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Corporate Report

Published on: June 26, 2024, 12:49 p.m.
Remsons gets ready to take off
  • Kejriwal: delivering innovative solutions; Pix: Sanjay Borade

By Lancelot Joseph. Executive Editor, Business India

In the last half year, a lot has been happening at the BSE and NSE listed Remsons Industries Ltd (RIL), an automotive OEM components manufacturer supplying to two, three and four-wheeler vehicles, commercial vehicles and off-highway vehicles all over India and automotive OEMs globally.

First, it acquired a 55 per cent stake in the newly incorporated company – Remsons Uni Autonics Private Limited (RUAPL) – from its present promoters. Two, it signed a 50:50 joint venture (JV) with Daiichi Infotainment System, to form a new JV company called Daiichi Remsons Electronics Pvt Ltd, to offer advanced automotive solutions, such as infotainment systems.

Third, RIL entered into a JV agreement with Aircom group to carry on the business of manufacturing and selling tyre puncture kits and its components for automobiles. And, to top it all, the company completed a fund-raising exercise to garner Rs63 crore to meet long-term capital requirements, working capital requirements and fund new acquisitions and JVs ventures, as also re-payment of unsecured loans.

“Our positive outlook is fuelled by the belief that our growth trajectory will see significant enhancement through strategic partnerships, including synergistic joint ventures, acquisitions and collaborations,” explains Krishna Kejriwal, MD, Remsons. “As always, we remain dedicated to shareholder value creation with unwavering passion and commitment. In the coming quarter and beyond, we will focus on strengthening our business model by climbing the value chain, ensuring continued success. Our achievement is attributed to strategic initiatives like higher value products, operational efficiency improvements, and robust export realisations.” 

Headquartered in Mumbai, RIL is a five-decade-old company with units in Gurgaon, Pune, Pardi and Daman in India and Stourport in the UK. It has been a big player in the auto industry for half a century, delivering top-notch products, with its mission to combine advance technology and human intelligence to scale newer heights of product innovation and make a difference to its stakeholders, the environment and society at large. The company’s expertise extends across a range of high-quality auto components, including control cables, gear shifters, pedal boxes, winches and jacks to all OEMs within and outside India.

Expanding its horizons

RUAPL, which is now a part of the Remsons group, has secured a letter of intent (LoI) for a total value of Rs30 crore over a period of three years. “After a rigorous selection process, RUAPL is earning the trust and confidence of a leading Tier 1 supplier to the auto industry,” says Amit Srivastava, CEO, RIL. “This partnership reflects RUAPL’s commitment to excellence, innovation and customer satisfaction and also underscores our dedication to delivering exceptional solutions and exceeding our customers’ expectations. We are excited to leverage our expertise and resources to drive value”. Srivastava expects all new business opportunities for RUAPL to strengthen its market presence and leverage RIL’s long-standing relationships with OEMs.

Alongside this, RIL has also expanded its horizons by signing JVs in the tyre mobility, infotainment and sensors sectors with Aircom group, Daiichi Infotainment Systems and Uni-Automation respectively. “These partnerships are a testament to the company’s strategic growth vision and its commitment to delivering innovative solutions to its customers,” adds Rahul Kejriwal, ED, RIL.

On the JV front, RIL has entered into a JV with Aircom Group AG, Switzerland, to form Aircom Remsons Automotive Private Limited (ARAPL), which would be engaged in the business of manufacturing and selling of tyre mobility kits (new age puncture kits) and its components. This move will increase the total share of RIL’s overall products supplied to OEMs.

ARAPL would focus on these products as B2C for consumers. They will go a long way in replacing spare tyre provided with almost all the cars. Some of the luxury car OEMs have done away with spare tyre and have started providing tyre mobility kits for convenience and lesser weight for the vehicle which will improve the mileage.

“The JV with European market leader in tyre repair kits for automotive OEMs aims for gaining sizable market share in the tyre mobility segment, which includes tyre repair kits and related products, sealants, air compressors, plugs, and other products for repairing and preventing punctures in various types of tyres,” adds Rahul.

