Omax Autos announced that the Annual General Meeting (AGM) of the company will be held on 17 September 2018.

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Omax Autos announced that India Ratings and Research has revised the credit rating as 'Outlook to Stable from Negative while reaffirming the long term issuer rating at INA A-' . The instrument wise rating actions are given below -

Fund based working capital limits - IND A-/Stable/ IND A1 (Rating reaffirmed; Outlook revised from Negative)

Non fund based working capital limits - IND A1 (Rating reaffirmed)

Term loans - IND A-/Stable (Rating reaffirmed; Outlook revised to Stable from Negative)

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Net profit of Omax Autos reported to Rs 0.52 crore in the quarter ended June 2018 as against net loss of Rs 21.28 crore during the previous quarter ended June 2017. Sales rose 12.95% to Rs 277.11 crore in the quarter ended June 2018 as against Rs 245.33 crore during the previous quarter ended June 2017.

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The announcement was made after market hours yesterday, 7 June 2018.

Meanwhile, the S&P BSE Sensex was down 53.48 points or 0.15% at 35,409.60.

On BSE, so far 3,940 shares were traded in the counter as against average daily volume of 4,910 shares in the past two weeks. The stock had hit a high of Rs 153.90 and a low of Rs 148.55 so far during the day. The stock had hit a record high of Rs 215.90 on 29 January 2018. The stock had hit a 52-week low of Rs 62.10 on 28 September 2017.

The small-cap company has equity capital of Rs 21.39 crore. Face value per share is Rs 10.

The board of directors of Omax Autos approved the proposal for diversification and expansion of existing capacity for manufacturing products and equipment supplied to railways. The rationale is more effective utilization of resources and expansion of revenue streams.

Omax Autos said that existing capacity is converting approx. 4800 tons per annum of steel into various parts and equipment required by railways. Existing capacity utilization is 90 - 100 %. Existing capacity is proposed to be doubled within two to three years, in phases. The investment required is Rs 100 crore to Rs 120 crore to be financed from disposal of existing surplus assets, internal accruals and external borrowings.

Omax Autos reported net profit of Rs 13.17 crore in Q4 March 2018 as compared with net loss of Rs 0.32 crore in Q4 March 2017. Net sales rose 31.24% to Rs 339.40 crore in Q4 March 2018 over Q4 March 2017.

Omax Autos is one of the leading manufacturers of auto and non-auto components in India. The company specializes in sheet metal components, tubular components and machined components.

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