No, it's not BMW - it is LMW!
Printed From: The Equity Desk
Category: Investment Ideas - Creating winning portfolios!
Forum Name: Emerging companies - Mid caps that can become large cap
Forum Discription: These are companies operating in growing markets having have certain niches or specific attributes like new sector plays. These are emerging multibaggers with high risks and high rewards.
URL: http://www.theequitydesk.com/forum/forum_posts.asp?TID=1078
Printed Date: 07/May/2025 at 1:34am
Topic: No, it's not BMW - it is LMW!
Posted By: smartcat
Subject: No, it's not BMW - it is LMW!
Date Posted: 14/Jul/2007 at 1:31pm
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Lakshmi Machine Works (LMW) is the third largest textile machinery company in world with a India marketshare of 55%. LMW has three business divisions -
- Textile machinery (end-to-end solutions, 89% of FY07 net sales)
- Machine tools (CNC machines, 7% of FY07 net sales)
- Casting/Foundry division (production mostly used for internal consumption, 4% of FY07 net sales)
Revenues:
FY06 : Rs. 1,344 crores
FY07 : Rs. 1,941 crores
FY08E: Rs. 2,460 crores
Net Profits:
FY06 : Rs. 144 crores
FY07 : Rs. 206 crores
FY08E: Rs. 291 crores
Trailing 12-month P/E: 18
RoCE:
FY06: 38%
FY07: 39%
Investment Rationale:
- Investing in textile companies like Alok or Welspun is generally considered as rewarding as shooting oneself in the foot. They face tremendous margin pressures, dilute equity at whim and have to deal with competition from Bangladesh, Pakistan and China. Though textile industry will grow thanks to quota abolition, finding a right textile company to ride the growth will be difficult. Enter LMW - the company that helps these textile companies increase capacities.
- 95% of LMW's revenues are from India. Currency risk is non-existent.
- Current order book of Rs. 5,500 crores.
- Generating Rs. 210 crores PAT is not a joke, especially for a Rs. 3,300 crore market cap company. Companies in the capital goods space like ABB (MCap of Rs. 24,000 crores) generated a net profit of just Rs. 340 crores in CY06. Praj industries' net profit is around Rs. 85 crores.
- LMW is a debt free company.
- According to CRISIL report, Indian textile industry will invest Rs. 55,000 crores across its value chain by 2012. India's global marketshare will increase from 4% to 7%.
- Govt of India's TUF (Technology Upgradation Fund) has been extended till 2012. Under this scheme, textile companies will get a 5% interest subsidy from the Govt.
Key Risks:
- Eventhough LMW is insulated from currency risks, its customers are not. A further fall in the Rupee will affect the capex plans of textile companies.
- LMW depends too much on the textile industy. Any slowdown in this industry will affect its stock price.
- Cheap imports from other countries, especially if Govt reduces import duties, can affect LMW.
Risk Mitigation:
- Government of India cannot afford to let the textile companies bleed because of currency appreciation. The textile industry is the second largest employer in India (35 million) after agriculture. It will offer sops to the textile industry so that their growth path is not affected.
- The machine tool division grew by 22% in FY07. The company is increasing investments in R&D.
- Currently, exports constitute very small percentage of the overall sales because of massive local demand. If there is a fall in demand in India because of currency risks, the company can get back to addressing the export markets.
- Nobody understands the Indian market as much as LMW. It offers customized solutions with good tech support, which imports might not offer.
Information Sources: Annual Report, LMW website & brokerage reports
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Replies:
Posted By: us121
Date Posted: 14/Jul/2007 at 4:49pm
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This is like infy of textile m/c business. Every time it looks costly, but growth and commanding position in industry brings further rise in the stock price. I read some time back that they have about 50% advance payment and remaining against delivery. Even then lead time for delivery is not less than 6 months. such is the demand supply situation. Also most of the import which is taking place today is not for the cost perspective but more from the delivery perspective. ------------- ABILITY will get u at d top. CHARACTER will retain u at d top |
Posted By: smartcat
Date Posted: 14/Jul/2007 at 10:03pm
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Talking about the stock price, it trades at very low volumes (4000/5000 per day). In May 2006 type of situations, it would not be possible to exit this stock. However, it is http://www.valueresearchonline.com/stocks/snapshot.asp?code=2182 - fairly popular with mutual funds . I forgot to mention one more thing. Reiter of Switzerland, the largest textile machinery firm is setting up a 100% subsidiary in India to sell its products. Note that Reiter is also a 13% shareholder in LMW, and LMW initially obtained most of the product technology via an old JV with Reiter.
