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Key component segments
Engine components
Engine components fall into three broad categories - core engine components, fuel delivery
system and others. This segment includes products such as pistons, piston rings, engine valves,
carburettors, crank shafts, sump connecting rod etc. These are the most critical components and
require high level of co-ordination between component manufacturer and OEM. This segment,
accounting for 31 per cent of component market (by value), has seen major technical
advancements with improved designs for optimal fuel consumption and lesser emission.
Drive transmission and steering components
This segment, accounting for around 19 per cent of auto component market, includes
components like gears, wheels, steering systems, axles and clutches.
Body and chassis
This segment accounts for 12 per cent of auto component market.
Suspension and braking components
This segment includes components like brakes, brake linings, leaf springs and shock absorbers
and accounts for 12 per cent of the auto component market.
Equipment
This segment, accounting for 10 per cent of the market, includes components like headlights,
dashboard instruments, wiper motors, electric horns etc.
Electrical components
The main products in this segment include starter motors, generators, spark plugs, ignition coil,
flywheel magnet, voltage regulator, electric ignition and distributors. This is one of the major
upcoming segments, forming 9 per cent of the Indian component industry. Digital Twin Spark-
plug Ignition (DTSI) mechanism is the latest concept in the automobile industry.
Others
Sheet metal components and plastic moulded components are two of the major components in
this category. Around 7 per cent of the market is accounted for by other components not
included in the above segments.
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Component-wise market segmentation
ElectricalOthers
Engine7%Components Components9% 31%
Equipments10%
Suspension and DriveTransmissionBrakingand SteeringComponents
Body and components12%
Chassis 19%12%
Source: ACMA
Industry structure and competition
Auto component industry is fragmented and predominantly controlled by the unorganised
sector. Organised segment accounts for only 30-35 per cent of the domestic sales. There are
around 500-600 units in the organised segment, while the unorganised segment has presence of
more than 6,000 units. Despite Indias auto component industry producing US$ 20 billion worth
output, the top-line of hardly 40-45 players exceed US$ 100 million. Some of the major
domestic auto components manufacturing groups in India include TVS, Rane, Amalgamations,Kalyani, Sona, Rico, Minda and Amtek, amongst others. The organised segment faces
competition from counterfeiters as well. According to the industry, counterfeit market is
estimated to be as large as US$ 1 billion.
On account of the relatively larger size, scalability and better financial strength than the
unorganised segment, the OEM market is primarily catered by the units in the organised
segment. The units in the unorganised segment attempt to find their fortunes amidst fierce
competition in replacement market. Many players in the unorganised segment are also involved
in job work and contract manufacturing for the organised sector.
The global key auto makers have brought along the international component suppliers into India.
Major international auto component manufacturers like Lear Corporation, Delphi, Visteon, Mando,
ZF Steering, Bosch, Motherson Sumi, Denso etc have established their strong presence in India. The
entry of global manufacturers enabled introduction of new technologies, new products
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Global players in India
Delphi Steering System and Wiring harness
Bosch Spark plugs, Fuel Injection equipments, Oil FiltersDenso Auto electric components, alternators, fuel pumps and RadiatorsLear Electronic and Auto electrical componentsJohnson Controls Seating Systems and ControlsVisteon Air conditioning, engine cooling systemsT R W Engine valves, steering system, braking system and electric componentsSiemens VDO Automotive dashboard instruments and accessoriesDANA Clutch, Piston rings, axle housing
Importance to the economy
The auto component industry may not seem important to the economy in terms of its directcontribution to the GDP (2-3 per cent) or to the exchequer (approximately 2-3 per cent) or to the
foreign exchange earnings (2 per cent of Indias exports in value). However, this industry is
indirectly very important, as it employs close to 10 million people directly and indirectly, which
makes it significant amongst the Small and Medium Enterprise (SME) sector.
Major Clusters
The component industry, being ancillary to the automobile industry, has been primarily developed
in and around automobile manufacturing clusters. National Capital Region (NCR) in north, Pune
and Aurangabad belt in west and Chennai & Bangalore belt in south are the key automobile
manufacturing hubs in India. There are some OEM plants in Madhya Pradesh, Jharkhand and West
Bengal as well. Tier-I and Tier-II component suppliers generally have their plants located within the
vicinity of the OEMs manufacturing unit. Nevertheless, small component manufacturers especially
in the unorganized segment primarily catering the replacement market are spread across the
country.
