Action construction equipment ltd

[hitesh2710]

ACTION CONSTRUCTION EQUIPMENT LTD.âACE cmp 43, market cap 400 crores

Action Construction Equipment Ltd is a company engaged in the manufacturing of material handling and construction equipments like pick and carry cranes, mobile tower cranes, backhoes, forklifts etc.

The company is a well established player in its space and has two factories in Faridabad and Uttarakhand. It also has tie ups with various foreign firms like Zoomilin, PM Italy to provide latest technology in the construction equipment space.

Currently there is a lull in the infrastructure space which is likely to pick up momentum going forward due to govt thrust on infra spending. High interest rates are also hampering spending by the infra companies for acquisition of construction equipments. Both the factors are likely to get corrected going forward in next few quarters. Even in such an environment the company has been able to increase sales and profits noticeably and if there are favourable tailwinds, the company is likely to clock even better growth rates.

FINANCIALS

The company has 18.58 crores equity with each share having face value of Rs 2 per share. There are around 9.3 crores outstanding shares of Rs 2 each.

Debt : The company has negligible debt of around 20-30 crores.

The company allotted 30 lac shares to Reliance Capital in Oct 2010 at a rate of 63.35 per share.

Coming to last few years results

Year	06	07	08	09	10	9M FY 11
Sales	186	265	428	448	438	478
Net profit	12.7	20	36	22	24	27.6

Coming to last few quarter results

Qtr	Mar09	Jun09	Sep09	Dec09	Mar10	Jun10	Sep10	Dec10
Sales	77	80	97	106	143	129	154	181
NP	0.97	3.41	5.43	5.95	9.66	7.96	9	10.6

The results for the last 9 months have been quite good as compared to the earlier 9M period.

POSITIVES:

The company has high market share of around 50% in fixed and hydraulic cranes

Cheaper than international products and provides better services

Cost and spares advantage as compared to international players

Huge repeat business

Huge opportunity in the infra space

Since company has after sales and service network in place it has an advantage over competitors

Exports could be a good growth driver

Reasonable valuations for a company with clean balance sheet. Available at around 9-10 PE based on expected FY 11 EPS of around 4.2 to 4.5.

NEGATIVES:

Dependence on infra and real estate space exposes it to sector specific risk

Exposed to raw material price risk

Long receivables

High development and marketing costs

Threat from Chinese and other international players

[tcx]

FY11 growth looks very impressive, and it is quoting at 42 near 52 week lows (37)! Strong balance sheet. The ramp up in Sales and profitability quarter on quarter points to market dominance?

The company has diluted a lot by way of preferential shares though, almost by 50% in the last 6 years from Sep 2005.

look good to me; watch for more secular falls along with market?

[Donald]

Some earlier reports

http://www.plindia.com/research/CallTranscript/ACE-2-6-10-PL06022010161721.pdf

http://www.business-standard.com/content/research_pdf/ace_230210_01.pdf

http://www.smartinvestor.in/BSCMS/PDF/ace-_230910_01.pdf

Recent reports

http://www.moneycontrol.com/news_html_files/news_attachment/2011/ActionConstruction_MLRSec_130411.pdf

http://chain-sys.com/case%20studies/ACE_oracle_casestudy.pdf

[hitesh2710]

Shares got listed in Sep 2006. Probably that is the reason for dilution in equity.

Since March 2007 equity is at 17.98 crores. Now with allotment to Reliance capital of 30 lac shares at 65 rs the equity has increased to 18.58 crores.

Regarding market dominance I see plenty of their equipments at sites of construction of flyovers in my city where almost 3 flyovers are being built currently.

[rk1771]

A typical cyclical well managed company. If infrastructure sector gets some impetus, and commodity prices fall, it is in a very sweet spot… however one needs special capability to predict cycle for investing in this stock. More often than not, cyclicals can make you wait for years… very painfully.

[rohansh]

@rk1771 @Donald @hitesh2710 @tcx

Does anyone still track this? Is this worth revisiting now in your view? The market appears to have become more crowded with several MNCs and domestic OEMs in the fray, and hiring agencies still appear to be facing a liquidity crisis. However operating leverage is high.

