>\n

We are supplying for about 35% of the models.<\/p>\n

Vaibhav Sharma<\/strong>\u00a0—\u00a0Kogin Research — Analyst<\/em><\/p>\n

So, can you just give me the — can you just share the list which all models we are supplying?<\/p>\n

Pranav Relan<\/strong>\u00a0—\u00a0Whole-Time Director<\/em><\/p>\n

Yeah. So, we supply to the Wagon R, we supply to the Brezza, Ciaz, Alto, Dzire and now the Grand Vitara and the Toyota Hyryder. And that was for the four wheeler. And in addition, we do for the two-wheeler, we do for the Gixxer and the Access.<\/p>\n

Vaibhav Sharma<\/strong>\u00a0—\u00a0Kogin Research — Analyst<\/em><\/p>\n

Gixxer and the Access. So, in the two-wheeler segment it will be same like four wheeler you are providing frames and cover and the padding and other things will be taken care by another company?<\/p>\n

Pranav Relan<\/strong>\u00a0—\u00a0Whole-Time Director<\/em><\/p>\n

So, for the two-wheeler we supplied the frame directly to Suzuki two-wheeler and the cover we supply to an associate company which in turn supplies to complete seat system.<\/p>\n

Vaibhav Sharma<\/strong>\u00a0—\u00a0Kogin Research — Analyst<\/em><\/p>\n

Okay. So, for Suzuki, what kind of number that we have supplied during the last financial year?<\/p>\n

Pranav Relan<\/strong>\u00a0—\u00a0Whole-Time Director<\/em><\/p>\n

Sorry, can you repeat that.<\/p>\n

Vaibhav Sharma<\/strong>\u00a0—\u00a0Kogin Research — Analyst<\/em><\/p>\n

So, I just wanted to know how many numbers of seats, frames that we have supplied to Suzuki. I think you are providing for two models of Suzuki Access and Gixxer?<\/p>\n

Pranav Relan<\/strong>\u00a0—\u00a0Whole-Time Director<\/em><\/p>\n

So approximately 40% is the frame and for the seat is closer to 75% to 80%.<\/p>\n

Vaibhav Sharma<\/strong>\u00a0—\u00a0Kogin Research — Analyst<\/em><\/p>\n

40% of the seat. So, I think Suzuki had a sales of around somewhere around 7.5 lakh, 8 lakh units. So a 40% of frame that has been supplied by us and around 70%, 75% of the seats, is that correct?<\/p>\n

Pranav Relan<\/strong>\u00a0—\u00a0Whole-Time Director<\/em><\/p>\n

Yeah, that is correct.<\/p>\n

Vaibhav Sharma<\/strong>\u00a0—\u00a0Kogin Research — Analyst<\/em><\/p>\n

Okay. So, for Toyota, I am just coming on the Toyota part. So we haven’t supplied them anything in FY’22 or in the past?<\/p>\n

Pranav Relan<\/strong>\u00a0—\u00a0Whole-Time Director<\/em><\/p>\n

So the plant just started production in August, and I think it is expected to ramp up till September or October. So, I think we will see the numbers of that in the following quarter.<\/p>\n

Vaibhav Sharma<\/strong>\u00a0—\u00a0Kogin Research — Analyst<\/em><\/p>\n

Okay. So, for Toyota, are we supplying for the model that they shared across both the brands like Suzuki Baleno, and what about the Toyota Glanza or are we supplying only for the Hyryder only as of now?<\/p>\n

Pranav Relan<\/strong>\u00a0—\u00a0Whole-Time Director<\/em><\/p>\n

We are doing for the Urban Cruisers.<\/p>\n

Vaibhav Sharma<\/strong>\u00a0—\u00a0Kogin Research — Analyst<\/em><\/p>\n

Okay. And you also mentioned I think Hyryder also that they had launched?<\/p>\n

Pranav Relan<\/strong>\u00a0—\u00a0Whole-Time Director<\/em><\/p>\n

Yes, we are doing it for them.<\/p>\n

Vaibhav Sharma<\/strong>\u00a0—\u00a0Kogin Research — Analyst<\/em><\/p>\n

Okay. No, on the other models like Innova or Sedans?<\/p>\n

Pranav Relan<\/strong>\u00a0—\u00a0Whole-Time Director<\/em><\/p>\n

No, so we don’t do anything for the Innova or Fortuner.<\/p>\n

Vaibhav Sharma<\/strong>\u00a0—\u00a0Kogin Research — Analyst<\/em><\/p>\n

Okay. Sir, coming up to your capacity utilization, currently what capacity do we have for the manufacturing? And how much we are utilizing with it?<\/p>\n

Sanjiv Kumar<\/strong>\u00a0—\u00a0Financial Advisor<\/em><\/p>\n

Right now in NCR, we are at 80% or 90% capacity. In Bangalore, we are also at 90% capacity, and Gujarat, we will be setting out which will get operational in March 2023, we will be reaching our capacity of 80% to 90%.<\/p>\n

