Wiki source code of Endurance Technologies Ltd

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1 {{box cssClass="floatinginfobox" title="**Contents**"}}
2 {{toc/}}
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4
5 = Summary =
6
7 * Endurance Technologies Ltd s a leading auto component manufacturer with a global footprint.
8 * The company has strategically located facilities with close proximity to OEMs. Having 26 plants in multiple Locations across India & Europe.
9
10
11 = Overview =
12
13 Endurance Technologies Ltd (NSE:ENDURANCE) is a leading auto component manufacturer with an expanding global footprint. Endurance is the largest Aluminum Die-Casting company in India and the largest 2 & 3 wheeler auto component manufacturer in India. Endurance is an end-to-end supplier right from design to manufacturing – culminating into after sales service. Endurance has built a culture of fostering innovation which manifests in its state of the art R&D centers and technology oriented solutions. The company strive to deliver sustainable impact by empowering communities to attain self-reliance and by ensuring environment friendly operations.{{footnote}}https://endurancegroup.com/home{{/footnote}}
14
15 Starting with 2 aluminium die-casting machines in 1985, Endurance has grown to have 27 strategically located manufacturing facilities near its OEMs. The company's vision is to be consistently recognised as a first choice supplier to all its customers by continuing to foster innovation and deliver excellence by focusing on QCDDM (Quality, Cost, Development, Delivery and Management).
16
17
18 [[image:ENDURANCE0.png||height="361" width="536"]]
19
20
21 == Plant Location ==
22
23 The company has strategically located facilities with close proximity to OEMs. Having 26 plants in multiple Locations across India & Europe
24
25
26 (% style="width:516px" %)
27 |(% style="width:293px" %)**India Locations**|(% style="width:220px" %)**No. Of Plants**
28 |(% style="width:293px" %)Aurangabad, Maharashtra|(% style="width:220px" %)8
29 |(% style="width:293px" %)Pune, Maharashtra|(% style="width:220px" %)3
30 |(% style="width:293px" %)Pantnagar, Uttarakhand|(% style="width:220px" %)2
31 |(% style="width:293px" %)Chennai, Tamil Nadu|(% style="width:220px" %)1
32 |(% style="width:293px" %)Sanand and Halol, Gujarat|(% style="width:220px" %)2
33 |(% style="width:293px" %)Kolar, Karnataka|(% style="width:220px" %)1
34 |(% style="width:293px" %)Total|(% style="width:220px" %)17
35 |(% style="width:293px" %) |(% style="width:220px" %)
36 |(% style="width:293px" %)**R&D Facilities**|(% style="width:220px" %)
37 |(% style="width:293px" %)Aurangabad,Maharashtra|(% style="width:220px" %)3
38 |(% style="width:293px" %)Pune, Maharashtra|(% style="width:220px" %)1
39 |(% style="width:293px" %)Total|(% style="width:220px" %)4
40 |(% style="width:293px" %) |(% style="width:220px" %)
41 |(% style="width:293px" %)**Europe Locations**|(% style="width:220px" %)**No. Of Plants**
42 |(% style="width:293px" %)Massenbachhausen, Germany|(% style="width:220px" %)3
43 |(% style="width:293px" %)Torino, Italy|(% style="width:220px" %)1
44 |(% style="width:293px" %)Chivasso, Italy|(% style="width:220px" %)2
45 |(% style="width:293px" %)Lombardore, Italy|(% style="width:220px" %)1
46 |(% style="width:293px" %)Bione, Italy|(% style="width:220px" %)1
47 |(% style="width:293px" %)Rovereto,Italy|(% style="width:220px" %)1
48 |(% style="width:293px" %)Total|(% style="width:220px" %)9
49
50 == Products ==
51
52 Products Manufactured in India Tier 1 Supplier of diverse range of technology-intensive products for two, three and fourwheeler OEMs in India and Overseas; and for aftermarket
53
54
55 [[image:ENDURANCE1.png]]
56
57
58 **Aluminium Die Casting Products**
59
60 * HPDC - High Pressure Die Casting
61 * LPDC - Low Pressure Die Casting
62 * GDC - Gravity Die Casting
63 * Machining
64
65 **Suspensions**
66
67 * Shock absorbers – (hydraulic, mono & oleo pneumatic)
68 * Front forks – (Conventional & inverted)
69
70 **Transmissions**
71
72 * Clutch assemblies
73 * Friction plates (cork /paper)
74 * Continuous Variable Transmissions (CVT)
75
76 **Braking Systems**
77
78 * Tandem Master Cylinder assemblies
79 * Hydraulic disc brake assemblies
80 * Hydraulic drum brake assemblies
81 * Rotary discs
82
83 = Industry Overview =
84
85 == Global Passenger Vehicle Market ==