[sahiltaneja29]

ACE.pdf (268.6 KB)

Please find attached the latest research report on ACE from Angel Broking. They are talking about a turnaround. Seniors @hitesh2710 @Donald , please share your opinions if you are still tracking.

Thanks

[sagheero]

ACE characterises Indian jugaad. Saurabh Aggarwal is second gen, they had tie ups with JCB and the likes, basically got “inspired” by their designs and made cheap Indian variants of it! They also had litigation from these foreign players.

Street smart entrepreneur, energetic, operating leverage play, but just too small to say that it will benefit from the whole infra spending upswing…I do not see that happening in its financials. Been a while since I tracked the counter but quality wise, just a tad too small to put too much into this stock from a portfolio perspective.

[akja]

Hi

Is anyone tracking ACE currently. Some of the things i like are;

1. The company has stated that no further Capex is going to be required for quite some time to come. They mentioned that till a turnover of turnover of 1200cr (which is almost double of this year) there is capacity. So there is going to be great operating leverage at play
   2)Their construction equipment is quite fungible and can be used across the infrastructure space. So it’s fortunes are not tied to any one sub-sector picking up
2. The company expects at least its agri-equipment to pick up this year, given the better monsoons
3. The balance sheet has got much better. Debt has reduced and the working capital cycle has become better

While the net profit numbers are low the cash flow is coming in quite nicely. It’s a bet on the economic revival and as and when it happens, operating leverage will kick in and the ROE will look much better. In 2006-2008 ROE’s were 25-30%

Disclosure: Invested

[nkabra]

I wanted to learn from the experts their opinion on ACE (Action Construction) after the Gujarat results.
I am thinking there will be more focus on infrastructure in the current budget given the Gujarat elections which showed that the rural voters did not sway the current ruling party’s way.
1)Will ACE company benefit from the new budget.

ACE is now fast emerging as a Pan India player in Road Construction & Farm Equipment and the recent entry of Institutional Investors this quarter lends credibility to our thesis on its ability to scale up in its high growth verticals.

ACE now is making material headway in its Farm Equipment business and should contribute to overall profitability this fiscal.
2) Who are the major competitors for ACE and what is the market share ACE has now…

3. I do not think they have a pan-India presence. There offices are mainly in the North-Delhi and Faridabad, Haryana and Uttarakhand-so the construction activity in this area will play a major role in their growth. Please correct me here if wrong. Also, the transportation for these fork lifts and cranes is not very feasible from one state to another as far as timing and cost in evaluated for the transport. So local sourcing makes more sense.

4. ACE TC RENTALS PRIVATE LIMITED is a fully owned subsidiary of ACTION CONSTRUCTION EQUIPMENT LIMITED.
   It claims to be India’s Largest Tower Crane Rental Company with the fleet size of more than 100 nos. of Tower Cranes working across the country.
   Do they have no foreign or Indian competitors like L&T?

Senior members like Hitesh, Donald, Mahesh-Can you also provide your recommendations…

Warm regards,
Nitin

[nprao]

Fantastic results from ACE for the second quarter in a row

[nprao]

They are organising a conference call for the first time. It’s on Monday. Wonder if the turnaround at ACE is a lead indicator of a broader capex/ infra revival.

[nprao]

“The business growth in the quarter is healthy as demonstrated by a steady revenue and profit growth. The company is confident of exceeding the 18-20 per cent growth target set for FY18 and is now looking at least 30-35 per cent growth in FY18 itself,” ACE Executive Director Sorab Agarwal said in a statement issued here.

ACE reports three-fold jump in net profit in Q3 FY18 - ET RealEstate

[biswarup]

Full transcript of Q3FY18 earnings call:

ace.concall.transcripts.pdf (244.1 KB)

Company is witnessing strong demand, expects to grow by 40% in Q4 YoY & further by 25-30% in FY19. Current utilization levels are 60% or below, depending on the product. Existing capacities are capable of generating around 1500-1600 Crs sales - margins at peak util are expected to be 11-13% EBITDA & 7.5% PAT

Disc: invested from lower levels

[pranav_pratap]

After the Financial crisis in 2008, promoters’ real estate company with ~0 business was merged with the company. Approximatey half of Ace’s market capitalization was in form of cash on books. This cash was paid to promoters as purchase consideration. In other words, promoters took the accumulated profits out of the company without sharing any of it with the minority shareholders. One has to be careful while investing in companies with such track record.