Vaibhav Sharma<\/strong>\u00a0—\u00a0Kogin Research — Analyst<\/em><\/p>\n

Okay. So, I think, we have some kind of pre-order arrangement with our suppliers — our buyers. So if in Gujarat that we are planning in 80% to 90% that will be booked. So I think you had pre-arrangement with Maruti and Toyota?<\/p>\n

Pranav Relan<\/strong>\u00a0—\u00a0Whole-Time Director<\/em><\/p>\n

Yes, we have already booked our business.<\/p>\n

Vaibhav Sharma<\/strong>\u00a0—\u00a0Kogin Research — Analyst<\/em><\/p>\n

Okay. So, how we are planning this capex? And what kind of amount it would be?<\/p>\n

Pranav Relan<\/strong>\u00a0—\u00a0Whole-Time Director<\/em><\/p>\n

So, we are doing all our capex from internal accruals. So we are not taking any debt and that is going to be approximately 20 crores for the next two years, for the next two years to three years.<\/p>\n

Vaibhav Sharma<\/strong>\u00a0—\u00a0Kogin Research — Analyst<\/em><\/p>\n

20, so it including the Gujarat plant also?<\/p>\n

Pranav Relan<\/strong>\u00a0—\u00a0Whole-Time Director<\/em><\/p>\n

Including the Gujarat plant.<\/p>\n

Vaibhav Sharma<\/strong>\u00a0—\u00a0Kogin Research — Analyst<\/em><\/p>\n

Okay. So in terms of number of seats, so currently how much we have?<\/p>\n

Pranav Relan<\/strong>\u00a0—\u00a0Whole-Time Director<\/em><\/p>\n

Sorry, can you repeat that?<\/p>\n

Vaibhav Sharma<\/strong>\u00a0—\u00a0Kogin Research — Analyst<\/em><\/p>\n

In terms of number of seats, frames, how much capacity do you have? I just forgot the numbers that was said, like you are producing around 4,50,000, or 500,000 [Phonetic] that you have produced during last year, so that was around 80%. So exact number what would be your installed capacity?<\/p>\n

Sanjiv Kumar<\/strong>\u00a0—\u00a0Financial Advisor<\/em><\/p>\n

We have 2,50,000 sets at Gujarat.<\/p>\n

Vaibhav Sharma<\/strong>\u00a0—\u00a0Kogin Research — Analyst<\/em><\/p>\n

2,50,000 sets at Gujarat and current — from current capacity — current manufacturing facilities how much we have?<\/p>\n

Sanjiv Kumar<\/strong>\u00a0—\u00a0Financial Advisor<\/em><\/p>\n

Current in NCR we have got 6,50,000 capacity and in Bangalore it is 2,50,000 capacity.<\/p>\n

Vaibhav Sharma<\/strong>\u00a0—\u00a0Kogin Research — Analyst<\/em><\/p>\n

Okay, 6,50,000 and 2,50,000, okay. And are we in touch with any other OEMs for any kind of business exposure do with them? Or we are just sticking to Maruti and Toyota?<\/p>\n

Pranav Relan<\/strong>\u00a0—\u00a0Whole-Time Director<\/em><\/p>\n

So, in addition to that, we acquire a little bit of business from Bellsonica that is for new part altogether and we are looking to expand that.<\/p>\n

Vaibhav Sharma<\/strong>\u00a0—\u00a0Kogin Research — Analyst<\/em><\/p>\n

Okay. So, Bellsonica is supplying to which OEM?<\/p>\n

Pranav Relan<\/strong>\u00a0—\u00a0Whole-Time Director<\/em><\/p>\n

No, that is for Maruti Suzuki.<\/p>\n

Vaibhav Sharma<\/strong>\u00a0—\u00a0Kogin Research — Analyst<\/em><\/p>\n

Okay. So, apart from Maruti and Toyota, we are not catering to any other clients?<\/p>\n

Sanjiv Kumar<\/strong>\u00a0—\u00a0Financial Advisor<\/em><\/p>\n

No, nothing.<\/p>\n

Vaibhav Sharma<\/strong>\u00a0—\u00a0Kogin Research — Analyst<\/em><\/p>\n

Okay. That’s it from my side. You’ll have more question. I’ll come in queue. Thank you.<\/p>\n

Pranav Relan<\/strong>\u00a0—\u00a0Whole-Time Director<\/em><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of Dishant Jain [Phonetic] from Quasar Capital. Please go ahead.<\/p>\n

Dishant Jain<\/strong>\u00a0—\u00a0Quasar Capital — Analyst<\/em><\/p>\n

Yeah, am I audible?<\/p>\n

Pranav Relan<\/strong>\u00a0—\u00a0Whole-Time Director<\/em><\/p>\n

Yes.<\/p>\n

Sanjiv Kumar<\/strong>\u00a0—\u00a0Financial Advisor<\/em><\/p>\n

Good.<\/p>\n

Dishant Jain<\/strong>\u00a0—\u00a0Quasar Capital — Analyst<\/em><\/p>\n

Yeah. So, actually I just missed on the numbers of capacity in terms of units so can you just repeat, sir?<\/p>\n