86
87 Global passenger car sales experienced a significant drop in 2019 as it operated in a challenging environment amidst trade wars, lower economic growth and tougher emission regulations. As the pandemic spread across the globe, strict lockdowns in key markets and economic uncertainty are expected to lead to a further drop in 2020. The International Organisation of Motor Vehicle Manufacturers has reported a global slowdown in total passenger vehicle sales in the last three years.{{footnote}}https://www.endurancegroup.com/media/pdf/endurancet-be7c4b12cc5ae15.pdf{{/footnote}}
88
89 **Global Passenger Vehicles Sales (In million units)**
90
91 (% style="width:411px" %)
92 |(% style="width:205px" %) |(% style="width:64px" %)**2017**|(% style="width:71px" %)**2018**|(% style="width:68px" %)**2019**
93 |(% style="width:205px" %)China|(% style="width:64px" %)24.72|(% style="width:71px" %)23.71|(% style="width:68px" %)21.44
94 |(% style="width:205px" %)North America|(% style="width:64px" %)11.28|(% style="width:71px" %)10.56|(% style="width:68px" %)9.54
95 |(% style="width:205px" %)Europe|(% style="width:64px" %)17.97|(% style="width:71px" %)17.9|(% style="width:68px" %)17.97
96 |(% style="width:205px" %)Rest of the World|(% style="width:64px" %)17.03|(% style="width:71px" %)16.83|(% style="width:68px" %)15.05
97 |(% style="width:205px" %)Total Passenger Vehicles|(% style="width:64px" %)71|(% style="width:71px" %)69|(% style="width:68px" %)64
98
99 The drop in passenger vehicle sales impacted global automobile sales, which declined to 91 million in 2019 from 95 million in 2018. The fall was partially responsible for the deceleration in world GDP and manufacturing growth. The decline in global auto sales was fuelled by negative consumer sentiment, trade disruptions and a slump in auto sales in China, the largest automobile market globally. According to the China Association of Automobile Manufacturers (CAAM), China’s total car sales fell by 8.2% at 25.70 million vehicles in 2019, owing to the economic slowdown and strict fuel emission norms.
100
101 Moreover, 2020 projects a further grim outlook, led by the impact of Covid-19. Major automakers in China, Europe, United States and several other regions have already cut production in large volumes as the demand for passenger vehicles has been declining since the outbreak. This is expected to have a negative impact on the yearly production and sales volume for 2020. IHS Markit a London-based global critical information provider, has estimated worldwide vehicle sales to decline by 22.7% in 2020 to about 70.30 million units, led by a drastic fall in vehicle sales in the US.
102
103 == Indian Automobile Industry ==
104
105 India’s automobile industry is the world’s fourth largest automobile market in terms of sales and production and is a top employment generator in the country. In the past few years, growth in the industry has been supported by robust economic activity and large-scale infrastructure development, a growing middle class population with increasing income and availability of financing options. The sector has benefitted from factors such as the availability of low-cost skilled labour, research & development support and a strong manufacturing supply chain. Being an attractive sector for investment, the industry has been a recipient of USD 23.89 billion FDI (between April 2000 and December 2019), amounting to 5% of India’s total FDI flows till date. The automotive industry, including automobile and component manufacturing, is projected to reach a market size of ` 16-18 trillion (USD 251-282 billion) by 2026.
106
107 === Industry Performance ===
108
109 According to the data released by the Society of Indian Automobile Manufacturers (SIAM), the automobile industry produced a total 26,362,284 vehicles in FY 2019-20, which is 14.73% lower than 30,914,874 vehicles produced in FY 2018-19. Domestic automobile sales dropped 18.00% to 21,546,390 units in FY 2019-20, from 26,266,179 units in FY 2018-19. India is a key automobile exporter, and its exports stood at 4,765,754 units during FY 2019-20. As a silver lining, the overall automobile exports registered a growth of 2.95% in FY 2019-20, compared with 4,629,049 units in the previous fiscal year. The increase in exports was mostly driven by 2-wheelers, even as export of Passenger Vehicles marginally increased.
