Hind Hardy

Hindustan Hardy Spicer is a Nasik based company, engaged in the manufacture of propeller shafts and accessories for the automotive, industrial and agricultural industries. The company supplies its products to its customers in India and to various CNH plants in Europe and the United Kingdom.

A thinly traded stock, its 2-week average volumes is less than 850 shares and market cap is at Rs.16 crore. Total promoters stake is 66.23% wherein the German company, Spicer Gelenkwellenbau GMBH holds 26.03% and the rest by the Saran family.

The company’s performance is well, what can one say, poor. There was a 36% (YoY) drop in net sales at Rs.9 crore and expenses exceeded the topline, pushing the company into the red. It ended the quarter with a net loss at Rs.56 lakh v/s net profit in previous Q4 of Rs.55 lakh.

For FY17, net loss as at Rs.97 lakh v/s profit of Rs.56 lakh in FY16.. But the issue here is that its Labour Agreement has expired on 31st March 2016, wage negotiation are currently underway and no provision has been made on account of expected wage increase as the actual impact is not yet known.

The company’s equity is very tiny at Rs.1.50 crore and reserve is at Rs.6 crore. Promoters stake is at 66.23%.