Sanjiv Kumar<\/strong>\u00a0—\u00a0Financial Advisor<\/em><\/p>\n

In NCR, we have got a total capacity of 6,50,000 sets. In Bangalore, we have got a capacity of 2,50,000 sets, and in Gujarat up to 2023 — March 2023, we will have a capacity of 2,50,000 sets.<\/p>\n

Dishant Jain<\/strong>\u00a0—\u00a0Quasar Capital — Analyst<\/em><\/p>\n

Okay, sir. Thank you so much. And the second question is on the margins like currently, if you look at it is around 25% gross margin in the Q1 FY’23. So is it sustainable going forward, or do you think there will be change in those margins?<\/p>\n

Pranav Relan<\/strong>\u00a0—\u00a0Whole-Time Director<\/em><\/p>\n

No, I think it is sustainable going forward and we are likely to expand it.<\/p>\n

Dishant Jain<\/strong>\u00a0—\u00a0Quasar Capital — Analyst<\/em><\/p>\n

Okay. So it is likely to expand. Okay, sir. Okay. Yeah. That’s it from my side. Thank you.<\/p>\n

Pranav Relan<\/strong>\u00a0—\u00a0Whole-Time Director<\/em><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of Jagvir Singh from Shade Capital. Please go ahead.<\/p>\n

Jagvir Singh<\/strong>\u00a0—\u00a0Shade Capital — Analyst<\/em><\/p>\n

Yeah. Sir, thanks for the opportunity. I just wanted to know at the full capacity including the Gujarat plant what kind of turnover we can do in the FY’23 and FY’24?<\/p>\n

Pranav Relan<\/strong>\u00a0—\u00a0Whole-Time Director<\/em><\/p>\n

Sorry, can you repeat that.<\/p>\n

Jagvir Singh<\/strong>\u00a0—\u00a0Shade Capital — Analyst<\/em><\/p>\n

Including the Gujarat plant at the full capacity were on the 90% capacity in all the plants what kind of revenues we can do in the ’23 and ’24?<\/p>\n

Pranav Relan<\/strong>\u00a0—\u00a0Whole-Time Director<\/em><\/p>\n

I don’t think we can give numbers at the moment, but I think we will be growing at at least 30% to 40%.<\/p>\n

Jagvir Singh<\/strong>\u00a0—\u00a0Shade Capital — Analyst<\/em><\/p>\n

Okay. And the next question is regarding the new product, so what kind of new products are you planning to do?<\/p>\n

Pranav Relan<\/strong>\u00a0—\u00a0Whole-Time Director<\/em><\/p>\n

Please again repeat, your voice is not clear.<\/p>\n

Jagvir Singh<\/strong>\u00a0—\u00a0Shade Capital — Analyst<\/em><\/p>\n

Yeah. I am saying in the presentation, in the press release, you are talking about the new products?<\/p>\n

Pranav Relan<\/strong>\u00a0—\u00a0Whole-Time Director<\/em><\/p>\n

Yeah. So, we are looking to add body in white to our portfolio. We’ve acquired very small business at the moment, and we are working towards expanding that.<\/p>\n

Jagvir Singh<\/strong>\u00a0—\u00a0Shade Capital — Analyst<\/em><\/p>\n

Okay. And then we are in the JV joint venture what kind of the facilities?<\/p>\n

Pranav Relan<\/strong>\u00a0—\u00a0Whole-Time Director<\/em><\/p>\n

No. So at the moment, our relationship is a buyer and seller relationship. Joint venture is something we’re not discussing at the moment. I don’t know what happens in the future. I can’t comment on that.<\/p>\n

Jagvir Singh<\/strong>\u00a0—\u00a0Shade Capital — Analyst<\/em><\/p>\n

In the profit and loss account, what is this year of profit of associate? So with it is associate?<\/p>\n

Pranav Relan<\/strong>\u00a0—\u00a0Whole-Time Director<\/em><\/p>\n

The quantum of the opportunity?<\/p>\n

Jagvir Singh<\/strong>\u00a0—\u00a0Shade Capital — Analyst<\/em><\/p>\n

Okay. And Gujarat plant will commence from September this year or when?<\/p>\n

Pranav Relan<\/strong>\u00a0—\u00a0Whole-Time Director<\/em><\/p>\n

From March 2023.<\/p>\n

Jagvir Singh<\/strong>\u00a0—\u00a0Shade Capital — Analyst<\/em><\/p>\n

Okay. It will start from March ’23.<\/p>\n

Pranav Relan<\/strong>\u00a0—\u00a0Whole-Time Director<\/em><\/p>\n

So the Bangalore plant has started and the Gujarat plant will start in March 2023.<\/p>\n

Jagvir Singh<\/strong>\u00a0—\u00a0Shade Capital — Analyst<\/em><\/p>\n

Okay. And we can achieve the 80%, 90% capacity in next year by December?<\/p>\n

Pranav Relan<\/strong>\u00a0—\u00a0Whole-Time Director<\/em><\/p>\n

I think the Bangalore plant is going to be 80% to 90%, I think two months or three months after production and the Gujarat plant will take a little bit more time.<\/p>\n