Players like Asahi Glass, Jai Bharat Maruti, Sona Koyo, Omaxe and Bharat Seats are the key
suppliers in the organised segment in north Indian automobile cluster around NCR. North India
has disadvantage of being land locked with large distance from port. However, the Government
has responded well by setting up Inland Container Depot at Tughlakhabad to facilitate exports.
Similarly, the western India automobile cluster in Pune and Aurangabad is supported by Tata
Autocomp, Bharat Forge, Bosch and Lear, amongst others. This region has access to Mumbai
and JNPT port as well as Kandla in Gujarat. Visteon, Delphi and Bosch are some of the
suppliers that support the automobile cluster in southern India. This region finds Chennai,Tuticorin and Kochi ports in its close proximity. With Gujarat emerging as a new centre of
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HIMACHAL PRADESHUTTARAKHAND International Cars and Motors, TVSAtul Auto, Bajaj Auto,M&M, Tata Motors
HARYANAHero Honda, Honda Motorcycle and
PUNJAB Scooters, Maruti Suzuki, SuzukiMotorcycle, India YamahaSwaraj Mazda
UTTAR PRADESHRAJASTHAN Honda Siel, LML, Scooters India,Ashok Leyland Tata Motors, India Yamaha
GUJARATAtul Auto,
Electrotherm,General Motors,
Tata Motors
WEST BENGALHindustan MotorsMAHARASHTRA
Ashok Leyland, Audi, Bajaj Auto,JHARKHAND
Fiat India, Force Motors, M&M,Tata MotorsMahindra Renault, Mahindra Two-
Wheelers, Mercedes Benz, Piaggio,Premier, Skoda, Volkswagen, Tata
MADHYA PRADESHMotors
Eicher Motors, Force Motors,Hindustan Motors
ANDHRA PRADESHM&M
TAMIL NADUAshok Leyland, BMW, Ford,
Hindustan Motors, Hyundai, Nissan,KARNATAKA
Royal Enfield, Tatra Vectra, TVSToyota Kirloskar, TVS, Volvo
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Government PoliciesCustoms Duty
Customs duty rates determine the protection government gives to the domestic industry. Customs
duty on auto components has been reduced over the years. Simultaneously, the customs duty on
inputs has also been reduced wherever the duty was high. The duty on output is higher than that on
inputs (equal in case of catalytic converter), which suggest favorable duty structure. Reduction in
customs duty on auto components comes in line with the increasing indigenization by the OEMs.
Trend in custom duty on auto components and its inputs
Customs (%) FY05 FY06 FY07 FY08 FY09 Stimulus FY10Auto ComponentsEngine & engine parts,
20.4 15.3 7.7 7.7 7.7 7.7 7.7except the below-mentionedSilencer, exhaust pipes &
20.4 15.3 10.3 10.3 10.3 10.3 10.3radiatorsCatalytic converter 5.1 5.1 5.1 5.1 5.1 5.2 5.2Drive transmission, steering,suspension & braking parts, 20.4 15.3 12.8 10.3 10.3 10.3 10.3except the below mentionedCouplings & seals 20.4 15.3 7.7 7.7 7.7 7.7 7.7Electrical parts 20.4 15.3 7.7 7.7 7.7 10.3 10.3InputsSteel and Lead 5.1 5.1 5.1 5.2 5.2 5.2 5.2Aluminium & Copper 15.3 10.2 5.1 5.2 5.2 5.2 5.2Nickel 15.3 5.1 5.1 5.2 5.2 5.2 5.2
Excise Duty
Excise duties on auto components have been drastically reduced in the last year itself, in line
with the overall reduction in the rates of excise duty in order to provide stimulus to the economy
that was reeling under the pressure of global financial crisis. Being a fragmented industry,
almost the entire benefit of the excise duty cut has been passed on to the end-users.
Trend in excise duty on auto components and its inputs
(%) FY05 FY06 FY07 FY08 FY09 Stimulus FY10All Auto Components 16.3 16.3 16.3 16.5 14.4 8.2 8.2InputsSteel 12.2 12.2 16.3 16.5 14.4 8.2 8.2Aluminium, Copper
16.3 16.3 16.3 16.5 14.4 8.2 8.2Nickel & Lead
Value Added Tax (VAT) / Sales Tax
Earlier, the sales tax rates varied from state to state. However in 2005, sales tax was replaced by
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Foreign Direct Investment (FDI) policy
The economic reforms in 1990s brought around radical changes in the Indian business environment.
