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The eBearing News
October 24, 2005
FAG India Reports
Record Third Quarter Results
copyright © 2005 eBearing Inc.
FAG Bearings India Ltd. (India, a publicly-traded 51.3%-owned, division of INA Holding, Germany; BSE:
505790)
reported record results for third quarter 2005, ended September 30.
Sales for the quarter were Rs 1.14 billion (USD $25.3 million), up 36% over 2004's Rs 833.7 million
($18.5 million).
Profit after taxes was up 111%, to Rs 151.8 million, from Rs 71.8 million in 2004.
After growing Rs 44 million in second quarter 2005, inventory grew by Rs 15.5 million
in the third quarter.
With some international focus now on the cost of doing business in India, the "Staff cost"
can be enlightening. FAG India's Staff Cost in third quarter was only Rs 96.8 million ($2.1 million)
or 8.5% of sales.
FBIL is a key part of India's bearing industry, with a 19% overall market share. In specific
markets, it holds much larger shares -- 50% of India's cylindrical and spherical roller bearings, for example.
FAG India exports approximately 18% of production to other INA and FAG operations
worldwide, and the parent company in Germany is aggressively expanding that side of its
business to take advantage of India's cost advantage.
In India, FBIL sells primarily to OEM customers, and the OEM auto industry accounts
for close to 50% of its sales. Automotive and industrial customers include ABB, Bajaj Auto,
Crompton Greaves, Indian Railways, Maruti Udyog, Ford, General Motors, Hyundai, Ashok Leyland,
Siemens, and Punjab Tractors.
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- by Bruce A. Carr
from individual research,
tips and commercial sources.
Bruce Carr edited this content.
Copyrighted material; unauthorized reproduction prohibited.
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Entire contents Copyright © 1999-2010, eBearing Inc. All rights reserved.
eBearing.com and "... for everything that moves" are registered trademarks of eBearing Inc.
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