Jagvir Singh<\/strong>\u00a0—\u00a0Shade Capital — Analyst<\/em><\/p>\n

Okay. So, I think Gujarat plant will start in March 2023, so most probably it will possible by the December 23?<\/p>\n

Pranav Relan<\/strong>\u00a0—\u00a0Whole-Time Director<\/em><\/p>\n

A little bit more — I think that depends on the launch of Maruti Suzuki, but I think it should be at 80% to 90% the following fiscal.<\/p>\n

Jagvir Singh<\/strong>\u00a0—\u00a0Shade Capital — Analyst<\/em><\/p>\n

Thank you very much.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of Dhwanil Desai from Turtle Capital. Please go ahead.<\/p>\n

Dhwanil Desai<\/strong>\u00a0—\u00a0Turtle Capital — Analyst<\/em><\/p>\n

Hi, sir. Good morning.<\/p>\n

Pranav Relan<\/strong>\u00a0—\u00a0Whole-Time Director<\/em><\/p>\n

Good morning.<\/p>\n

Dhwanil Desai<\/strong>\u00a0—\u00a0Turtle Capital — Analyst<\/em><\/p>\n

Sir, new to the business and sincerely the call — the prospect [Phonetic], maybe sound of questions maybe very limited. But — so, I think from what I heard a significant part of our business is coming from market. So is this relationship exclusive or are we not allowed to approach other customers? And how do we manage the risk of having such a large part of our business from a single customer, if you can throw some light on that?<\/p>\n

Pranav Relan<\/strong>\u00a0—\u00a0Whole-Time Director<\/em><\/p>\n

So, our relationship is very strong as we have already in an associate company that is a joint venture between Maruti Suzuki and us. Going forward there is no, I mean we can obviously approach other customer and we are working towards that as well.<\/p>\n

Dhwanil Desai<\/strong>\u00a0—\u00a0Turtle Capital — Analyst<\/em><\/p>\n

Okay. So, the idea is to kind of increase the share of other customers and derisk our business, it’s just the part that we are seeing for our company next three years to five years?<\/p>\n

Pranav Relan<\/strong>\u00a0—\u00a0Whole-Time Director<\/em><\/p>\n

Yes. So, we want to add new customers and we also want to add new products.<\/p>\n

Dhwanil Desai<\/strong>\u00a0—\u00a0Turtle Capital — Analyst<\/em><\/p>\n

Okay. So, other than the one that you mentioned we have more products in the pipeline is that what you are indicating?<\/p>\n

Pranav Relan<\/strong>\u00a0—\u00a0Whole-Time Director<\/em><\/p>\n

So, again we are working on that. We have added some BIW parts, and we’re looking to expand that as well.<\/p>\n

Dhwanil Desai<\/strong>\u00a0—\u00a0Turtle Capital — Analyst<\/em><\/p>\n

Okay. Got it. Second question is that on margins, so if I look at the margins of our company and even the associate margins. Their main thing [Phonetic] that 6% to 7% range for a long period of time. So is this the normalized margin profile of our business or we see potential to move from 6%, 7% to double digits overtime. And if so what would be the levers for a margin –?<\/p>\n

Pranav Relan<\/strong>\u00a0—\u00a0Whole-Time Director<\/em><\/p>\n

As the new projects start kicking in our margins are expected to improve.<\/p>\n

Dhwanil Desai<\/strong>\u00a0—\u00a0Turtle Capital — Analyst<\/em><\/p>\n

Okay. So it’s not that 6%, 7% is a — not kind of a steady state margins so we do expect increase in margin overtime?<\/p>\n

Pranav Relan<\/strong>\u00a0—\u00a0Whole-Time Director<\/em><\/p>\n

That is probably at the lower end of the spectrum at the moment.<\/p>\n

Dhwanil Desai<\/strong>\u00a0—\u00a0Turtle Capital — Analyst<\/em><\/p>\n

Okay. Got it, sir. Got it. Thank you. That’s it from me.<\/p>\n

Pranav Relan<\/strong>\u00a0—\u00a0Whole-Time Director<\/em><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of Ankur Shah from Quasar Capital. Please go ahead.<\/p>\n

Ankur Shah<\/strong>\u00a0—\u00a0Quasar Capital — Analyst<\/em><\/p>\n

Yeah. Hi, sir. Thanks for the opportunity. Sir, couple of questions like we have been observing that there is premiumization happening at every product customization and premiumization happening like seating system having airflow systems, seating system having adjusting, and particularly you mentioned that let’s say we are not present in Innova or Fortuner. So is it that we do not have the capabilities to manufacture the high end premium products or we do have and we plan to explore and get into that? And related question to that is like how do we, like obviously, one is the volume growth which the OEMs will do, how do we plan to increase the content per vehicle considering the complexities which are coming in going forward?<\/p>\n

Pranav Relan<\/strong>\u00a0—\u00a0Whole-Time Director<\/em><\/p>\n

So, we have the complete technology for seat ventilation, seat airbags. So I don’t think that is the problem. In terms of adding content per vehicle we are looking to add a lot of BIW parts that we are in discussions with Bellsonica to expand the association with them.<\/p>\n