110
111 === India’s 2-Wheeler Industry ===
112
113 2-wheeler sales in India have picked up significantly over the past few years, making the country one of the largest motorcycle markets in the world. However, in FY 2019-20, domestic sales of 2-wheelers at 17,417,616 units dropped by 17.76% in comparison with FY 2018-19. The fall is mostly attributed to reduced financing options owing to liquidity problems faced by the NBFC sector, negative consumer sentiments and the rising cost of vehicle ownership. This was further impacted by the spread of Covid-19 in India towards the end of the fiscal year. However, 2-wheeler exports increased by 7.30% in the year ended March 31, 2020. As a positive development, with the implementation of BS-VI, the country’s 2-wheeler industry will be among the world’s first to follow the strict emission norms. This will give India an edge over other major 2-wheeler markets following the Euro-3 equivalent norms.
114
115 === India’s 3-Wheeler Industry ===
116
117 The 3-wheeler industry in India has witnessed stable sales performance over the last 6 years, supported by demand growth in the urban and rural areas. It is also one of the highly exported vehicles from India. However, during FY 2019-20, domestic sales dropped by 9.20% YoY at 636,569 units due to the overall industry and economic slowdown. Exports of 3-wheelers also registered a YoY de-growth of 11.54% during the same period.
118
119 === Electric 3-wheelers ===
120
121 The electric 3-wheeler market is growing fast as a number of technology start-ups and vehicle manufacturers are venturing into alternative mobility. The unorganised electric 3-wheeler segment is largely dominated by Chinese imports. Most large cities in India have mandated that ICE 3-wheelers should run on CNG. Going forward, the 3-wheeler market will also be dominated by CNG and EVs.
122
123 === Auto Component Industry in India ===
124
125 The auto component industry or auto ancillary industry has been growing steadily over the past few years, aspiring to achieve global prominence. The sector contributes about 2.3% to India’s GDP and 25% to its manufacturing GDP; and provides employment to over 5 million people. The significance of the sector lies in the fact that it bridges many industries and services. Furthermore, the industry is recognised as a critical part of the OEM value chain, rather than being mere component suppliers.
126
127 During the year ended March 31, 2020, the auto ancillary industry was affected by the overall slump in the automobile sector and the drop in production of vehicles. This was further worsened by supply side challenges posed by Covid-19. According to the data released by the Automotive Component Manufacturers Association of India (ACMA), turnover of the automotive component industry stood at Rs 349,000 crore (USD 49.20 billion) during FY 2019-20, registering a drop of 11.70% over FY 2018-19. Auto component exports dropped 3.20% to ` 102,000 crore (USD 14.50 billion) during the period. Aftermarket remained stable at Rs 69,381 crore (USD 9.80 billion). However, sales to OEMs in the domestic market dropped 17% to ` 287,000 crore (USD 40.5 billion).
128
129 === India: A Manufacturing Hub for Auto Components ===
130
131 India is increasingly becoming a preferred destination for auto component designing and manufacturing, as more and more global OEMs are sourcing from India. The auto component industry has grown its exports at a CAGR of 11% in last six years. Notably, despite exporting to 160 countries, India’s share in global auto component exports still stood at 3.5% or USD 15.10 billion during FY 2018-19, which indicates increased scope for further growth.
132
133 The auto component industry has core capabilities to manufacture a variety of components. India manufactures several key auto components for customers in the US, EU and China. Furthermore, the gap between international and national regulations on safety and emissions has narrowed down considerably, bolstered recently by the enforcement of BS-VI emission norms from April, 2020. Asia, Europe and North America continue to be the key export destinations for Indian auto components.
134
135 = Business Overview =
136
137 Endurance Technologies Limited (ETL) is a leading automotive component manufacturer and the largest aluminium die casting manufacturer in India in terms of total output and capacity (as per the data from the Aluminium Casters’ Association of India).
138
139 Having started its operations as an aluminium die casting manufacturer in 1985, the Company is today a Tier-I supplier to India’s 2, 3 and 4-wheeler OEMs. It is an established supplier of aluminium die castings and alloy wheels, suspensions, transmissions and braking systems providing endto-end solutions right from design to aftermarket services.
