The company is expecting around 20 percent of revenue from exports in the next three years.
Sona Koyo Steering Systems is likely to see a single digit growth for FY15 as the pick-up has been below expectations, says CMD Surinder Kapur. He, however, expects the capacity utilisation to improve in FY16. The company's steering business is operation at 65 percent capacity utilisation. The auto-component maker has been on a roll this year and has gained close to 180 percent year-to-date.
In an interview to CNBC-TV18, Kapur says the deprecation in yen has helped the company lower its input costs. He expects yen to stabilise at 115 against the dollar. The company also expects an improvement in margins to 15 percent in FY16 against 13.8 percent now.
Sona Koyo is also hopeful to double exports to 10 percent of revenue by next year. The company is expecting around 20 percent of revenue from exports in the next three years, adds Kapur.
Below is verbatim transcript of the interview:
Q: In Q1 you saw a strong performance which took your profits to Rs 3.5 crore mark. Q2 has been good as well, you are nearly at Rs 9 crore mark. How much better could be next year? What could you wrap up FY15 with?
A: I think FY15 is likely to be a single-digit growth year for us, not the double digit that we were anticipating. After the new government was sworn in we had thought that there would be a quick turnaround.
However, economy has not really picked up yet. Aspirations are there, the feel good factor is there which is partly being reflected in the stock market. Once there is movement on the ground you will see growth taking place in automotive industry.
You have seen Bhargava from Maruti say that 2014 is going to be the best year for Maruti. I think for all of us in the automotive industry the year is good but not as good as it should have been or could have been as we anticipated when we entered this financial year.
Sona Koyo Stee stock price
On December 26, 2014, at 14:15 hrs Sona Koyo Steering Systems was quoting at Rs 55.05, down Rs 0.1, or 0.18 percent. The 52-week high of the share was Rs 65.30 and the 52-week low was Rs 16.40.
The company's trailing 12-month (TTM) EPS was at Rs 2.59 per share as per the quarter ended September 2014. The stock's price-to-earnings (P/E) ratio was 21.25. The latest book value of the company is Rs 13.41 per share. At current value, the price-to-book value of the company is 4.11.
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