Ankur Shah<\/strong>\u00a0—\u00a0Quasar Capital — Analyst<\/em><\/p>\n

Okay. And content per vehicle increment is not possible in the seating systems, right. So, right now whatever we are giving it is a full-fledged package which includes all the technologies which are involved to them?<\/p>\n

Pranav Relan<\/strong>\u00a0—\u00a0Whole-Time Director<\/em><\/p>\n

No. So as the OEMs start updating their product, our content per vehicle for the premiumization will increase automatically and we have the technology for that.<\/p>\n

Ankur Shah<\/strong>\u00a0—\u00a0Quasar Capital — Analyst<\/em><\/p>\n

Okay. And sir, can you throw some light on this BIW business, like what will be the cost bucket [Phonetic] or value for that or what will be the market size, how — what else do we have vis-a-vis the competitors?<\/p>\n

Pranav Relan<\/strong>\u00a0—\u00a0Whole-Time Director<\/em><\/p>\n

The scope is pretty large, right. It’s as big as the seat for us. In terms of competitors, I think, whereas the large scale [Phonetic] that do it right now, SKH, right it does, JBM does, so Caparo does. So maybe the — we have a very good relationship with our customer. So we are working to expand that.<\/p>\n

Ankur Shah<\/strong>\u00a0—\u00a0Quasar Capital — Analyst<\/em><\/p>\n

Okay. And sir, like considering the capacities which you mentioned and the utilization which you mentioned and with the hopes that there is expected OEM growth for the foreseeable future, you don’t feel the need to expand the NCR in the Bangalore capacity?<\/p>\n

Pranav Relan<\/strong>\u00a0—\u00a0Whole-Time Director<\/em><\/p>\n

So that depends on what the customer product line up is. At the moment, our capacities will have to cater it.<\/p>\n

Ankur Shah<\/strong>\u00a0—\u00a0Quasar Capital — Analyst<\/em><\/p>\n

Okay, sir. Thank you. That’s it from me.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. [Operator Instructions] The next question is from the line of Sandeep Mane an Individual Investor. Please go ahead.<\/p>\n

Sandeep Mane<\/strong>\u00a0—\u00a0Individual Investor — Analyst<\/em><\/p>\n

Hello. Hello, good morning.<\/p>\n

Pranav Relan<\/strong>\u00a0—\u00a0Whole-Time Director<\/em><\/p>\n

Good morning.<\/p>\n

Sanjiv Kumar<\/strong>\u00a0—\u00a0Financial Advisor<\/em><\/p>\n

Yes.<\/p>\n

Sandeep Mane<\/strong>\u00a0—\u00a0Individual Investor — Analyst<\/em><\/p>\n

Sir I have some questions. My first question is what is our capital cycle, sir?<\/p>\n

Pranav Relan<\/strong>\u00a0—\u00a0Whole-Time Director<\/em><\/p>\n

For the next two to three fiscal years is about 20 crores an annum.<\/p>\n

Sandeep Mane<\/strong>\u00a0—\u00a0Individual Investor — Analyst<\/em><\/p>\n

Okay. And what is our assets turnover ratio, sir?<\/p>\n

Pranav Relan<\/strong>\u00a0—\u00a0Whole-Time Director<\/em><\/p>\n

Sorry?<\/p>\n

Sandeep Mane<\/strong>\u00a0—\u00a0Individual Investor — Analyst<\/em><\/p>\n

What is our assets —<\/p>\n

Pranav Relan<\/strong>\u00a0—\u00a0Whole-Time Director<\/em><\/p>\n

6.5 [Phonetic] times, right now for the FY’21-’22.<\/p>\n

Sandeep Mane<\/strong>\u00a0—\u00a0Individual Investor — Analyst<\/em><\/p>\n

Okay. And what is the dividend distribution policy of the company?<\/p>\n

Pranav Relan<\/strong>\u00a0—\u00a0Whole-Time Director<\/em><\/p>\n

At the moment, it’s 10% to 15% of that.<\/p>\n

Sandeep Mane<\/strong>\u00a0—\u00a0Individual Investor — Analyst<\/em><\/p>\n

Okay. Sir, are we planning to spend on the distribution network?<\/p>\n

Pranav Relan<\/strong>\u00a0—\u00a0Whole-Time Director<\/em><\/p>\n

No, nothing on the distribution network no plans.<\/p>\n

Sandeep Mane<\/strong>\u00a0—\u00a0Individual Investor — Analyst<\/em><\/p>\n

Okay, sir. Sir, can you tell me what is our ROE and ROCE?<\/p>\n

Pranav Relan<\/strong>\u00a0—\u00a0Whole-Time Director<\/em><\/p>\n

So, our ROE for last year was 7.5%, and ROCE was 9.13%. For this quarter our ROE is 9.13% and ROCE is 11%.<\/p>\n

Sandeep Mane<\/strong>\u00a0—\u00a0Individual Investor — Analyst<\/em><\/p>\n

Okay, fine. Thank you, sir.<\/p>\n

Pranav Relan<\/strong>\u00a0—\u00a0Whole-Time Director<\/em><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of Dhwanil Desai from Turtle Capital. Please go ahead.<\/p>\n