[Darkwanderer79]

Action Construction Equipment enters into MOU with URSUS S.A.

http://equitybulls.com/admin/news2006/news_det.asp?id=225657

[S_Banerjee]

Amalgamation between Frested Limited (‘Frested Ltd’) and Action Construction Equipment Limited (‘ACE’ or ‘Applicant Company’) and their respective Shareholders and Creditors is proposed. With respect to expanding business and increasing revenue generation, how much this is going to help, any study or research from anyone please share with us.
Disc : Invested and increasing holding gradually

[Darkwanderer79]

Action Construction Equipment Ltd board recommends dividend of Rs. 0.50 for 2017-18

http://equitybulls.com/admin/news2006/news_det.asp?id=228997

Action Construction Equipment Ltd FY18 PAT soars to Rs. 52.01 crores

http://equitybulls.com/admin/news2006/news_det.asp?id=228952

[smehta]

                  			Action Construction Ltd

Stock story
Company Overview
ACE is India’s leading Material Handling and Construction Equipment manufacturing company with a majority market share in Mobile Cranes and Tower Cranes segment. ACE also offers Mobile/fixed Tower Cranes, Crawler Cranes, Truck Mounted Cranes, Lorry Loaders, Backhoe Loaders/Loaders, Vibratory Loaders, Forklifts, Tractors and other Agri Machinery.
Industry Overview (Pointers: AR 2017)

• It was difficult year for the global economy, characterized by low growth and geopolitical uncertainties.

• In India, rural demand continuous to be sluggish in the early part of the year, the overall market showed signs of recovery in the latter half of the year but faced a temporary slowdown in November due to demonetisation.

• Indian construction equipment market is projected to reach 131 thousand units by 2022. The Indian construction equipment industry is projected to exhibit a cumulative annual growth rate of 19 % during 2013-18. There is a cautious optimism that by 2018-19, the industry will be back to an output level of 70,000 units that was achieved in 2011-12.

• The union budget for FY18 has allocated infrastructure development Rs 3,96,135 Cr being 14 % increased compare to last year. The Earthmoving and Construction equipment (ECE) is back on track driven by roads and highway sector.

• With projected forecast of good monsoons after a gap of two years, the demand for Tractors, Harvesters will increase the volumes of Tractors, Harvesters and Rotavators launched in recent past.
  Operations:

• Company is focused on marketing, vibrant customer relationship, coupled with investing in R&D is the Mantra to ACE next level of growth. Company is investing in creating capacities and expanding manufacturing base, products and product support network this will enable to CATER the demand as it picked up. Company is working toward cost optimisation, lean processes and proficient operations to enhance profitability.

• Company have R&D centre at Jajru Road, Faridabad and Dudhola link Road, Dudhola Village, Palwal.
  Risk

• Depreciating rupee will drive pressure on margins

• Volatility in prices of raw material will add pressure on margin
  Company operates in following segments:

• Cranes
  o Mobile Cranes
   Market leader - 63% Market Share
   Operating at 75% capacity
   High quality offering with equitable pricing
   Buoyant demand leading to scarcity
   Average life of mobile crane 10-12 years, strong replacement market
   Focus on improving market share - crossing the next milestone 70%
   Application – Versatile cranes that can be used for a wide range of lifting needs, both on and off road
  o Crawler Cranes
   No. 1 position in India ( upto 75 Tons )
   Presently operating at 20% current capacity utilisation
   Crawler cranes demand set to increase with revival in the Infra and Construction sectors
   Leverage on strong brand equity to improve market share
   Application : Crawler cranes have the highest lifting capacity in any type of mobile cranes, primarily used in heavy engineering, petrochemical industry, power plant construction, infrastructure projects and wind power
  o Tower Cranes
   Market leading position (~60% share )
   Current Capacity utilisation is 40%.
   Key Drivers - Increasing construction of multi-storeyed buildings, translating into expansion in demand.
   Precast construction leading demand for bigger cranes
   Used in construction of multi storey buildings and infra projects
   To leverage Capacity opportunity