140
141 Apart from creating a niche in India through its quality-driven critical automotive components, the Company has expanded its operations in Europe through its overseas subsidiaries in Italy and Germany.
142
143 ETL continued its trend of outpacing industry growth in FY 2019-20. Despite the bearish performance by the 2-wheeler industry, which constitutes 78% of its sales in India, the Company was able to contain sales de-growth, registered return on investments and profit growth. During FY 2019-20, its total income registered a decline owing to the drop in total sales. However, consolidated EBITDA and profit after tax margin improved YoY, despite the de-growth in the industry. Further, in Europe, the Company acquired new business that supported its growth. Aftermarket sales in India registered healthy growth in both domestic and export markets.
144
145 The Company undertook several improvement initiatives that yielded results on cost saving, capex reduction, space saving and defect-free manufacturing on assembly lines due to better error detection. Low debt levels and a tight control on fixed costs and raw material cost enabled the Company to maintain a strategic focus on longterm value creation in a period when the industry registered a steady decline. Since April 2019, Rs 5,860 million worth of business has been awarded in India, and the Company has Rs 12,770 million ”Request for quotes” in hand, covering new products and replacement business.
146
147
148 [[image:ENDURANCE2.png]]
149
150
151 == Acquisition Companies ==
152
153 In order to serve the 2-wheeler market with technologically advanced components, the Company has recently acquired controlling stake in companies having advanced technology in transmission and braking products. Its Italian subsidiary Endurance Overseas Srl acquired a controlling stake of 99% in Adler SpA and subsequently changed the
154
155 name to Endurance Adler SpA. The Italian company is a leader in systems solutions for clutches, gears and friction plates with a niche in R&D, engineering services and product development for OEM customers in Europe. It has been a long-term technology provider to the Company. Its new product technologies and technical strengths will be important for the Company. Acquisition of this stake shall give ETL total access to Adler’s technical know-how and intellectual property rights. The acquisition will also provide future growth opportunities for the domestic market in India and for export opportunities.
156
157 Subsequently, Endurance Adler SpA acquired Grimeca Srl, a company in Italy specialising in designing of braking systems for motorcycle applications. The transaction involved the acquisition of “G Grimeca” brand, the Company, intellectual property rights, patents and know-how for braking systems for 2-wheelers and 3-wheelers. Grimeca has also enjoyed a long technical collaboration with ETL earlier, and has brought with it expertise and technical skills, with several years of development and design of hi-tech solutions for large series and for innovative and highperformance applications.
158
159 With these two acquisitions, the Endurance Group has given a new impetus to its technological leadership with the prospect of creating a “Centre of Excellence” in Italy for designing and manufacturing of motorcycle components.
160
161
162 == Domestic and Overseas Performance (FY 2019-20) ==
163
164 During the year ended March 31, 2020, the Company posted a total income of Rs 49,747.57 million on a standalone basis as against Rs 54,336.82 million in the previous year. The total income on a consolidated basis was Rs 69,653.04 million compared to Rs 75,375.45 million in the previous year. The Company’s total income on standalone and consolidated basis de-grew by 8.4% and 7.6%, respectively. This primarily was on account of negative growth by automotive industry followed by the nationwide lockdown in March 2020 due to Covid-19 pandemic. Despite a challenging market environment, the Company recorded a ‘better than industry’ performance.
165
166 The profit after tax, however, increased significantly by 19.5% in the financial year 2019-20 at Rs 4,276.92 million as against Rs 3,578.61 million in the previous year, on standalone basis; while consolidated profit after tax grew by 14.2% at Rs 5,655.34 million as against Rs 4,950.06 million in the previous year. In spite of de-growth in the automobile industry, the Company earned better profit margins due to sharper focus on costs, including raw material costs and lower effective income tax rate. Further, greater control was exercised on its capital expenditure and working capital.
167
168
169 **Endurance Overseas Srl, Italy (EoSrl)**
170
171 EoSrl, a subsidiary of the Company, is a Special Purpose Vehicle incorporated in Italy, for the purpose of making strategic overseas investments. Endurance Technologies holds 95% share capital of EoSrl and Endurance Amann GmbH, Germany (“Amann”), a wholly owned subsidiary of the Company, holds the balance 5% share capital. In May, 2020, EoSrl acquired 100% stake in Grimeca Srl, Italy, through Endurance Adler SpA.