Dhwanil Desai<\/strong>\u00a0—\u00a0Turtle Capital — Analyst<\/em><\/p>\n

Hi, sir. Thanks for the opportunity again. Sir, one thing wanted to understand was this Bharat Seats, which is an associate company is also in a similar business or there is a difference between what we do and what they do? And if there is no difference than some of the parts that we supply to them, is there any cleaner structure that we are thinking about in terms of direct supply you talked about new Bangalore plant probably directly supplying to Toyota, but for the existing plant will it always go through the associate company or — and if so why such arrangement?<\/p>\n

Pranav Relan<\/strong>\u00a0—\u00a0Whole-Time Director<\/em><\/p>\n

So Bharat Seats does the seat assembly and the seat foams and NDR does the seat covers and seat metals. So there is a clear bifurcation of what we do in each of the companies.<\/p>\n

Dhwanil Desai<\/strong>\u00a0—\u00a0Turtle Capital — Analyst<\/em><\/p>\n

So, we will supply — for the existing plant we will supply it through Bharat Seats and they will do the assembly and then supply to the OEM that’s how it will work, right?<\/p>\n

Pranav Relan<\/strong>\u00a0—\u00a0Whole-Time Director<\/em><\/p>\n

Yes, that is the current model.<\/p>\n

Dhwanil Desai<\/strong>\u00a0—\u00a0Turtle Capital — Analyst<\/em><\/p>\n

And that’s how it will work for the new expanded capacity in Gujarat plants also?<\/p>\n

Pranav Relan<\/strong>\u00a0—\u00a0Whole-Time Director<\/em><\/p>\n

Yes.<\/p>\n

Dhwanil Desai<\/strong>\u00a0—\u00a0Turtle Capital — Analyst<\/em><\/p>\n

Okay. So except for this Bangalore new capacity where we are supplying to Toyota directly I think almost everything will be with the structure?<\/p>\n

Pranav Relan<\/strong>\u00a0—\u00a0Whole-Time Director<\/em><\/p>\n

No. So we are supplying to Toyota Boshoku India, we do the same, we do the seat cover and the seat frame and then in turn they do the seat assembly and the seat foam.<\/p>\n

Dhwanil Desai<\/strong>\u00a0—\u00a0Turtle Capital — Analyst<\/em><\/p>\n

Okay. Got it. Thank you, sir Now it’s very clear. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of Ankur Shah from Quasar Capital. Please go ahead.<\/p>\n

Ankur Shah<\/strong>\u00a0—\u00a0Quasar Capital — Analyst<\/em><\/p>\n

Sir couple of follow up questions. Sir, one I just wanted your thoughts on the capital allocation policy. As of March I see that the company has decent sum of cash and considering the capex plan or expenditure outlay which you mentioned is around 20 crores, which I think can be easily funded from the current cash flows. So how do you plan to utilize this huge cash prize?<\/p>\n

Pranav Relan<\/strong>\u00a0—\u00a0Whole-Time Director<\/em><\/p>\n

So, again we are in very active discussions to expand the content and maybe to look at some acquisition or some joint ventures, but that will take at least two quarters to three quarters for anything to materialize. We are reserving capital for that at the moment.<\/p>\n

Ankur Shah<\/strong>\u00a0—\u00a0Quasar Capital — Analyst<\/em><\/p>\n

Okay. And sir one more point like the Gujarat plant, which is coming up, is it specifically for the Maruti export plants?<\/p>\n

Pranav Relan<\/strong>\u00a0—\u00a0Whole-Time Director<\/em><\/p>\n

That is for the Maruti plant, yes.<\/p>\n

Ankur Shah<\/strong>\u00a0—\u00a0Quasar Capital — Analyst<\/em><\/p>\n

Okay. So, sir like from an opportunity point of view in the foreseeable future like do we see NDR think in the lines of having some competitive edge in the seating systems and taking the product in the export market is that a possibility altogether?<\/p>\n

Pranav Relan<\/strong>\u00a0—\u00a0Whole-Time Director<\/em><\/p>\n

So, our product isn’t exportable it is supplied directly to Maruti Suzuki which in turn supplies the vehicle. It’s a very large product to export.<\/p>\n

Ankur Shah<\/strong>\u00a0—\u00a0Quasar Capital — Analyst<\/em><\/p>\n

Okay. [Speech Overlap]<\/p>\n

Pranav Relan<\/strong>\u00a0—\u00a0Whole-Time Director<\/em><\/p>\n

Yeah. But what we can look at potentially is some seat components on a once. We haven’t imagined it as yet, but may be we do that in the future.<\/p>\n

Ankur Shah<\/strong>\u00a0—\u00a0Quasar Capital — Analyst<\/em><\/p>\n

Okay. And sir on the ROE part like just like — just wanted your idea because obviously there is a cash debt which is happening on the balance sheet which is getting our ROE down, but like when you are putting a new projects what is the kind of IRR expectations you all put, or let’s say when you all discuss it with the OEMs obviously this is sort of a partnership approach that when the OEM will tell you we have a requirement we will put up the plant. So what kind of ROE you all plan when you setup a project?<\/p>\n