• Material Handling / Construction equipment
  o Heavy investment in various infrastructural projects by public and private enterprise in areas like road construction , its maintenance , ports , power plants , telecommunication sector, urban infrastructural developments , smart cities , clean India and fast train projects, etc
  o Major challenges faced are accurate shortage of skilled manpower both at worker and supervisory level as well as lack of experienced construction equipment engineers.
  o Forklifts
   No. 3 player in the market - 18% market share
   Expertise and capabilities available to achieve leadership position
   Operating at 40% capacity
   Key customers are corporates – used mainly in factories
   Key Driver - Increase in logistics and warehousing activities to drive sales
   Huge potential in the segment with high margin led growth
   Electric, Diesel and LPG operated Forklift Trucks
   Development & expansion of corporate sales channel through dealer leverage
  o Road construction equipment
   Operating at ~ 25% -30% capacity utilisation.
   Our products are competitively priced, offering equivalent quality with cushion to raise prices once volume picks up
   High growth segment expected to grow at ~70% CAGR for next 3-5 years.
   Key Drivers – pick up in construction and infra activity
   Value for money products, with latest technology.
   Application - Used for digging, moving, grading, compacting and loading earth and other loose aggregates, also find application in industrial and mining activity.
   Leverage existing sales network to grow road construction equipment business.
   Leverage existing customer base

• Agri-equipment
  o Presence across northern states of Haryana & Uttar Pradesh, focusing on PAN India Presence
  o Cash flow positive business with negative working capital and zero credit on Tractors
  o Operating at 50% capacity
  o To increase presence and brand awareness in West and South India.
  o Increase supply and focus on Marketing & Promotion activities.
  o Focus on Export already supplying to Egypt, Afghanistan, Bangladesh and Nepal.
  o Value for money products, offerings with latest features.
  o Increasing trend towards Mechanization.
  o Minimum Support prices for Key Crops. Scarcity of Labour.
  o Ease of Credit Availability from Government

Financials:
Quarterly Segmental Performance
Particulars (in crores) Q4 FY18 Q4 FY17 Variance YOY Q3 FY18 Variance QOQ FY18 FY17 Variance YOY
Cranes 262.6 161.8 62.30% 185.1 41.90% 749 496.2 50.90%
Construction Equipment 24.8 17.6 40.50% 21.6 14.50% 71.9 48.9 47.20%
Material Handling 22.8 14.1 61.10% 19.5 16.50% 80.8 52.9 52.70%
Tractor/ Agri-Machinery 57.3 36.3 57.90% 52.8 8.60% 184.8 153.1 20.80%
Income from Operation 367.5 229.9 59.90% 279.1 31.60% 1086.5 751 44.70%

• Segmental performance:

Segmental Revenue Contribution
Particulars (%) Q4FY18 Q4FY17 Q3FY18 FY18 FY17
Cranes 71.5 70.4 66.3 68.9 66.07
Construction Equipment 6.75 7.66 7.74 6.62 6.51
Material Handling 6.20 6.13 6.99 7.44 7.04
Tractor/ Agri-Machinery 15.59 15.79 18.92 17.01 20.39

Particular Dec-15 Mar-17 Jun-17 Sep-17 Dec-17 Mar-18
Sales 187.78 229.86 188.96 250.99 279.07 367.46
Sales YOY% 19.6 21.45 22.76 39.86 48.62 59.86
EBITDA 11.24 8.96 9.39 17.35 27.08 38.31
EBITDA % 108.92 -31.39 1.73 66.03 140.93 327.57
PAT 4.88 2.1 3.77 11 16.41 21.46
PAT % 188.76 -51.72 24.83 146.64 236.27 921.9

