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The Hi-Tech Gears Ltd.

BSE: 522073 | NSE: HITECHGEAR |

Represents Equity.Intra - day transactions are permissible and normal trading is done in this category
Series: EQ | ISIN: INE127B01011 | SECTOR: Auto Ancillaries

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BSE Live

Feb 28, 16:00
150.00 -2.30 (-1.51%)
Volume
AVERAGE VOLUME
5-Day
741
10-Day
1,290
30-Day
694
2,230
  • Prev. Close

    152.30

  • Open Price

    150.30

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    0.00 (0)

NSE Live

Feb 28, 15:50
148.15 -4.15 (-2.72%)
Volume
AVERAGE VOLUME
5-Day
3,371
10-Day
4,105
30-Day
4,841
6,929
  • Prev. Close

    152.30

  • Open Price

    145.00

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    0.00 (0)

Annual Report

For Year :
2018 2016 2015 2014 2013 2012 2011 2010 2009

Chairman's Speech

Economic Stale of Affairs of India The year gone by was unique in many ways. First, the crude oil price surged to $ 150 a barrel, followed by sub-prime crisis. The world markets tumbled as financial greats like Lehman Brothers came down crashing. The previous year was also unique as growth in first two quarters of the world economy was unprecedented. The last two quarters were equally unique as the world economy shrank by 2.9%. The fall of US dollar accompanied with historical credit crunch. Nobody could have imagined that pioneers of capitalistic markets like US and UK would be resorting to state intervention in the money markets through stimulus packages of trillions of dollars. Even at this point of time it is not clear whether these stimulus packages are enough to revive US and European economies in particular and world economy at large? The world automotive industry was, perhaps, worst affected. Severe credit shortage forced buyers to postpone their purchase of vehicles. The OEMs across the world were forced to abandon their expansion programs and resort to cost pruning and labour layoffs. The Chrysler and GM filed for bankruptcy, though in case of GM it was prepackaged one. Even Toyota Motors also suffered losses and was also forced to retook at its strategies. The whole automotive industry was in a tailspin. The US produced 10.5 mn Vehicles in 2008-09 as compared to 15 mn in 2007- 08. Likewise Europe produced14 mn in 2008-09 as compared to 17 mn vehicles produced in 2007-08. India, while fundamentally in a much stronger position, has atso experienced the impact of these events as they were transmitted through the trade and capital channels. The strong financial sector insulated the industry from the global tremors, however credit crunch was felt by the Indian industry. The Indian economys robust fundamentals and domestic growth drivers will impart it the resilience to emerge stronger from this period. The strong domestic consumption and investment drivers will continue to support healthy rates of growth The Indian economy characterized by strong fundamentals, grew at 9% in 07-08. However inspite of the global financial turmoil and recessionary environment could manage growth rate of 6.7% in the year 08-09. During current fiscal the Indian economy is expected to grow by 5.5-6.5%. Industry in India and Hi-Tech strategy for the future The Indian automotive industry grew @ 2.96 % in the year 08-09. The Two wheeler industry, due to strong rural demand, had a growth rate of 4.88% whereas commercial vehicle industry, due to high interest rates and demand slowdown, declined by whopping 24%. Presently, the industry is going through consolidation phase. The large unutilized capacities would play a crucial role in the current year. The attractiveness of the Indian markets on one hand and the stagnation of the auto sector in the markets such as US, Europe and Japan on the other have resulted in shifting of new capacities and flow of capital to the Indian Automobile Industry. Industry feels that the momentum will continue, since the recovery in the passenger car, two-wheeler segment and light commercial vehicles seems to be sustainable, aided by dropping interest rates and better availability of finance. The Finance Ministers latest stimulus package announced in the Budget will have positive impact on the overall demand specially in the rural areas. The momentum will sustain and the best indicator is the stock market. Besides, it also depends on the performance of the new Government, which many people believe that it will do so. The Indian automotive industry holds significant scope for expansion, both in the domestic market, where the vehicle penetration level is on Yne lowet side and in the international market, where India could position itself as a manufacturing hub. The current level of share, viz, less than 5% of global production and less than 1% of global trade also corroborates the potential for expansion in this industry. Company Performance The financial year 2008-2009 has ended on a challenging note. Your Company surpassed the previous year gross turnover and has achieved a gross turnover of Rs. 32,378.14 Lac (Previous year 31,622.29 Lac), recording an increase of 2.39%. The Net Profit (After tax) of the Company has decreased from Rs. 982.01 to Rs. 769.36 Lac, recording a decrease of 21.65% as compared to the previous year as the sales volume was affected by the global downturn from the third and fourth quarter. The sharp decrease in automobiles demand in US after October 2008, has led to decreased exports of the company in the second half of the, year under review. Your Company has export turnover of Rs. 4881.69 Lac as compared to Rs. 6128.26 Lac in the previous year, registering a decrease of 20.34%. In keeping with our philosophy of sharing the gains with our stakeholders, I am pleased to report that the Directors have made recommendation of final dividend 15%t.e. Rs. 1.50 per equity share as compared to 30% paid last year i.e. Rs. 3.00 per equity share. We, at HGL have demonstrated a Passion to Succeed, and is being reflected in the leadership position that we are an independent and reputed transmission manufacturing Company of the country, this is largely due to the unstinting and relentless dedication of all weKvb&<;%(ittbaHi-Te.chfajmil^ and am confident that this will only be surpassed in the years to come. Before I conclude, I would like to thank all our business partners, associates and employees for their continuing belief and faith in Hi-Techs principles, philosophy and endeavors, and being a part of Hi- Techs growth story. I would like to assure you all that the journey will continue to be equally exciting and rewarding as we move ahead. Deep Kapuria Chairman & Managing Director