However, LMW is now self-sufficient in textile machinery thanks to strong R&D focus.
LMW has about Rs. 600 crore cash balance worth around Rs. 500 per share (CMP: Rs. 3000)
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Posted By: basant
Date Posted: 14/Jul/2007 at 10:21pm
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Namish Shah of ENAM holds a decent stake and without doubt this is the best way to play the textile sector. Have shifted this thread to the emerging companies section. ------------- 'The Thoughtful Investor: A Journey to Financial Freedom Through Stock Market Investing' - A Book on Equity Investing especially for Indian Investors. Book your copy now: www.thethoughtfulinvestor.in |
Posted By: smartcat
Date Posted: 02/Sep/2007 at 11:44am
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It took an F&O entry to wake up LMW from its 6 month long Rs. 2700 to Rs. 2900 slumber. |
Posted By: mukesh
Date Posted: 03/Sep/2007 at 12:05pm
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65% of the total spindles installed in India are of LMW ------------- Life gives answers in three ways-It says YES and gives waht u want. It says NO and gives u something better. It says WAIt and gives you the best |
Posted By: mukesh
Date Posted: 03/Sep/2007 at 12:06pm
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65% of the spindles installed in India are of LMW ------------- Life gives answers in three ways-It says YES and gives waht u want. It says NO and gives u something better. It says WAIt and gives you the best |
Posted By: basant
Date Posted: 03/Sep/2007 at 12:10pm
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Will a stronger rupee affect their business? They export a great deal of these items to Pakistan. ------------- 'The Thoughtful Investor: A Journey to Financial Freedom Through Stock Market Investing' - A Book on Equity Investing especially for Indian Investors. Book your copy now: www.thethoughtfulinvestor.in |
Posted By: smartcat
Date Posted: 03/Sep/2007 at 12:20pm
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Stronger rupee won't directly affect them, because they seem to be busy with the Indian market right now. Exports constitute a miniscule percentage of revenues (according to their 2006 - 2007 annual report).
However, I guess if the Rupee does slide to Rs. 36/38, all the textile companies will start making losses and put their expansion plans on hold - no doubt about that. And this will affect the stock price and its net profits.
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Posted By: agrawalr
Date Posted: 04/Sep/2007 at 3:20am
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Infact I would look at it from other P+ve point of view. Indian companies are already lagging in technologies against china, current market share that indian players are enjoying can be credited to design and qality rather than price. Goin forward textile players will have to spend on technology and ensure that they can compete with china on efficiency. LMW would benefit from it. When there is such huge demand why there is only one company LMW? A) Because the most of the products that LMW sell are petented so new players have no entry. B) Imports are 20% expensive to LMW C) LMW provide customised solution which foregin players can't provide. D) Service - LMW have good post sale service network. Even after that if some one plans to setup shop in india against LMW, it is very expensive. The plant which LMW setup at book value 1000 Cr, will cost 4000 Cr today. Look at Balance sheet, you are getting the same plant at depreciated value of 400 Cr. At the same time its takes 3 years to setup such plant. So there is a strong entry barrier. Not a multibagger, but steady business - strong order book - great management - monopoly - debt free - 600 Cr worth of cash in hand. Great cash flow. So one both quantitative and qualitative terms this is a great company, more of a steady play. - Hope for 15-20% CAGR. LMW was almost at 100% utilization till last year, newly added capacity will give topline growth - so good set of numbers are expected for next few quarters. Order book is already over 5000 Cr. Will see if could spend some time to write more structured report on this. |
Posted By: basant
Date Posted: 04/Sep/2007 at 10:43am
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Very well articulated and this company is owed by Nemish Shah of ENAM as well. Any idea on what kind of a CAGR can an investor expect from LMW? ------------- 'The Thoughtful Investor: A Journey to Financial Freedom Through Stock Market Investing' - A Book on Equity Investing especially for Indian Investors. Book your copy now: www.thethoughtfulinvestor.in |
Posted By: sajanvm
Date Posted: 04/Sep/2007 at 11:26am
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I recently bought Lakshmi Electrical Control systems. Promoted by LMW family. Makes electrical equipment (Switchgear, Control panels), Plastic components . Also has a 100% subsidiary Harshini Textiles which is a 22,000 spindle yarn manufacturer.