Though the pace of reforms was slow, de-licensing and relaxation in many other areas made the
atmosphere increasingly conducive for business. In 2002, after the framing of the new auto policy,
government threw the sector open to 100 per cent Foreign Direct Investment (FDI) under the
automatic route. Liberalisation has brought major international OEMs like Hyundai, General
Motors, Ford, Toyota, Daimler Chrysler, Mitsubishi, Daewoo, Mercedes Benz, etc into India. This
attracted international auto component majors like Lear Corporation, Delphi, Visteon, Mando, ZF
Steering and Denso as well into our country. The entry of multi-national OEMs has also boosted the
growth of indigenous auto component manufacturers, as these OEMs not only sourced major
portion of the components for their Indian operations but also for their overseas operations from
Indian suppliers. Besides expanding the size of the sector, entry of foreign firms has led to
significant knowledge spill-over on Indian auto component firms.
Barriers to entry: Medium
The Automobile component industry is moderately capital intensive in nature. Replacement
market, the bigger segment, is cost-conscious and not brand-conscious. These factors make the
entry into the business easier. However, the industry is dependent on technology to some extent
in relation to the product design and its technical know-how as intellectual properties, especially
in engine-related components. The component manufacturers work closely with the OEM in
designing the components. Players in the organised sector have an upper hand to be the
preferred suppliers to OEMs. Thus, it is difficult for a new or a smaller player to make through
the OEM segment.
The 100 per cent FDI being allowed in the sector, corroborated with easy availability of low-
cost labour and inputs like steel, aluminium and copper makes the entry easy for internationalplayers into the Indian market, primarily in the OEM segment where there is presence of
international OEMs as well. But penetrating the replacement market is difficult for them, as this
market requires large distribution network.
Competition: Medium to High
The industry is fragmented in nature and predominantly controlled by the unorganised sector.
The organised segment accounts for only 30-35 per cent of the domestic sales. There are around
600 units in the organised segment, while the unorganised segment has the presence of more
than 6,000 units. Despite Indias auto component industry producing close to US$ 20 billion
h h li f h dl 50 dd l d US 100 illi
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The range of products manufactured, with each broad product segment having a different market
structure and technology has negated any possible concentration of the market in a few hands. The
market is so large and diverse that a large number of players can be absorbed to accommodate buyer
needs. However, there are a select few large companies that have integrated their operations across
the value chain. The key to competing in this industry is through specialisation by product-type and
integrating operations across the related area of specialization.Threat from substitutes: LowThere are no alternates or substitutes for the auto components. However, the industry faces
competition from counterfeits and cheap Chinese imports, especially in cost-conscious replacement
market. As per the industry, counterfeits account for around US$1 billion worth sales.
The indirect threat to the industry can come from the probable increase in cargo and/or passenger
movement by alternate modes like airlines or railways, which may impact demand for automobiles
and thus the components. Furthermore, improvement in road infrastructure would also lead to lesser
wear and tear and thus lower demand for components in the replacement segment.
Bargaining power of buyers: High
On account of fragmentation, the bargaining power of the component manufacturers is very
low. The OEM segment on the other hand is consolidated, with top two players in each sub-
segment accounting for at least more than 2/3rd
of the production in each segment. Thus, the
OEMs have an upper-hand over the component suppliers.
Market share of top two players in various segments of Indian automobile industry
PV LCV MHCV 2 Wheelers 3 WheelersLargest player Maruti Suzuki Tata Motors Tata Motors Hero Honda Bajaj AutoShare in production (%) 44 59 61 40 572
nlargest player Hyundai M & M Ashok Leyland Bajaj Auto Piaggio
Share in production (%) 24 29 25 25 28Cumulative Production
67 88 86 65 85Share (%)
In the replacement market, no single buyer dominates the industry and sales in this segment areakin to retail sales. However, this segment is very cost-conscious and thus, the bargaining
power of the fragmented component industry is very weak. The export market is also very price
sensitive, as India faces competition from other low-cost manufacturing centres like China,
Thailand, Philippines, Malaysia, Hong Kong etc.
Bargaining power of suppliers: High
Ferrous and non-ferrous metals, crude oil derivatives and other commodities form inputs of auto
component manufacturers. The auto component industry is not a very significant consumer of these
commodities. Thus, the component manufacturers, either individually or collectively, do not
h h i fl h i f h di i Th di
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prices are based on their global demand-supply balance and macro-economic cycles.