Pranav Relan<\/strong>\u00a0—\u00a0Whole-Time Director<\/em><\/p>\n

So we try to get the money back in three to three-and-a-half years that is what it does.<\/p>\n

Ankur Shah<\/strong>\u00a0—\u00a0Quasar Capital — Analyst<\/em><\/p>\n

So, that is around 22% to 25% ROE?<\/p>\n

Pranav Relan<\/strong>\u00a0—\u00a0Whole-Time Director<\/em><\/p>\n

Yes.<\/p>\n

Ankur Shah<\/strong>\u00a0—\u00a0Quasar Capital — Analyst<\/em><\/p>\n

Okay, sir. That’s great. All the best.<\/p>\n

Pranav Relan<\/strong>\u00a0—\u00a0Whole-Time Director<\/em><\/p>\n

Thank you.<\/p>\n

Sanjiv Kumar<\/strong>\u00a0—\u00a0Financial Advisor<\/em><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of Vaibhav Sharma from Kogin Research. Please go ahead.<\/p>\n

Vaibhav Sharma<\/strong>\u00a0—\u00a0Kogin Research — Analyst<\/em><\/p>\n

Thank you once again for the opportunity. I had two follow up questions. So as you said you are selling from Wagon R till the Hyryder range. So the seating price will be different, so what is the average seating in the said price? Any idea if you view on that?<\/p>\n

Pranav Relan<\/strong>\u00a0—\u00a0Whole-Time Director<\/em><\/p>\n

I don’t think we can reveal that. [Speech Overlap]<\/p>\n

Operator<\/strong><\/p>\n

Sorry to interrupt, sir. Your voice is breaking up.<\/p>\n

Pranav Relan<\/strong>\u00a0—\u00a0Whole-Time Director<\/em><\/p>\n

I don’t think we can reveal that. I think we have customer contract at the moment. [Technical Issues]<\/p>\n

Vaibhav Sharma<\/strong>\u00a0—\u00a0Kogin Research — Analyst<\/em><\/p>\n

Okay. Sir, on the [Speech Overlap]<\/p>\n

Operator<\/strong><\/p>\n

Sorry to interrupt, Mr. Sharma. Sir, your audio is very unclear. We are not able to hear you clearly.<\/p>\n

Vaibhav Sharma<\/strong>\u00a0—\u00a0Kogin Research — Analyst<\/em><\/p>\n

Hello? Now you can?<\/p>\n

Operator<\/strong><\/p>\n

A little better, sir. Please proceed.<\/p>\n

Vaibhav Sharma<\/strong>\u00a0—\u00a0Kogin Research — Analyst<\/em><\/p>\n

Hello?<\/p>\n

Operator<\/strong><\/p>\n

Yes, sir. Please go ahead.<\/p>\n

Vaibhav Sharma<\/strong>\u00a0—\u00a0Kogin Research — Analyst<\/em><\/p>\n

Yes. So, first question related to numbers what will be our working capital cycle?<\/p>\n

Pranav Relan<\/strong>\u00a0—\u00a0Whole-Time Director<\/em><\/p>\n

30 to 40, I think. 30 days to 45 days.<\/p>\n

Vaibhav Sharma<\/strong>\u00a0—\u00a0Kogin Research — Analyst<\/em><\/p>\n

Okay. And related to the margin front is there any chance to improve the margins from current margin profile?<\/p>\n

Pranav Relan<\/strong>\u00a0—\u00a0Whole-Time Director<\/em><\/p>\n

[Technical Issues]<\/p>\n

Operator<\/strong><\/p>\n

Sorry to interrupt, sir. We are not able to hear you, members of the management team.<\/p>\n

Pranav Relan<\/strong>\u00a0—\u00a0Whole-Time Director<\/em><\/p>\n

As a new plant kick in and our new models kick in —<\/p>\n

Operator<\/strong><\/p>\n

Sorry to interrupt, sir. Your audio — we lost the audio from your line. I’ll repeat — I’ll request you to repeat your statement.<\/p>\n

Pranav Relan<\/strong>\u00a0—\u00a0Whole-Time Director<\/em><\/p>\n

As a new plant kick in and our new models kick in our margins are likely to expand.<\/p>\n

Vaibhav Sharma<\/strong>\u00a0—\u00a0Kogin Research — Analyst<\/em><\/p>\n

Okay. And what kind of — why are we in this special arrangement with Bharat Seat, are we not in position to supply to Maruti directly or is there prior arrangement that we are carrying on?<\/p>\n

Pranav Relan<\/strong>\u00a0—\u00a0Whole-Time Director<\/em><\/p>\n

So, Bharat Seats is a joint venture with Maruti Suzuki and us. So I think the arrangement over there is to supply the complete seating system to Maruti.<\/p>\n

Vaibhav Sharma<\/strong>\u00a0—\u00a0Kogin Research — Analyst<\/em><\/p>\n

Okay. Thank you so much, sir. That’s it from my side.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. [Operator Instructions] As there are no further questions, I now hand the conference over to Ms. Supriya Madye for her closing comments.<\/p>\n