Particular 2013 2014 2015 2016 2017 2018
Sales 667.85 614.93 597.65 637.3 751.23 1086.48
Sales YOY % -21.94 -7.92 -2.81 6.63 17.88 44.63
EBITDA 29.72 39.49 20.97 30.95 43.72 92.13
EBITDA YOY% -43.38 32.87 -46.9 47.59 41.26 110.73
PAT 7.21 4.02 6.75 8.81 19.64 52.64

Cash Flow 2013 2014 2015 2016 2017
Cash from Operating 42.33 36.86 39.19 57.43 71.74
Cash from Investing -44.98 -19.92 -14 -24.73 -11.12
Cash from Financing -1.62 -19.33 -26.06 -33 -54.03

Balance Sheet 2013 2014 2015 2016 2017
Borrowings 156.21 149.61 137.72 124.26 83.43
Liabilities 219.43 222.01 235.27 238.58 298.7

Stock Story:

• Basically, ACE is into following segments:
  o Crane – Mobile crane, crawler cranes, tower cranes (leader in this business with 63% market share)
  o Material handling and construction equipment – Forklift, road construction equipment
  o Agriculture equipment.
• Current capacity utilisation of existing capacity are as follows: (as per recent Concall)
  o Cranes – 75 %
  o Construction Equipment – 30 %
  o Material Handling – 50 %
  o Agri Machinery – 50 %
• Company has surplus land as well. Company has currently 82 acres of land out of which company is working on 30 acres of land only.
• Majorly, Crane business contributes 71% of total Revenue in which the company is a leader while in other business they are just a small player.
• Sales is divided in to three verticals:
  o New Buying of equipment
   Majorly they are seeing new orders coming in from infra and other side.
   Infra contributes 60% (Road, Railway, Metro, Urban Infrastructure) while 40% comes from other business.
  o Rental
   It’s around 2% of the total pie
   Currently it contributes 21 crores and company wants to take it to 50 – 55 crores.
  o Replacement
   7 – 8% of the income comes from replacement.
   Replacement comes after 8 – 10 years of life of cranes and tractors.
• Agriculture business:
  o Company has recently signed a contract with Ursus, a company from Poland for manufacturing and marketing of agricultural machinery and electric buses.
   Company got orders to manufacture 4k – 5k tractors by using their technology, and they are targeting 25 – 30 % to complete in current year and further they are targeting to 12k – 13k till FY 20.
   The tractors manufactured would be branded as ACE – Ursus and would be promoted and sold by ACE in Indian Market as well.
   Key difference in their products:
  • gearbox , capability , force and it require very less maintenance
  • (Don’t know about the pricing in comparison with peers)
• Forklift and construction equipment:
  o Forklift currently operates at 40% capacity.
  o Key drivers for growth in forklift business:
   Increase in logistics
   warehousing activities
  o Construction equipment
   Operating at 25 - 30% capacity utilisation.
   Products are competitively priced, offering equivalent quality with cushion to raise prices once volume picks up
   High growth segment expected to grow at 70% CAGR for next 3-5 years.
   Key Drivers
  • Pick up in construction
  • Infra activity
• So what we are looking for in this company:
  o As per the government projects coming up and focussing on Infra, ACE is likely to be delivering good growth in the company
  o Cranes being a leader in the business is likely to contribute. And as per the management they seem to gain a market share up to 75% in this year.
  o Agri business will be likely to further contribute to the top line with MOU signed with Ursus.
  o Financials: Looking at the current capacity utilisation, we might see operating leverage coming in to play and will further increase the ROCE of the company. Debt to equity is 0.29. PE is 29.64.
• Key risk:
  o Steel prices’ going up is a bit problem for them to maintain margins.
  o Rupee depreciating might affect margins as well
• Key variables to track:
  o Raw material prices
  o Steel prices
  o Infra order books
• Technical:
  Disc: have invested.