Regulatory intervention: Low
There is minimum regulatory intervention in the auto component industry. There are no special
regulations or statutes framed for the industry. The overall business environment has been
liberalised and made conducive for business over the years. The automobile sector holistically
being an important sector to the economy is looked upon favourably by the Government,
especially during the economic downturn. Stringent labour laws, though having a social
importance, do not go well for this labour-intensive industry.
Barriers to exit: Medium to low
The barrier to exit for the sector is primarily in terms of labour. The process of retiring the
existing labour force is a tedious process and involves high cots and legal compliances for terms
like Voluntary Retirement Scheme (VRS), separation compensation, gratuity etc. However,
there is no regulatory interference to exit. Since the industry is fragmented, the probability of
assets or the entire business of the exiting firm being bought out is high.
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BUSINESS RISKS
This chapter deals with important and unique business risks, on which the companies involved
in the automotive component manufacturing and selling can be assessed and compared:
Scale of operations
The Indian auto component industry is fragmented in nature with more than 6,500 units
producing around US$ 19 billion worth output. In this light, the scale of operation becomes very
critical. The Original Equipment Manufacturers (OEM) prefer associating themselves with
larger players for supply of components for vehicles they manufacture. Furthermore, the
component manufacturer should also be able to scale up its operations in line with the growth of
the OEM it is associated with. Larger scale of operations is also advantageous for the players in
the highly-competitive replacement and export market. The scale of operations can be gauged
by the market share of the player in the component(s) it manufactures and market it operates.
Diversification
Well-diversified market and customer mix is imperative for component manufacturer for
minimizing risk of volatile sales and profits. The sales should be well diversified amongst OEM,
replacement and export segments. Furthermore, the sales in OEM segment should be well
diversified across various vehicle manufacturers and that in the export segment across geographies.
Dependency on one/limited OEMs can ensure business, but also exposes the component
manufacturer to the risk of its fortunes being linked to the performance and success of those OEMs.
Thus, balance between sales in various segments like OEM, replacement and exports, wider
customer base and diversification across geographies in case of exports is desirable.
Performance of the OEM
If the component manufacturer is more dependent on one or two OEMs, the market position of
those OEMs and the potential threat to their market position needs to be considered. The future
performance of such component manufacturers would largely depend on the performance of
those OEMs. Furthermore, the expansion plans of the OEMs also need to be taken into account
that help to understand the increase in potential orders.
Parentage
The component manufacturer being a part of an OEM group is viewed positively, as it provides
ready access to parents business, technological skills and experience. Similarly, being a part of
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Value addition and significance in value chain
The business risk of component manufacturers can also be judged on the basis of value addition.
Generally, the business with low value addition is not very capital and technology intensive andthus attract many smaller players leading to fragmentation and thus stiff competition. Higher the
value addition, difficult it becomes for entering the business and consequently, less fragmented is
the industry. Furthermore, position of the component manufacturer in the value chain is important to
understand its significance in the value chain. Higher value addition and significant position in the
value chain gives the company more bargaining power.
Product complexityThe degree of complexity of the product determines the importance of the component
manufacturer in the supply chain and thus impacts its bargaining power. The complexity can be
measured by the extent of research and development efforts and expenses, precision involved,
product validation etc. More complex the product, limited is the downside risk of price and
profitability and difficult it is to enter the business.
Technology and manufacturing processThe component manufacturers with strong in-house research and component development teams or
faster access to technology through collaboration or tie-ups would be in a better position to secure
orders from OEMs. Access to technology is the important criteria for vendor selection by the
OEMs. The OEM also checks the quality management practices that are adopted by the auto
ancillary units. Moreover, the OEM also ascertains as to whether the practices like six sigma, Just-
in-time etc are practiced or do they have quality improvement methodologies such as Total
Productivity Management (TPM), Total Quality Management (TQM), Zero Defects etc.
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DOMESTIC MARKET
The domestic auto component market can be segmented into Original Equipment Manufacturer(OEM) segment and the replacement segment or the after-market. The auto components are not
only used by the OEMs for rolling out new automobiles, but also by the existing automobile
population for replacing the used and worn-out ones.
Size of the domestic market
The domestic auto component market is estimated at Rs.1,060 billion in 2009-10. The sales to the
OEM segment are estimated at Rs.700 billion, whereas the sales in the after-market are estimated at
Rs.360 billion. While the indigenous manufacturers catered Rs.740 billion worth domestic market,
Rs.320 billion worth components were imported.