172
173
174 **Endurance SpA, Italy (ESpA)**
175
176 This is a step-down operating subsidiary of the Company in Italy and primarily engaged in the production of high pressure die casting and machining components for the automotive sector such as engine, gearbox, transmission parts, and assembling of other metallic components like aluminium alloys, cast iron and steel. During the year ended 31st March, 2020, ESpA reported a total income of €173.9 million compared to €199.5 million last year. This reduction is primarily owing to reduced new car registrations in the EU market by 5% during the period under review.
177
178 Endurance Engineering Srl (“EEsrl”) is a step-down operating subsidiary of the Company in Italy and is primarily engaged in the production of plastic components for automotive applications. During the year ended March 31, 2020, EEsrl reported a total income of €14.6 million compared to €17.3 million of the previous year. EEsrl continues to support the Group to foray into offering solutions to customers in producing engineering plastic components that are replacing some of the aluminium products and align itself to the plans of OEMs to shift, albeit marginally, to alternate lighter material components.
179
180
181 **Endurance Castings SpA, Italy**
182
183 Endurance Castings SpA (“ECSpA”) the entity acquired in January 2019, is a step-down operating subsidiary of the Company in Italy and is primarily engaged in manufacturing operation of high pressure die casting and machining components. During FY 2019-20, EC SpA reported a total income of €33.7 million. During the three-month period ended on 31st March, 2019, EC SpA had reported a total income of Euro 8.0 million. The total income is not strictly comparable with the previous year since the entity was acquired in January 2019.
184
185
186 **Endurance Amann GmbH, Germany**
187
188 Endurance Amann GmbH (“Amann”), a wholly-owned subsidiary based in Germany, carries out manufacturing operation of high-pressure die casting and machining components. It caters to large automotive OEMs in the German market. During the year under review, Amann reported a total income of €48.8 million compared to €55.7 million of the previous year. The decrease in income of over 12.40% was mainly due to lower sales to its major OEM customer for lower volumes related to transmission applications.
189
190
191 **Financial Ratio**
192
193 During the year ended March 31, 2020, Interest Coverage Ratio increased significantly to 53.6 times from 33.5 times in FY 2018-19, primarily on account of repayment of debt and increase in cash generated. Further, repayment of debt also led to a reduction in debt-equity ratio to 0.07:1, from 0.1:1 in FY 2018-19.
194
195 The reason for significant increase in Net Profit margin to 8.60% from 6.60% in FY 2018-19, is attributable to recognition of higher grant income/ incentive under Mega Project Scheme – PSI 2013, improvement in operating margins and reduction in effective tax rate from 1st April, 2019.
196
197 The Return on Net Worth stood at 19.5% (earlier 18.5%) on a standalone basis. This improvement is due to higher net profit driven by all-round improvement.
198
199
200 == Developing products for electric and hybrid vehicles ==
201
202 The Company is gaining a foothold in the electric vehicles and hybrid vehicles space, which is potentially the future of mobility. In Europe, a significant part of the new orders are for parts that will go into the production of EVs and Hybrid vehicles. In the last two years, €110 million of European business has been received for electric and hybrid cars. This business is expected to reach peak volumes by FY 2022-23. In India, the Company supplies components to an OEM which has launched it iconic scooter brand as an EV. Further, ETL’s aluminium forging project will also cater to the demand for aluminium forging from 2-wheelers, 4-wheelers and EVs.
203
204
205 == Growing Aftermarket ==
206
207 The Aftermarket business expanded 10% during the year to ` 2,977 million, from ` 2,707 million in FY 2018-19. The Aftermarket segment offers products in its core segments – Suspension, Braking Systems and Transmission. It contributes 6.00% to ETL’s total India business, and 10.00% to the total business of proprietary products. The Company has expanded its network to 335 distributors/dealers in India, and 40 distributors/dealers in 28 countries globally. It is a leading exporter among 2-wheeler and 3-wheeler component manufacturers in India. It has also been expanding its Aftermarket solutions and augmenting its revenue stream by including a wide range of Value Added Products (VAP) manufactured by third parties.
