Latest news with #MeenakshiMaidas
Mint
04-08-2025
- Automotive
- Mint
Indias Ather Energy posts narrower quarterly loss, flags rare earth headwinds
(Reuters) -Indian e-scooter maker Ather Energy reported a narrower first-quarter loss on Monday on higher demand, and said it expects a week of "potential business impact" only in the second quarter due to China's rare-earth magnet export ban. Ather expects around a week's worth of a supply gap to dealers due to China's ban but aims to manage the impact with existing inventory, CEO Tarun Mehta said in post-earnings call. The company is also exploring alternatives, including a shift to more widely available light rare earth magnets, which remain unrestricted, he added. China, which supplies around 90% of the world's rare earth magnets, imposed the export ban in April. Last week major Indian carmakers Mahindra, Hyundai India shrugged off medium-term issues from the export ban, with Mahindra saying it was using alternatives such as light rare-earths and ferrites. Ather Energy, which makes the popular "Rizta" e-scooter, said its losses narrowed to 1.78 billion rupees ($20.3 million) in the quarter ended June 30 from 1.83 billion rupees a year ago, helped by sales that grew nearly two-fold to 46,078 units. Backed by Hero MotoCorp, Ather entered India's electric vehicle market in 2018 as an early mover, but has since lost ground to rivals such as Ola Electric and legacy players with stronger finances and a broader reach. Its revenue surged 78.8% on-year to 6.45 billion rupees, but rising material costs pushed overall expenses 54.4% higher. Its adjusted gross margin rose to 23% from 19% a year ago, driven by non-vehicle revenue such as warranty programs, software and accessories such as its "Halo" helmets. Ather's shares rose as much as 19.4% to a record high of 414.65 rupees on Monday after its quarterly results and closed 14% higher. ($1 = 87.6320 Indian rupees) (Reporting by Meenakshi Maidas in Bengaluru; Editing by Nivedita Bhattacharjee, Mrigank Dhaniwala and Sonia Cheema)
Zawya
22-05-2025
- Automotive
- Zawya
India's Bajaj Auto to take control of KTM with $906mln debt deal
India's Bajaj Auto plans to take control of KTM AG as part of an 800 million euro ($906.2 million) debt package aimed at reviving the troubled Austrian motorcycle maker, it said on Thursday. The move will see the 'Pulsar' motorcycle manufacturer, which has been a minority investor in KTM since 2007, shift from a dormant stakeholder to a strategic lead, aligning governance and injecting fresh capital to restore KTM's operations. KTM AG, which develops and sells motorcycles under the KTM and Husqvarna brands and exports to around 80 countries, filed for court restructuring proceedings in November amid severe liquidity issues. Its creditors are set to receive 30% of their claims in cash by May 23. As part of the restructuring, Bajaj Auto has already infused 200 million euros in KTM and will deploy an additional 600 million euros to settle creditor claims and restart the business. Bajaj will acquire a controlling stake in its unit Pierer Bajaj AG and indirectly take control of KTM's parent, Pierer Mobility AG. KTM and Bajaj jointly develop products in India. Bajaj Auto holds a 37.5% stake in the KTM business via its unit. How much its stake would rise to after the deal was not immediately clear. Bajaj Auto did not immediately respond to a Reuters request for comment. ($1 = 0.8828 euros) (Reporting by Meenakshi Maidas and Indranil Sarkar in Bengaluru; Editing by Mrigank Dhaniwala)
Mint
29-04-2025
- Automotive
- Mint
Schaeffler Indias first-quarter profit rises 16.6% on firm demand
(Reuters) - Automotive and industrial parts maker Schaeffler India reported a 16.6% rise in first-quarter profit on Tuesday, supported by strong demand for its transmission, braking systems and other auto ancillary products. The company, a unit of Germany's Schaeffler, said profit rose to 2.65 billion rupees ($31.1 million) in the quarter ended March 31 from 2.28 billion rupees a year ago. Revenue from operations increased 14.1% to 21.1 billion rupees, outpacing the 9.8% rise in the cost of materials, such as steel and polymers, which account for over half of its total expenses. For further earnings highlights, click (Full Story) The automotive technologies segment, which accounted for 43.7% of Schaeffler India's revenue in the quarter, counts passenger and commercial vehicles and tractors among its customers. The rest of its revenue comes from three other segments, including an industrial applications segment. Sales of passenger vehicles grew 2.4% year-on-year in the first quarter, while that of commercial vehicles rose 1.5%, favouring growth for auto ancillaries like Schaeffler India, analysts said. Smaller peers SKF India and NRB Bearings have yet to report quarterly results. Valuation (next 12 Estimates (next 12 Analysts' sentiment RIC PE EV/EBITDA Revenue Profit Mean No. of Stock to Div growth (%) growth rating* analysts price yield Schaeffler India 43.03 27.74 12.93 18.90 Buy 9 0.89 0.85 SKF India 30.84 22.64 11.42 26.37 Buy 9 0.81 3.35 NRB Bearings 19.05 13.79 10.51 22.44 Strong 1 0.62 2.02 Timken India 41.95 26.73 12.06 15.00 Strong 1 0.72 0.10 * The mean of analysts' ratings standardised to a scale of Strong Buy, Buy, Hold, Sell, and Strong Sell ** The ratio of the stock's last close to analysts' mean price target; a ratio above 1 means the stock is trading above the PT JANUARY-MARCH STOCK PERFORMANCE -- $1 = 85.1950 Indian rupees (Reporting by Meenakshi Maidas in Bengaluru; Editing by Sumana Nandy) First Published: 29 Apr 2025, 05:18 PM IST