[smehta]

                  			Action Construction Ltd

Annual Report 2017
Promoter – Vijay Agarwal , Mona Agarwal, Sorab Agarwal
Company Overview
ACE is India’s leading Material Handling and Construction Equipment manufacturing company with a majority market share in Mobile Cranes and Tower Cranes segment. ACE also offers Mobile/fixed Tower Cranes , Crawler Cranes , Truck Mounted Cranes , Lorry Loaders , Backhoe Loaders/Loaders, Vibratory Loaders , Forklifts., Tractors and other Agri Machinery.
Industry Overview
It was difficult year for the global economy , characterized by low growth and geopolitical uncertainties.
In India rural demand continuous to be sluggish in the early part of the year , The overall market showed signs of recovery in the later half year of the year but faced a temporary slowdown in November due to demonetisation.
Indian construction equipment market is projected to reach 131 thousand units by 2022. The Indian construction equipment industry is projected to exhibit a cumulative annual growth rate of 19 % during 2013-18. There is a cautious optimism that by 2018-19, the industry will be back to an output level of 70,000 units that was achieved in 2011-12.
The union budget for FY18 has allocated infrastructure development Rs 3,96,135 Cr being 14 % increased compare to last year. The Earthmoving and Construction equipment (ECE) is back on track driven by roads and highway sector.
With projected forecast of good monsoons after a gap of two years , the demand for Tractors , Harvesters will increase the volumes of Tractors , Harvesters and Rotavators launched in recent past.
Operations
Company is focused on marketing , vibrant customer relationship , coupled with investing in R&D is the Mantra to ACE next level of growth. Company is investing in creating capacities and expanding manufacturing base , products and product support network this will enable to CATER the demand as it picked up. Company is working toward cost optimisation , lean processes and proficient operations to enhance profitability .
Company have R&D centre at Jajru Road , Faridabad and Dudhola link Road, Dudhola Village , Palwal.
Company Products :- Mobile Cranes - 3-50 tonss , Forklift Trucks , Mobile Tower Cranes , Tractors , Lorry Loaders , Vibratory Loaders , Backhoe Loaders , Motorgraders , Crawler Cranes , Tower Cranes ,Concrete Placing Booms
Company has changed Audtiors from M.S Rajan Chhabra & Co to Mr. BRAN & Associates
Total number of employees stood at 1014 compare to 1062 last year.
Under Amalgamation Action Construction Equipment Ltd allotted 1,83,83.000 equity shares and 3,02,19,380 cumulative Non-participating redeemable preference shares to the shareholders of ACE TC Rentals private limited. Further company had applied for listing and trading approvals from both BSE limited and NSE Ltd and approval has .
Risk

• Depreciating rupee will drive pressure on margins

• Volatility in prices of raw material will add pressure on margin
  Segment wise performance
  Company operate in three segments

• Cranes
  o Revenues increase by 19.46 % in the financial year
  o Profit increase by 3 % in the financial year

• Material Handling / Construction equipment
  o Revenues increase by 62.13 % in the financial year
  o Profit increase by 695 % due to increase in revenues and various cost initiative by company in the financial year
  o Heavy investment in various infrastructural projects by public and private enterprise in areas like road construction , its maintenance , ports , power plants , telecommunication sector, urban infrastructural developments , smart cities , clean India and fast train projects, etc
  o Major challenges faced is accurate shortage of skilled manpower both at worker and supervisory level as well as lack of experienced construction equipment engineers.

• Agri-equipment
  o Revenues down by 0.52 % in the financial year
  o Profit increase by 173 % due to cost initiative taken by company in the financial year

• Company proposes to transfer Rs. 200 lakh to the general reserve

• Total amount of Rs 3,206.11 lakh had not been paid to income tax due to various disputes going on regarding Income Tax , Excise Duty , Service tax , SAD Refund and Sales tax.

• Long term borrowing increased by 57 % from 2,396.89 lakh to 3,765.67 lakh

• Short term loan decrease by 69.91 % from 8,242.37 lakh to 2,480.12 lakh

• Finance cost has been reduced by 6.86 % from 1,401.67 lakh to 1,305.25 lakh
  Company Subsidiaries

• Frested Ltd , Cyprus – wholly Owned Subsidiary
  o Company has granted a loan worth Rs 2745.72 lakh to Frested Ltd, Cyprus and waived off interest in following loan , repayment is schedule at 31-03-19