208
209 In the year ahead, the Company is continuing its strategic channel expansion drive towards Tier 2 & 3 cities and the rural markets in India. In the overseas market, it is strengthening its distribution strategy to expand to new countries in Latin America, South East Asia and Africa, and also distributors in all the existing territories. As a major strategic step towards private branding, the Company plans to export components for international brands of 2-wheelers that are popular in those countries.
210
211 = Recent developments =
212
213 **Endurance Techn Consolidated March 2021**
214
215 May 20, 2021; Reported Consolidated quarterly numbers for Endurance Technologies are: {{footnote}}https://www.moneycontrol.com/news/business/earnings/endurance-techn-consolidated-march-2021-net-sales-at-rs-2132-90-crore-up-33-58-y-o-y-6915581.html{{/footnote}}
216
217 * Net Sales at Rs 2,132.90 crore in March 2021 up 33.58% from Rs. 1,596.75 crore in March 2020.
218 * Quarterly Net Profit at Rs. 187.40 crore in March 2021 up 75.42% from Rs. 106.83 crore in March 2020.
219 * EBITDA stands at Rs. 339.05 crore in March 2021 up 32.8% from Rs. 255.30 crore in March 2020.
220 * Endurance Techn EPS has increased to Rs. 13.32 in March 2021 from Rs. 7.59 in March 2020.
221
222
223 **Performance Highlights:**
224
225 The results for the year include the abnormally adverse numbers of the first quarter, which was impacted by the prolonged suspension of operations due to the Covid-19 pandemic. In the last fiscal, operations were impacted during the end of Q4. {{footnote}}https://endurancegroup.com/media/pdf/20210519ou-05aca8035124f6a.pdf{{/footnote}}
226
227 * Consolidated Total Income including Other Income for the year fell by 5.6% to INR 65,777 million vs INR 69,653 million, while Q4 Total Income grew YOY 32.6%.
228 * 73% of Consolidated Total Income including Other Income for the year came from Indian operations and balance 27% came from European operations.
229 * Consolidated EBITDA Margin for Q4 remained at the previous year corresponding quarter level of 15.8%. The year saw a drop in margin to 16.3%, as against 16.9%o last year
230 * Consolidated PAT for the year de-grew 8.1% to INR 5,196 million vs INR 5,655 million. Q4 witnessed YOY PAT growth of 75.3%
231 * Our Indian operations recorded Aftermarket sales of INR 3, 116 million, an increase of 4.7% over last year. Q4 witnessed YOY growth of 44.4%
232 * Consolidated Basic and Diluted EPS stood at INR 36.95 per share compared to INR 40.2 per share in the previous financial year.
233
234
235 Commenting on the Company's performance, Mr. Anurang Jain, Managing Director of the Company said:
236
237 "H1FY21 had witnessed de-growth in the number of two.wheelers sold by Indian OEMs, and Q3 had witnessed strong demand recovery. Q4 saw a growth of 25.9% in the volumes, backed by demand recovery and a low base for the month of March. On a full year basis, there was de-growth of 12.1%
238
239 Endurance standalone top-line growth for Q4 was 40.6% YOY, while de-growth for the full year was 3.8%. We have posted better-than-industry numbers with key two-wheeler OEMs in the country trusting us to deliver a wider range of products, including those in the high-end value-added category.
240
241 In Europe (European Union and United Kingdom), the market for new cars recorded de-growth of 19.4% for the year. After four quarters of de-growth, Q4FY21 witnessed a growth of 0.7%. ETL Europe's revenue performance beat the rndustry volume numbers, with 18.0% degrowth for the year and 3.4% growth YOY for Q4 in Euro terms. We contihue to win orders for supply of products to European four-wheeler OEMs, including sizeable orders for EV and hybrid applications.
242
243 While we focus on securing profitable growth by servicing new orders, gaining access to new technology and commissioning new facilities, we also keep a keen eye on our cost structure. During the year, we have consolidated operations in ltaly, offered voluntary separation to surplus manpower in India, and have taken a slew of other measures.
244
245 During the second half of FY21, our factories in India and Europe did not face any government mandated lockdowns. The Company continues to take measures to ensure a safe workplace for its people.
246
247 The Board of Directors has reviewed the Company's financial perlormance for the fiscal year and has recommended dividend of Rs. 6.00 per equity share of face value of Rs.10 each."
248
249
250 = References =
251
252 {{putFootnotes/}}
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