CG Igarshi Motors is originally promoted as a joint venture between Crompton Greaves Ltd., Igarashi Electric Works Ltd., Japan and International Components Corporation, USA.But now all these original promoters are out of the court and this company is presently owned by the promoters of another BSE listed company HBL Power Systems through Agile Electric. Old promoters – Igarshi electric Works – holding just 17 % and re categorized as non promoters.This company is in the production of Permanent Magnet Micromotors and allied components.These type micro motors are used in automobiles, power tools,toys and other household appliances.Company is supplying its products to major customers like Bosch, Delphi, Visteon, Mikuni..etc. Company’s 45% sales is coming from USA,27% from Europe and 28% from Asia region.CGIM also having a joint venture with Bosch India to produce electric motors.With revival in US auto market ,company posted good performance in latest quarter .A favorable change in Rupee value is also helping to earn better margins through exports.For the quarter ended March ,Company posted a turnover of Rs.74 Cr v/s Rs.52 Cr and a net profit of Rs.6.6 Cr v/s Rs.1 Cr . Chances of re-rating is there from CMP of Rs. 50/-
Tuesday, 24 April 2012
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