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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
