Auto Part Makers

Varroc Engineering's Q1 loss narrows to Rs 85 crore; revenue rises 36%

Auto parts maker and supplier Varroc Engineering on Friday reported narrowing of net loss to Rs 84.51 crore on a consolidated basis in the June quarter. The company had posted a net loss of Rs 229.28 crore in the year-ago period, according to a regulatory filing. Revenue from continued operations surged 36.25 per cent to Rs 1,628.28 crore in the latest June quarter. The same stood at Rs 1,194.99 crore in the corresponding quarter of FY22. The first quarter of FY23 has started with a stable outlook for automotive on back of a forecast of a normal monsoon. The growth is visible mainly due to low base, Varroc Engineering CMD Tarang Jain said in a statement. Semiconductor supply issues continue to impact premium two-wheeler manufacturers whereas passenger vehicle manufacturers are seeing improved supplies, he noted. "Geopolitical issues have resulted in higher energy cost as well as food inflation which is forcing most of the central banks to hike interest rates at a pace which has no

Marelli Holdings pushes back decision on sponsor after talks stall

The company, a key supplier for automakers Nissan Motor Co. and Stellantis NV, is now seeking to select a sponsor and finalize a plan next month

Motherson Sumi: Margin worries near term overhang for auto component maker

Growth in client volumes of Motherson Sumi and easing up of supply chain issues could be triggers.

Auto parts maker Wheels India Q2 net nearly triples to Rs 21 cr on growth

Revenue for Q2 went up 78% to Rs 911 crore from Rs 511 crore during the July-to-September period of 2020-21

MM Forgings acquires crankshaft supplier CAFOMA Autoparts for Rs 33 crore

Auto components maker MM Forgings Ltd (MMF) on Saturday said it has acquired one of the large independent suppliers of machined crankshafts CAFOMA Autoparts

Icra slashes growth forecast for auto parts industry to 17-20% for FY22

Icra cited the impact of semiconductor shortage on domestic vehicle manufacturers as well as on exports revenues

PLI scheme: Auto component companies hope to pare imports

It would also reduce imp­orts from countries like China, Taiwan and South Korea and facilitate foreign collaborators to set up manufacturing footprint in India

Indian auto part makers want Tesla's entry to benefit local companies

"We will always promote localisation," Deepak Jain, ACMA president told reporters on Tuesday, when asked about the industry body's views on Tesla's demand

Auto component industry revenues to grow by 20-23% in FY22: Icra

Indian auto component industry is expected to post 20-23 per cent revenue growth in the current fiscal aided by strong exports and recovery in the domestic market, as per rating agency Icra.

Auto parts suppliers to see 70% fall in operating profit in Q1: Icra

The sector is taking a hit from disruptions caused by the second wave of Covid

Auto parts maker Sansera Engineering files IPO papers with Sebi

The company said it expects that listing of the equity shares will enhance its visibility and brand image and provide liquidity to shareholders.

Daimler India shuts bus and truckmaking unit for 3 days on parts shortage

Daimler said it is supporting its employees with its health programmes, adding that it will pay workers their full salaries for the non-production period

SKF India to offer financial support to employees amid Covid-19 pandemic

SKF India on Monday announced COVID-19 support for employees and their immediate family members in the unfortunate event of an employee succumbing to the coronavirus infection

Auto parts maker Craftsman Automation IPO subscribed 55% on Day 1

The initial public offer of auto component maker Craftsman Automation received 55 per cent subscription on the first day of bidding on Monday.

Auto part makers shift to top gear as industry's growth accelerates

After being stalled by the economic slowdown and the pandemic, growth is accelerating rapidly for the industry

Japanese group Yanmar sets up its first diesel engine making unit in India

With a built-up area of 23,708 sq mt, the facility in Chennai has an annual production capacity of 80,000 engines

Auto parts major Bharat Forge's third quarter net loss at Rs 210.45 crore

The firm reported a consolidated net loss of Rs 210.45 crore in the third quarter ended December 31, 2020

Coronavirus found on multiple auto part packaging samples in China

Multiple auto part packaging samples have tested positive for the novel coronavirus in various parts of China after a company engaged in auto part sales reported a confirmed Covid-19 case

Auto parts industry revenue to grow 16-18% in next fiscal: ICRA

Ratings agency ICRA on Tuesday said it has revised its outlook on the auto component industry from negative to stable, on the back of demand revival across original equipment manufacturers (OEMs), replacements and exports. ICRA expects the domestic auto component industry's revenue to grow 16-18 per cent in the financial year starting April 2021, supported by factors such as increasing content per vehicle, low base effect, and higher realisations. Long-term demand drivers include increased focus on localised supply chains by Indian OEMs. Diversification of supply chain risk by global OEMs is also expected to lead to increased sourcing from India in the coming years, ICRA said in a statement. OEMs, which account for over 56 per cent of the auto component demand, have recorded a sharp increase in demand since September across all segments, barring the medium and heavy commercial vehicle (M&HCV) industry, it added. Volumes of the automotive industry will take 2-3 years to revert to ..

Automotive sector needs to finalise digitisation roadmap post Covid-19: EY

The sector, which had a production loss of about 750,000 units, currently has unsold inventory worth Rs 20,000 crore