LECS looks v cheap on several counts: OPM of 20% - maintained inspite of high raw matl prices Growing at 20-25% every year Consolidated EPS of Rs 40 last year, should do 50 this year. At CMP of 275, looks cheap. Owns 8800 shares of LMW. Worth 25-30 crore. Replacement cost of 100% subsidiary (22,000 spindles) is around 40-50 crore. Current market cap of LECS is 65-70 Cr. ------------- Sajan |
Posted By: smartcat
Date Posted: 05/Sep/2007 at 12:24pm
Just 15 - 20% CAGR? Isn't your estimate a bit on the lower side? Textile companies might grow at this rate but since almost every textile company needs to approach LMW, I was hoping for alteast 30% CAGR. Anyway, looking forward to your detailed analysis.
http://www.moneycontrol.com/india/news/recommendations/lakshmimachineworks/buylakshmimachineworks;targetrs3510emkay/market/stocks/article/287322 - Buy Lakshmi Machine Works; target of Rs 3510: Emkay
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Posted By: gyansr
Date Posted: 05/Sep/2007 at 1:08pm
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I am new to this site and has been impressed by the work done by you guys. Just wanted to give some info on LMW. It seems they have a foreign partner who helps them in technical area and owns substantial share in the company (Rieter Machine Works Ltd). This partner now wants to start its own operation in India. Some months back they got the approval from the government of india. Since then this share is languishing. This share which was once trading at around 3500 and looked as if the sky is the limit for it, is trading much lower now coz of the same reason. |
Posted By: smartcat
Date Posted: 05/Sep/2007 at 1:40pm
Rieter is the world No. 1 manufacturer of textile machinery. If they come to India on their own to sell their wares, will they be able to match LMW's prices? Are they setting up a manufacturing facility or just importing them?
If these numbers are true, then Rieter has to invest $1 billion to reach the capacity of LMW. I wonder if Rieter is that committed to the Indian market.
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Posted By: smartcat
Date Posted: 06/Sep/2007 at 7:15pm
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Little bit of fund action on LMW - Reliance Capital-Long Term Equity buys 2.25 lakh shares at Rs 2925/sh (1.82% stake) BNP Paribas Arbitrage buys 1.25 lakh shares at Rs 2925/sh (1% stake) HSBC Financial sells 3.9 lakh shares at Rs 2925/sh (3.15 % stake) (Reduces Stake from 3.88% to 0.73%) |
Posted By: hkumar
Date Posted: 07/Sep/2007 at 9:01pm
Basant Ji
This looks an interesting stock, what are your views on the same.
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Posted By: basant
Date Posted: 07/Sep/2007 at 11:01pm
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I agree. It does look interesting moreover the valuations are compelling. ------------- 'The Thoughtful Investor: A Journey to Financial Freedom Through Stock Market Investing' - A Book on Equity Investing especially for Indian Investors. Book your copy now: www.thethoughtfulinvestor.in |
Posted By: psimajin
Date Posted: 07/Sep/2007 at 11:42pm
| Lakshmi Elect did high of Rs 372 before last May crash and is yet to cross its previous high |
Posted By: smartcat
Date Posted: 07/Sep/2007 at 11:59pm
I'm not sure if it is a good idea to look at 'value' this way (equity holdings, replacement value etc) in small cap companies. It may take years for the market to realize the underlying value. There are numerous companies with market cap of Rs. 30 - 50 crores, but they'll own Infosys or Reliance shares worth much more than that.
Forget small-caps. Even NSE listed company like M&M's holdings in Tech Mahindra/Gesco/Fin services doesn't seem to be valued by the markets. While M&M has a market cap of Rs. 17,000 crores, Tech Mahindra (40% plus owned by M&M) alone has a market cap of Rs. 15,000 crores. If you value all the equity holdings of M&M, it is actually trading at a trailing P/E of 5 or 6.
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Posted By: hkumar
Date Posted: 08/Sep/2007 at 7:37pm
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I agree that this is not the best way to value a stock. Some other points which support that there is lot of value in the stock i) The product portfolio has electric equipment (Switchgear / control panels)….need to check what %age of sales / profit comes from these ii) The market cap is only 68 crores (given 80% public holding), it can be a take over candidate iii) The company has grown 3 times in 3 years (68 crores in 2007 from 25 crore in 2004), similarly EPS (INR 32 from INR 9) On the negative side, promoters hold only 20% and moreover there is no other strong hand like FIIs or FI holding this stock and that may be the reason why it is available at such a low PE. |
Posted By: sajanvm
Date Posted: 08/Sep/2007 at 10:45am
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Well, from my perspective:
* Reason to buy : 20% OPM business , growing at 25%, available at v low discounting compared to its peers
* Assessing margin of safety/"value": MOS seemed v large considering their liquid assets, replacement value of sub.
