Sanjay Dutt, Director, Quantum Securities, said the outlook is positive on the stock. However, according to him, the auto ancillary space has a problem with margins, particularly the tier-II ones, which rarely manage to get the pricing power or the liquidity from the buyers.
Replying to his query, Sanjay Dutt, Director, Quantum Securities, said the outlook is positive on the stock. However, according to him, the auto ancillary space has a problem with margins, particularly the tier-II ones, which rarely manage to get the pricing power or the liquidity from the buyers.
"In the sense they are always squeezed because of margins because wherever a Tata Motors or Bajaj or anyone is buying for them is always squeezing them with margins. So they don't leave much on the table for the ancillary manufacturer and similarly most of their credit cycles also get a little prolonged from time-to-time and payments get stuck," he said.
However, according to him, Bharat Forge is a different story. "The company went on to become a global player, did a lot of other different things and was not just a pure play ancillary as we can call and Exide in India etc. So auto ancillary as such are like but I am very selective in that as a broad brush I cannot say that auto ancillaries will do well," Dutt added.
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