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Rico Auto Industries Ltd.

BSE: 520008 Sector: Auto
NSE: RICOAUTO ISIN Code: INE209B01025
BSE 00:00 | 18 Sep 31.75 0.25
(0.79%)
OPEN

31.80

HIGH

33.05

LOW

31.60

NSE 00:00 | 18 Sep 31.75 0.15
(0.47%)
OPEN

31.90

HIGH

33.25

LOW

31.55

OPEN 31.80
PREVIOUS CLOSE 31.50
VOLUME 55930
52-Week high 54.00
52-Week low 15.95
P/E 529.17
Mkt Cap.(Rs cr) 430
Buy Price 31.70
Buy Qty 978.00
Sell Price 33.00
Sell Qty 1200.00
OPEN 31.80
CLOSE 31.50
VOLUME 55930
52-Week high 54.00
52-Week low 15.95
P/E 529.17
Mkt Cap.(Rs cr) 430
Buy Price 31.70
Buy Qty 978.00
Sell Price 33.00
Sell Qty 1200.00

Rico Auto Industries Ltd. (RICOAUTO) - Chairman Speech

Company chairman speech

Dear Shareholders

The year gone by has been marked by a slowdown in economic growth and subdued consumersentiments. The automobile sector has witnessed a consequent impact in demand. As theheadwinds continue into the current fiscal there is the impact of both low purchasingpower as financing from Banks and NBFC are not easily available as well as a slowdown inthe investment cycle.

Basis the current economic conditions CRISIL has pared down Indian's growth estimatefor 2019-20 by 20 bps to 6.9%. Meanwhile RBI has announced an unconventional 35 bps cutin interest rate to support the economy.

As a principle your Company has focused on dealing with demanding times bystrengthening its own capabilities. We continue to hold fort by offering our customers themost innovative technologically advanced and best-in-class products; engaging withpartners for sustainable development; and of course striving to continuously repay thetrust that you our shareholders have placed on us.

For the FY19 the consolidated net income of Rico Auto stood at INR 1412 Crores whileyour Company recorded a PAT of INR 51 Crores. We would like to thank our prestigiouscustomers Hero BMW Maruti Renault Cummins Toyota and several others who have helpedin the growth of the Company. Your Company also added more customers like PSA PunchPowertrain KIA and Daimler.

Going forward we will continue our focus on quality efficient capacity utilization aswell as build on operational excellence and automation. We are also working towardsincreasing our global presence in the growing electric vehicle ecosystem. From theexisting customers and also from new customers the enquiries are strong and many aregetting converted into business both for the Domestic Market and Exports.

As the economy strengthens itself and gets back on its growth trajectory I stronglybelieve in your Company's ability to keep learning and innovating as it takes stridestowards "Mission 2K20" that of achieving a turnover of INR 2000 Crores in theyear 2020.

Let me take this opportunity to thank all our colleagues whose commitment and effortshave gone into adding value at each level of the value chain.

A humble thank you is also due to all our valued customers business associates andstakeholders who have always supported us.

Arvind Kapur

Chairman CEO & Managing Director