Now, considering BOTH of the above, LECS looked like an investment worthy candidate.
Low FII holding etc are pure "noise". According to me, what should matter is hard facts about the business.
Cheers
Sajan ------------- Sajan |
Posted By: kulman
Date Posted: 09/Sep/2007 at 12:27pm
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Any idea how much of LECL's revenue/profits come from supplying to LMW. I had read somewhere that it is largely dependant on LMW. Not sure...hence this query... ------------- Life can only be understood backwards—but it must be lived forwards |
Posted By: smartcat
Date Posted: 09/Sep/2007 at 11:57pm
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No clue. The websites of the two companies - Lakshmi Electrical Control Systems
http://www.lecsindia.com/ - http://www.lecsindia.com/
LMW
http://www.lakshmimach.com/ - http://www.lakshmimach.com/
<Added>
LECS website is still under construction
</Added>
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Posted By: hkumar
Date Posted: 02/Nov/2007 at 6:08pm
| LECS at 462 a sharp jump in a week |
Posted By: basant
Date Posted: 03/Nov/2007 at 2:08pm
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Is RD into this one and NDTV?That is what I heard - from the grapewine. ------------- 'The Thoughtful Investor: A Journey to Financial Freedom Through Stock Market Investing' - A Book on Equity Investing especially for Indian Investors. Book your copy now: www.thethoughtfulinvestor.in |
Posted By: smartcat
Date Posted: 03/Nov/2007 at 2:57pm
| Lakshmi Electrical Control or Lakshmi Machine Works? |
Posted By: basant
Date Posted: 03/Nov/2007 at 3:12pm
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Lakshmi Electrical Control ------------- 'The Thoughtful Investor: A Journey to Financial Freedom Through Stock Market Investing' - A Book on Equity Investing especially for Indian Investors. Book your copy now: www.thethoughtfulinvestor.in |
Posted By: basant
Date Posted: 06/Nov/2007 at 10:20pm
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Was checking the shareholding pattern of LMW and some real interesting nuggets emerged out of it.
1) Lakshmi Electrical Control systems hold about 0.88% of the company that is about Rs 33 crores. Out of a market cap of Rs 120 crores there is also some land in LECS in Coimbotore does anyone have any idea on the value of the value of tha land?
Or is the land in some other group company maybe Lakshmi Mills?
2) Nemish Shah of ENAM holds about 2.44% of LMW and I think this investment has been there for years.
------------- 'The Thoughtful Investor: A Journey to Financial Freedom Through Stock Market Investing' - A Book on Equity Investing especially for Indian Investors. Book your copy now: www.thethoughtfulinvestor.in |
Posted By: jstk
Date Posted: 07/Nov/2007 at 1:37pm
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Super sales ( market price:180 )is also an interesting LMW group co.
equity : 3 cr
debt : 10 0 cr
sales(07) : 80 cr of which around 56 cr is term loan, rest CC.
np : 12 cr
eps : 40
dividend : 7
they operate 3 divisions : agency ( of LMW products ) , windmill & textile.
hold 1.8 lakh shares of LMW valued @ 66cr at current price.
------------- If you buy for a non-value reason, you will end up selling for a non-value reason. |
Posted By: jain208
Date Posted: 18/Jul/2008 at 8:53pm
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Anybody tracking LMW? It is almost 75% down from it's all-time high... ------------- ======================================= The more it changes, the more it’s the same thing. |
Posted By: smartcat
Date Posted: 18/Jul/2008 at 12:29pm
| Not anymore. The dollar slide and the news reports of firings & losses in textile companies scared me off. |
Posted By: rakeshmehta48
Date Posted: 19/Jul/2008 at 6:58pm
Smartcat Ji
Under such circumstances, isn't it right time to look at LMW again ------------- Fund Management is Most Important |
Posted By: smartcat
Date Posted: 21/Jul/2008 at 6:43pm
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Lots of good companies are available at great valuations. Right now, my money would go elsewhere - not on LMW. |
Posted By: shivkumar
Date Posted: 14/May/2009 at 7:05pm
| This is one company with market cap lower than cash in hand. But net sales are decreasing with every quarter..... |
Posted By: basant
Date Posted: 14/May/2009 at 8:31pm
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As long as they are making zero losses it should be ok!