Trend in domestic market size
The domestic market for auto components increased from Rs.170 billion in 1999-00 to Rs.410
billion in 2004-05 and further to Rs.1,060 billion in 2009-10. This implies a 5-year Compounded
Annual Growth Rate (CAGR) of 20.9 per cent and 10-year CAGR of 20.1 per cent.
Trend in the size of domestic auto component market
1,200
billion) 900
600
(Rs.
300
0
00
02
06
FY
Y
F Y
F Y
OEM Replacement Imports
Source: Intec Capital
Limited
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EXPORTS
India exports a vast range of auto components, totalling Rs.220 billion in 2009-10. Export
market is becoming increasingly important for the Indian auto component manufacturers. The
share of exports in total production by value has increased to around 24 per cent in 2009-10
from 12 per cent in 1999-2000.
Trend in exports
Indias auto component exports increased at Compounded Annual Growth Rate (CAGR) of
27.2 per cent from Rs.20 billion in 1999-2000 to Rs.220 billion in 2009-10. The major
component categories that have witnessed healthy growth rate include transmission shaft and
cranks, drive axles, starter motors, generators and bumpers.
Auto component exports galloping at healthy rate
billio
n) 240 30%
production
200 25%
160 20%
120 15%
proporti
on
r t s80 10%
40 5%s
0 0%
00
0
0 3 0 4 0 5 0 6 0 7 0 8 0 9
10
E
FY
F Y F Y F Y F Y F Y F Y F Y F Y F Y
Exports As proportion of production (in value)
Source: The Automotive Component Manufacturers Association of India (ACMA) and Intec Capital
Limited
On account of Indias low cost advantage, many international automobile manufacturers are
either sourcing components from India or have set up their subsidiaries in India to produce
components for their global operations. Higher exports by Indian subsidiaries of global Original
Equipment Manufacturers (OEMs) and Tier-I component manufacturers has been driving
component exports from India. International players like Delphi, Visteon, FAG Bearings, and
Timken India etc have increased their export revenues from Indian operations.
Key marketsIndia exports auto components to more than 100 countries. Europe is the biggest destination for
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cent of exports in 2008-09.
Importance of Europe and America increasing in export market
100%10% 8%
South Africa3%8%
13%11%
7%
80%Thailand4%
15% UAE 3%
16% 18%Korea and China
2% each
60%26%
USA22%27%
31%
40% Italy8%;Germany7%
44%U.K. 5%
20%36%
30%
0%
FY 00 FY 05 FY 10
Europe America Asia Africa Others
Source: Intec Capital Limited
In 1999-00, nearly 45-50 per cent of the exports catered the OEMs or the Tier I suppliers, while
50-55 per cent of the exports catered the replacement market. Today, around 80 per cent of
Indias component exports cater the OEMs or the Tier I suppliers, which demonstrates long-
term relationships and repeat orders from these customers.
Key products exported
India primarily exports engine components (that include products such as pistons, piston rings,
engine valves, carburetors, etc.) and drive transmission and steering components (that include
products like gears, transmission shafts and cranks, steering systems, axles, clutches etc.). These
two categories currently account for around 34 per cent and 19 per cent of component exports from
India by value. Body and chassis, Suspension and braking components and Equipment each account
for 11-12 per cent of component exports from India by value. Electric parts form around 8 per cent
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fuel pump nozzles, fuel injection parts, filter and filter elements, radiators, gears, leaf springs, brake
assemblies and bearings, clutch facings, head lamps, auto bulbs and spark plugs.
Component-wise exports by value
Electrical OthersEngineComponents 5%
Components8%33%Equipments
11%
Suspension andDriveBraking
Transmission andComponentsSteering
12%components
Body and Chassis 19%12%
Source: Intec Capital Limited
Some of the products that have witnessed healthy export growth include starter motors, axles,
transmission cranks, shafts, generators and bumpers. The engine components are technology as
well as capital intensive and thus are dominated by large players. Similarly in drive
transmission and steering components, the steering systems are technology as well as capital
intensive, which act as entry barrier for smaller unorganised players.
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IMPORTS
India imports nearly one-third of the auto components it consumes in value terms. The share of
imported consumption has drastically increased in the last decade. China has been aggressively
exporting components to India.