  • Srivastava: exceeding customers’ expectations

As the electric vehicle (EV) adoption in India is picking up, the need for making these vehicles lighter is a challenge as the battery contributes much to the weight of the vehicle. “The tyre mobility products will change its game in increasing the mileage per charge due to lesser weight. This will be definitely environment-friendly and is a green initiative. When the product is launched as B2C, the spare tyre vehicles also need puncture kits and air compressors to fill the air to avoid inconvenience of changing the tyre on the road,” points out Rahul.

Meanwhile, RIL has bagged the fourth order from Tata Motors for the supply of winches used for spare wheel. The company is supplying winches to models like Tigor, Altroz and Punch and the recent order is received for its new model Tata Nexon CNG. The total size of all the orders stands at Rs30 crore, which will be executed over three years. Tata Motors showcased the Nexon iCNG, India’s first car with a turbocharged CNG powertrain, at the Bharat Mobility Global Expo 2024. The SUV is expected to be launched in the second half of 2024. 

“By providing a wide selection of winches, we ensure that businesses can find the perfect solution for their specific needs and be a valuable partner in their journey,” Srivastava says. “With the help of the UK acquisition, Remsons was able to add various goods such as winches, jacks and pedal boxes. We are in the process of introducing them to our customers, who will be able to benefit from global technology produced in India.” Remsons offers a diverse range of winches products that are known for their reliability and durability. These winches are designed to withstand heavy loads and harsh conditions, making them ideal for various OEM and other applications.

Empowering people

“Unlocking the full potential of our company begins with empowering our greatest asset – our people. By investing in people, we cultivate a culture of continuous growth and innovation. These partnerships are a testament to the company’s strategic growth vision and its commitment to delivering innovative solutions to its customers,” affirms Srivastava. 

“As automotive technology continues to evolve at an unprecedented pace, with our joint venture standing at the forefront of this revolution, committed to delivering cutting-edge electronic systems and components that will shape the vehicles of tomorrow. Leveraging the combined strengths of Daiichi’s proven track record in design and manufacturing and Remsons’ deep automotive industry experience and market presence, we are poised to create synergies that will propel us to new heights of success,” informs Rahul.

RIL has entered into an agreement to make an investment in automotive sensor division of Uni-Automation, a renowned sensor technology firm. This strategic move marks a significant milestone in Remsons commitment to innovation and expansion within the automotive and off-highway industry.  The proposed investment aligns seamlessly with Remsons’ mission to deliver cutting-edge solutions that would meet the evolving needs of its customers. With Uni-Automations’ expertise in sensor technology, Remsons is poised to strengthen its position as a manufacturer of complete systems with embedded sensors.

The new offering of products will help widen Remsons’ portfolio of offerings to domestic as well as global customers. Automotive sensor market has been growing on two counts – in deep penetration of embedded technology on legacy platforms, as also increased adoption of EV, which has higher per-unit sensor requirements. Since sensor requirements are platform-agnostic, entering into this technology gives a fillip to RIL’s new offerings to its customers.

  • Our positive outlook is fuelled by the belief that our growth trajectory will see significant enhancement through strategic partnerships, including synergistic joint ventures, acquisitions and collaborations

“Uni-Automation’s exceptional track record in developing state-of-the-art sensor technologies complements our existing capabilities perfectly. This proposed investment underscores our commitment to providing innovative solutions and enhancing our ability to address the complex challenges faced by our customers,” says Rahul.

“This proposed investment is in line with Remsons’ philosophy of inorganic growth into fuel agnostic products. This is also partly complimenting to our existing product line and a diversification into future technology products. We also plan for further acquisitions and JVs to compliment and add to the above portfolio,” informs Srivastava.

Financially speaking, RIL’s net sale, at Rs64.47 crore in March 2024, is up 2.11 per cent (it was Rs63.14 crore in March 2023). The quarterly net profit, at Rs1.73 crore in March 2024, is down 11.62 per cent from Rs1.96 crore in March 2023. The company’s operating profit (EBIDTA) stood at Rs5.62 crore in March 2024 – down 2.26 per cent from Rs5.75 crore in March 2023. Finally, its EPS has decreased to Rs2.48 in March 2024 from Rs3.43 in March 2023. On the bourse, the counter trades at Rs1,034.

“Looking ahead, we are confident in our future-ready position, thanks to the revolutionary changes brought about by digital transformation and our solid intent to move up the value chain,” sums up Rahul.

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