------------- 'The Thoughtful Investor: A Journey to Financial Freedom Through Stock Market Investing' - A Book on Equity Investing especially for Indian Investors. Book your copy now: www.thethoughtfulinvestor.in |
Posted By: shivkumar
Date Posted: 14/May/2009 at 2:28am
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won't the losses happen if the sales continue to keep falling? |
Posted By: smartcat
Date Posted: 15/May/2009 at 12:13pm
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Generally, for a machinery manufacturing company, lower sales = lower expenses. Employee costs won't be very high, unlike a software company.
But if the textile industry in India is doomed and if sales keep falling every year, then LMW will slip into losses and get liquidated.
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Posted By: rohitc99
Date Posted: 15/May/2009 at 7:57am
hi smartcat
Is that not an extreme scenario. There is around 8.9 Mn spindle replacement demand itself.
also losses will be more severe and catastrophic for the smaller competitors and they will only help LMW in the long run
only scenario where the textile industry is doomed is if we all stop wearing clothes
 ..just joking |
Posted By: shivkumar
Date Posted: 16/May/2009 at 12:07pm
| can anyone here provide a write-up on the textile industry? |
Posted By: studentoflife
Date Posted: 21/Feb/2010 at 7:20am
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Is it diworsification or opportunity?
http://www.thehindubusinessline.com/2010/01/29/stories/2010012954121000.htm - http://www.thehindubusinessline.com/2010/01/29/stories/2010012954121000.htm
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Posted By: Prasham
Date Posted: 25/Mar/2010 at 7:40pm
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1) I have not read the above article.
2) I belong to the textile industry and see a very bright future of LMW in medium and long term. Currently Textile Industry, especially spinning mills are sitting on huge profits due to disparity of prices of cotton and cotton yarn. People say that its the best period in last 10 years. Now from my experience I can say that once the mills have money they would go for expansion and hence the natural choice is LMW. So again the golden period for LMW is just around the corner. I believe that by Diwali this year the stock would have given atleast 50-100% returns. ------------- |
Posted By: studentoflife
Date Posted: 25/Mar/2010 at 6:16am
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Posted By: mohitrathi8
Date Posted: 31/Mar/2010 at 8:52pm
| Please have a look at Stovec Industries for textile machinery. Although it appears small MCap wise, it has a big MNC parent and looks very decent valuation wise. |
Posted By: studentoflife
Date Posted: 07/Aug/2010 at 11:37pm
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http://www.bloombergutv.com/stock-market/stocks/commentary/410748/lakshmi-machine-works-jumps-as-board-to-consider-buyback.html - http://www.bloombergutv.com/stock-market/stocks/commentary/410748/lakshmi-machine-works-jumps-as-board-to-consider-buyback.html
Yahoo !!!!!!!!! ------------- First step towards learning is the realization that you do not know anything. |
Posted By: commnman
Date Posted: 31/Jan/2011 at 6:24pm
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A well oiled machine at works!