Size of imports
India is estimated to have imported Rs.320 billion (US$ 7 billion) worth auto components in
2009-10, as against domestic component consumption worth Rs.1,060 billion (US$ 22 billion).
Thus, imports form around 30 per cent of the domestic component consumption in value terms.
Trend in importsIndias auto component imports increased at a CAGR of 32.4 per cent from Rs.19 billion (US $
0.4 billion) in 1999-00 to Rs.320 billion (US$ 7 billion) in 2009-10. The major components
imported into India include piston rings, brake assembly, bimetal bearings, transmission shafts,
wheel rims, motor cycle parts etc
Auto component imports soaring at a fast rate
300 32%
n
billion)
25024%
200. s
150 16% .(in
f
Imports
1008%
n
50
0 0%00
s
F
Y
F Y F Y
F
F
F
F
F
F
Imports As proportion of production (in value)
Source: ACMA and Intec Capital
Limited
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Indian Auto Component Industry
Key sources of imports
India imports auto-component mainly from the European Union (EU), US, Japan, South Korea
and China. EU is the key exporter of auto components to India, with 37 per cent of the
components imported by India being sourced from that region. China, though accounting for a
smaller share of 9 per cent, is emerging to be a bigger threat. Component imports from China
increased at perturbing CAGR of 63.5 per cent from Rs.2 billion (US $ 47 million) in 2003-04 to
Rs.25 billion (US$ 545 million) in 2008-09. Thus, Chinas share in Indian auto component
imports increased to current level of 9 per cent from 3 per cent during the said period.
Regional share of auto component imports into India
Others19%
US EU37%3%
Japan5%
China9%
Thailand S. Korea
10% 17%
Source: Intec Capital Limited
According to the industry, the share of imports to domestic consumption is likely to increase further
on account of reduction of customs duty on several auto parts under Free Trade Agreements (FTAs)
with the Association of South East Asian Nations (ASEAN) and South Korea. Custom duty on auto
parts like pistons, rings, bumpers, gear boxes and radiators would be brought down to zero by 2013
under the Indo-ASEAN FTA. Similarly, custom duty on motorcycle and engine parts would alsocome down under the India-South Korea FTA. Under the FTA with Thailand, there is already zero
duty on certain components imported from that country, which include engine parts, lighting
equipment, ball bearings, gear boxes/transmissions, pumps and helical springs. India is also
negotiating market opening pacts with the European Union and Japan.
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COST AND PROFITABILITY
This chapter deals with the cost structure and profitability of the auto-component industry.
Cost Structure
Raw material cost is the key cost head for the auto component industry, followed by employee
costs, power & fuel costs and selling & distribution costs. Each of the cost head is elaborately
analysed below:
Typical Operating Cost Structure
Selling andOther operating
costsdistribution costs8.5%3.9%
Power and fuel cost
5.3%
Employee cost Raw material cost8.8% 73.5%
Source: Intec Capital Limited
Prospects :
In the long term, the growth of this sector will depend partly on pace of indigenisationlevels across all segments. The prospects look bright as most companies are increasing
the indigenous components, in an effort to reduce their currency losses and remain
competitive. Also, the fact that auto manufacturers like Ford, Hyundai and Maruti are
exporting cars, make the prospects look encouraging.
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Our Client :
Customer Name
Sterling Auto Super auto Castings Pvt Ltd
Amco Polymers Sarthak Enterprises
Rani Polymers Yashdeep Automotive Industries
Kiran Udyog Pvt Ltd Windals Auto Pvt Ltd
Adinath Forgings Pvt Ltd Radheya Machining
T P Tools Jain Engineering Works
Siris Engineering SD Auto Components
Satara Industries A P FORGINGS PVT LTD
The Moulds Amco Polymers
J Maa Products E.P Electro Pressing Pvt Ltd
ASP Engg Products Pvt Ltd Innoventive Industries Limited
Srinisons Wiring Systems Pvt Ltd Innoventive Industries Limited
United Precison Engineering Company Kalyani Engineering Works
Kafila Forge Ltd Kalyani Engineering Works
Radhey Machining Ltd Seinumero Nirman Pvt Ltd
SUPER ALLOY Windals Auto Pvt Ltd
S K Fabricators Pvt Ltd Windals Auto Pvt Ltd
Radhey Machining Ltd Shravani Computers
E P Electro Pressing Pvt Ltd Polo Machinery Pvt Ltd
Forgewell Limited Prolifique Rolls Pvt Ltd
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