Ifad Autos to sell India's Farmtrac tractors - Share market analysis of dhaka stock exchange, Bangladesh

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03 March, 2016 10:45 AM Source: The Daily Star Bangladesh


Ifad Autos, an automobile dealer, will sell Indian Farmtrac-branded tractors and spare parts in Bangladesh.

The company became the sole distributor of the brand in the local market by signing an agreement with Haryana-based Escorts Agri Machinery, according to a notice posted on the Dhaka Stock Exchange website yesterday.

Ifad Autos expects to earn about Tk 25 crore in revenue and a profit of Tk 2.5 crore in the first year. The expected revenue in the second year is Tk 60 crore with a profit of Tk 6 crore, according to the posting.

Presently, Ifad Autos is importing, marketing and building the bodies of different models of Ashok Leyland's vehicles in Bangladesh through its own marketing staff, dealers and selling agents.

The company was listed on the stockmarket in 2015. Each share of the company traded between Tk 93.7 and Tk 97.1 yesterday, before closing at Tk 94.9.

The company's net profit stood at Tk 36.72 crore at the end of June 2015 with basic earnings per share of Tk 3.51, down from Tk 48.37 crore and Tk 5.16 respectively a year ago.

Sponsors hold 62.77 percent stakes in Ifad Autos, while institutional investors own 20.6 percent and the public 16.63 percent. 

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