The Hindu Business Line : India Motor Parts Q4 net doubles

Chennai, April 29 Auto parts distribution company India Motor Parts & Accessories Ltd (Impal) has reported a net profit of Rs 5.46 crore for the January-March quarter of 2009 – nearly twice the profit it made (Rs 2.94 crore) in the corresponding quarter of 2008.

This was despite the fact that turnover grew only 19 per cent to Rs 73.42 crore.

Impal’s sales crossed the Rs 300-crore mark for the first time in its 55-year history, touching Rs 300.53 crore (Rs 243.77 crore).

Net profit for the year was Rs 17.36 crore (Rs 12 crore).

Impal’s Managing Director, Mr N. Krishnan, attributed the rise in net profits to the sales of more profitable items. He said the 55-year-old company’s turnover crossed the Rs 100-crore mark in 1994 and Rs 200 crore in 2005. The third century came in just four years, Mr Krishnan observed.

EPS for the year was Rs 41.74, up 44 per cent from Rs 28.84.

Impal, part of the TVS group, is the country’s largest auto parts distributor, with 48 outlets across the country.

A key aspect of the company’s business is that it is credit-driven – it provides credit to about 10,000 customers across the country. Its working capital of about Rs 60 crore comprises mainly receivables and inventory.

“Yet, we are a debt-free company,” Mr Krishnan said. Impal, in fact, earned Rs 92 lakh as interest on its credit to customers.

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