Q3 numbers out... Total Income up 46% to 490.89 Cr from 336.17 Cr. EBIDTA up 19.3% to 75.61 Cr from 63.4 Cr. Net Profit up 50% to 45.83 Cr from 30.5 Cr. EBIDTA margin is 15.4% V/s 18.86% (DQ-09) and 17.54% (SQ-10) NET Pr margin is 9.4% V/s 9.07% (DQ-09) and 10.35% (SQ-10) Total raw material costs as a %ge to Income is 58.2% V/s 52% (DQ-09) and 56.36% (SQ-10) Employee costs down. Other expenses stable. Operating efficiency. Tax rates stable. There is a sharp jump in other income, up 74% to 17.54 Cr from 10.08 Cr. Depreciation down to 26.33 Cr from 27.98 Cr. Both of which explain rise in Net profit despite modest EBIDTA. Y-t-D 9-month 2010 to 9-month 2009: Total Income up 58.6% to 1279.44 Cr from 806.89 Cr (FY10 Full year 1169.42 Cr) EBIDTA up 48.8% to 209.07 Cr from 140.48 Cr (FY10 Full year 196.76 Cr) Net up 64.6% to 121.78 Cr from 74 Cr (FY10 Full year 104.68 Cr) Reported Nine month EPS is 98.45 V/s 59.83 (FY10 Full year 84.63) ------------- main toh aam aadmi hun... jo sunta hoon wohi sach maanta hoon |
Posted By: studentoflife
Date Posted: 31/Jan/2011 at 6:25am
Great I am invested in this stock............. ------------- First step towards learning is the realization that you do not know anything. |
Posted By: studentoflife
Date Posted: 14/Feb/2011 at 1:44am
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http://www.myiris.com/newsCentre/storyShow.php?fileR=20110207153224199&dir=2011/02/07&secID=livenews - http://www.myiris.com/newsCentre/storyShow.php?fileR=20110207153224199&dir=2011/02/07&secID=livenews ------------- First step towards learning is the realization that you do not know anything. |
Posted By: shontou
Date Posted: 13/Apr/2012 at 11:37pm
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Conference Call
Lakshmi Machine Works Of the Rs 4000 crore of order book, only 30% is active book translating to Rs 1200 crore of orders Lakshmi Machine Works conducted concall to discuss the current environment of textile industry as well as prospects of the company before announcing the financial results of FY12. Rajendran – Director Finance addressed the call Highlights of the call are: India is second largest country with spinning capacity of 44 million spindles after China which as 125 million spindles. Tamil Nadu accounts around 41% of the spindlage in India followed by Maharashtra and Andhra Pradesh 10% each respectively. Currently, 80% of the spindlage capacity in India is owned by small mills. The cotton prices are now currently ruling at around realistic prices of Rs 36000 a candy against Rs 60000 a candy a year ago. However, mills are not able to recoup the losses they have incurred in short period of time due to revaluation of inventory. The scenario of Capacity build up in Textile Industry is bleak currently as the spinners have lost their case of profitability due to sharp volatile cotton prices in H1FY12. While the north Indian spinning mills are currently improving and are utilizing capacities. The South Indian players are struck with problems of power shortage. According to management extension of TUFS to the textile industry would be a major trigger for the company. Project orders have drived the revenues of the company in FY12. For the 9MFY12, the company has reported 27% increase in revenues at Rs 1583.45 crore. During the 9MFY12, the company has order inflow of Rs 900 crore, while Order inflow during H2FY12 is negligible. The Outstanding order book of the company at the end of March 12 would be around Rs 4000 crore against Rs 4700 crore at end of FY11. Of this Rs 4000 crore of order book, only 30% is active book translating to Rs 1200 crore of orders. With no clear picture on the revival of spinning industry on capacity expansions, the management expects FY13 to be in line with FY12. Despite increase in input cost for raw materials like Iron and Steel castings, the company has no plans to increase the pricing of their product mix to keep up their market share; despite pressure on margins. The company generally maintains gap of 10-15% with the competition on the pricing front. Export orders constitute 10-12% of sales of the company. The management has no plans to increase the export sales as Domestic market is the key to them. Generally, export orders have lower time gap to commence orders than the domestic orders. Bangladesh is a major market for the company's exports. The company is also keen to enter Pakistan market. (Pakistan currently imports 70% of its spindlage requirements from China and 30% from Europe). The Chinese subsidiary of the company has sold nearly 0.5 million spindles in FY12 and has reported Rs 100 crore of revenues in 9MFY12. The company manufactures long ring frame in this subsidiary. Currently only 10% of the china spindlage works on long ring frame and the management expects that the use of long ring frame may increase to 50-60% in next 15 years. The management plans to source only 30-35% of the technology parts from India to China, while the rest are sourced locally following price pressures. Currently, localization of parts at Chinese facility was of the order of 45%, which will be scaled up to 65-70% in coming years. It also plans to increase the product mix in this facility and become a total solution provider. The management expects the facility to report break even in profitability in current quarter. The company has added 8.85 MW of wind power in FY12, totaling wind mill capacity at 36.85 MW, which can satisfy 75% of the power requirement of the company. The company has land bank of 25 acres in two plots in Coimbatore. The company plans to develop these two properties in to residential space. It has already got approval from Government for building 236 flats (both 2BHK and 3BHK) in 5 acres of land. It is now looking for a builder for this property development. The management expects cash flows from this property in FY14. Cash on book was to the tune of Rs 680 crore of which Rs 400 crore pertains to the advances from customers. ------------- Every day, self-proclaimed stock market "experts" tell us why the market just went up or down, as if they really knew. So where were they yesterday? |