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*AAKASHAYA PATRA EXCLUSIVE STOCK FOR INVESTMENT:* 01.03.2020

PIX TRANSMISSIONS
(CMP125.7) (Face Value Rs.10)
ENTER LEVEL – 115 TO 118 STOP LOSS-80 TARGET 250 IN 36 MONTHS

Incorporated in 1981, PIX Transmissions Ltd is the leading manufacturer of Belts and related mechanical Power Transmission products in India. The Company features state-of-the-art Belt manufacturing units as well as a completely automated Rubber Mixing facility in Nagpur. The company offers various industrial, textile, automotive, agricultural, lawn and garden, construction,hi-power rated, and special application belts for variousapplications. It also provides a range of pulleys, bushes,couplings, and bespoke products under the PIXPowerWare brand name; and accessories, such as laser guided pulley alignment tools, digital tension meters, belt length measurement products, analog tension testers, pulley gauges, ploy-V belt wear gauges, belt cutting machines, and belt profile gauges, as well as service kits and drive design software. The company has overseas subsidiary operations in Europe, and Middle-East, in addition to over 250 committed Channel Partners in over 100 countries worldwide.

Company is having capacity of 90,000 belts per day and it is largest in India, 3rd largest in Asia.
It is one of top 10 belt manufacturer in the world. It has an equity base of just Rs.13.63 crore that is supported by reserves of around Rs.209.11 crore. The Promoters hold 61.30%, FIIs hold 1.43% while the investing public holds 37.22 % stake in the company. Promoters are increasing their stake from buying shares from open market which is very good sign. Its share book value stood at Rs.156.84 and stock is available at P/BV ratio of just 0.82x. For Q3FY20, its net profit soared 156% to Rs.7.74 crore against Rs.3.02 crore on 11% higher sales of Rs.83.58 crore fetching an EPS of Rs.5.68. It is regular dividend paying company. It paid 15% dividend for FY16, 20% for FY17, 25% for FY18 and paid 27.5% for FY19. Currently, the stock trades cheap at a P/E of 5.7x and at 56% discount to its September 2018 high of Rs.284.4.

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