Supriya Madye<\/strong>\u00a0—\u00a0Kirin Advisors — Analyst<\/em><\/p>\n

Hi, there.<\/p>\n

Operator<\/strong><\/p>\n

Yes, ma’am. Please proceed with your closing comments.<\/p>\n

Supriya Madye<\/strong>\u00a0—\u00a0Kirin Advisors — Analyst<\/em><\/p>\n

Yes. I thank you NDR the company management and everyone for joining this call. If you have any queries please write it to us at info@kirinadvisors.com. I thank you once again to everyone for joining this call.<\/p>\n

Sanjiv Kumar<\/strong>\u00a0—\u00a0Financial Advisor<\/em><\/p>\n

Thank you, everybody.<\/p>\n

Pranav Relan<\/strong>\u00a0—\u00a0Whole-Time Director<\/em><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

[Operator Closing Remarks]<\/p>\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

Ndr Auto Components Ltd\u00a0(NSE: NDRAUTO) Q1\u00a0FY23 Earnings Concall dated Aug. 10, 2022 Corporate Participants: Sanjiv Kumar\u00a0—\u00a0Financial Advisor Pranav Relan\u00a0—\u00a0Whole-Time Director Analysts: Supriya Madye\u00a0—\u00a0Kirin Advisors — Analyst Vaibhav Sharma\u00a0—\u00a0Kogin Research — Analyst Dishant Jain\u00a0—\u00a0Quasar Capital — Analyst Jagvir Singh\u00a0—\u00a0Shade Capital — Analyst Dhwanil Desai\u00a0—\u00a0Turtle Capital — Analyst Ankur Shah\u00a0—\u00a0Quasar Capital — Analyst Sandeep Mane\u00a0—\u00a0Individual Investor — […]<\/p>\n","protected":false},"author":1905,"featured_media":49402,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[6349,10444],"tags":[9506,8818],"class_list":["post-136165","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-transcripts","category-others","tag-auto-parts","tag-consumer-cyclical"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2020\/02\/EarningsTranscript.jpg","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":139418,"url":"https:\/\/alphastreet.com\/india\/ndr-auto-components-ltd-ndrauto-q3-fy23-earnings-concall-transcript\/","url_meta":{"origin":136165,"position":0},"title":"Ndr Auto Components Ltd (NDRAUTO) Q3 FY23 Earnings Concall Transcript","author":"IRS_INDIA","date":"January 27, 2023","format":false,"excerpt":"Ndr Auto Components Ltd (NSE: NDRAUTO) Q3 FY23 Earnings Concall dated Jan. 27, 2023 Corporate Participants: Rajat Bhandari\u00a0--\u00a0Executive Director and Company Secretary Pranav Relan\u00a0--\u00a0Whole Time Director Analysts: Supriya Madye\u00a0--\u00a0Kirin Advisors Private Limited -- Analyst Vaibhav Shah\u00a0--\u00a0Cogent Research -- Analyst Nidhi Babaria\u00a0--\u00a0Envision Capital -- Analyst Anirudh Singhi\u00a0--\u00a0Dalal & Broacha -- Analyst\u2026","rel":"","context":"In "Consumer"","block_context":{"text":"Consumer","link":"https:\/\/alphastreet.com\/india\/category\/consumer-stocks\/"},"img":{"alt_text":"Earnings Conference Call 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Chawla \u2014 Analyst Saket Kapoor \u2014 Analyst Unidentified Participant Presentation: Operator Ladies and gentlemen, good day, and welcome to NDR Auto Components\u2026","rel":"","context":"In "Earnings Call Transcripts"","block_context":{"text":"Earnings Call Transcripts","link":"https:\/\/alphastreet.com\/india\/category\/transcripts\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":180082,"url":"https:\/\/alphastreet.com\/india\/ndr-auto-components-ltd-ndrauto-q3-2026-earnings-call-transcript\/","url_meta":{"origin":136165,"position":2},"title":"Ndr Auto Components Ltd (NDRAUTO) Q3 2026 Earnings Call Transcript","author":"News desk","date":"February 9, 2026","format":false,"excerpt":"Ndr Auto Components Ltd (NSE: NDRAUTO) Q3 2026 Earnings Call dated Feb. 05, 2026 Corporate Participants: Pranav Relan \u2014 Wholetime Director Analysts: Unidentified Participant Rishab Barar \u2014 Analyst Jatin Chawla \u2014 Analyst Vijay \u2014 Analyst Sahil Sharma \u2014 Analyst Manish Gupta \u2014 Analyst Jatin Chawla \u2014 Analyst Anubhav \u2014 Analyst\u2026","rel":"","context":"In "Earnings Call Transcripts"","block_context":{"text":"Earnings Call Transcripts","link":"https:\/\/alphastreet.com\/india\/category\/transcripts\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg?resize=350%2C200&ssl=1 1x, 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Prasad Deshpande \u2013 ED Each mines have their own blocks and they also explore new blocks. 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