• SC Form SA , Romania – Fellow Subsidiary

Top Ten Shareholding Pattern
Sr No Name % holding beginning of year % holding at end of the year
1 India Opportunities Growth Fund 2.43 1.36
2 Edelweiss Trusteeship Co Ltd 1.23 1.08
3 Dileep Madgavkar 0.76 0.89
4 Chander Bhatia 0.91 0.91
5 Union Small and Midcap Fund 0.37 0.51
6 Indianivesh Securities Ltd 0.01 0.48
7 Rahul Dhruv 0.27 0.48
8 Anuj Anand Didwana 0.13 0.37
9 Nitin Kapil Tandon 0.40 0.4
10 JV and Associates LLP 0.32 0.27

Financials
Segment Wise Revenue % Change FY17 FY16
Cranes 19.45 % 47,565.14 39,816.96
Material handling Equipment 62.12 % 10,151.76 6,261.62
Agri Equipment -0.52 % 15,230.97 15,310.62
Excise Duty 16.89 % 4,603.13 3,937.70

Segment wise assets % Change 2017 2016
Cranes 2.16 % 47,978.21 46,960.12
Material Handling Equipment 31.25 % 6155.18 4689.53
Agri Equipment 5.68 % 3924.87 4161.55
Unallocated 10.57 % 9,178.02 8,300.10
Segment wise Liabilities
Cranes 31.86 % 14,487.76 10,987.12
Material Handling Equipment 92.43 % 2,435.80 1,265.76
Agri Equipment 6.40 % 3,982 3,742.46
Unallocated -3.71 % 46,330.72 48,115.96

Segment wise Capacity Utilisation Installed Capacity % Change Production
2017 Production
2016
Cranes 7500 22.41 % 3572 2918
Material handling Equipment 1300 61.16 % 888 551
Agri Equipment 6000 -2.95 3594 3491

Turnover 2016-17 2016-17 2015-16
Qty Rs Qty Rs Qty Rs
Cranes 24.53 % 19.45 % 3599 47,565.14 2890 39,816.96
Material Handling 48.16 % 62.12 % 846 10,151.76 571 6,261.62
Agri Equipment 0.37 % 0.52 % 3460 15,230.97 3447 15,310.62

S.No Particulars Amount (Rs. In lakh)
1 Capital Expenditure 2.93
2 Revenue Expenditure (Incl Salary to R&D Staff and other related expenditures) 659.67
662.60

Sr No Name and Description of main products/services % of total turnover of the company on the basis of Gross Turnover
1 Cranes 65.20
2 Material Handling/ Construction Equipment 13.92
3 Agri Equipment 20.88

Indebtness at the beginning of year Changes in the year Indebtness at the end of the year
12,426.54 Cr -4084.01 Cr 8342.53 Cr

Particular Dec-15 Mar-17 Jun-17 Sep-17 Dec-17 Mar-18
Sales 187.78 229.86 188.96 250.99 279.07 367.46
Sales YOY% 19.60 21.45 22.76 39.86 48.62 59.86
EBITDA 11.24 8.96 9.39 17.35 27.08 38.31
EBITDA % 108.92 -31.39 1.73 66.03 140.93 327.57
PAT 4.88 2.10 3.77 11.00 16.41 21.46
PAT % 188.76 -51.72 24.83 146.64 236.27 921.90

Particular 2013 2014 2015 2016 2017
Sales 667.85 614.93 597.65 637.30 751.23
Sales YOY % -21.94 -7.92 -2.81 6.63 17.88
EBITDA 29.72 39.49 20.97 30.95 43.72
EBITDA YOY% -43.38 32.87 -46.90 47.59 41.26
PAT 7.21 4.02 6.75 8.81 19.64

Cash Flow 2013 2014 2015 2016 2017
Cash from Operating 42.33 36.86 39.19 57.43 71.74
Cash from Investing -44.98 -19.92 -14.00 -24.73 -11.12
Cash from Financing -1.62 -19.33 -26.06 -33.00 -54.03

Balance Sheet 2013 2014 2015 2016 2017
Borrowings 156.21 149.61 137.72 124.26 83.43
Liabilities 219.43 222.01 235.27 238.58 298.70