Report as on 17 February 2023 at 09:27 PM

LOW DEBT
Outstanding ZF
Results in Dec 22
Commercial
Bullish
Technical Trend Strong buy

Market Beating CMP: 10,209.50

Returns
STOCK INFO:
Last 1 Year BSE – 533023/ NSE – ZFCVINDIA
Market Cap - Mid Cap (Rs. 19,365 cr)
Sector – Auto Anc
52 w H/L (Rs.) – 10927.8/6823
Dividend Yield: 0.12%
Debt Equity: -0.5%
Return on Equity: 12.27%
Price to Book: 8.71

www.marketsmojo.com
ZF Commercial
CMP: 10,209.50 Strong Buy 84
Report as on 17 February 2023 at 09:27 PM
Strong Sell Sell Hold Buy Strong Buy

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WHY IT’S A STRONG BUY? IS THIS STOCK FOR YOU?

Low Risk, High Return (1 Year)
Company has a low Debt to Equity ratio (avg) at 0
times Absolute Risk Volatility
Adjusted
With a growth in Net Profit of 168.28%, the ZF Commercial 32.59% 1.33 24.42%
company declared Outstanding results in Dec 22 SENSEX 5.37% 0.33 16.31%
-The company has declared positive results for the
last 4 consecutive quarters How much should you buy? -
-ROCE(HY) Highest at 13.28 % Overall Portfolio exposure to ZF Commercial should be
-INVENTORY TURNOVER RATIO(HY) Highest at 22.86 less than 10%
times Overall Portfolio exposure to Auto Anc should be less
-PBDIT(Q) Highest at Rs 120.06 cr. than 30%
(If sector exposure > 30%, please use optimiser tool to
Stock is technically in a Bullish range see which are the best stocks to hold in Auto Anc)
-The technical trend has improved from Mildly When to exit? - We will constantly monitor the company
Bullish on 14-Feb-23 and has generated 2.64% and suggest at the appropriate time to exit from the
stock
returns since then
-Multiple factors for the stock are Bullish like MACD,
Bollinger Band and KST
RETURNS SUMMARY (Price + Dividend)
The stock gave a total returns of 32.75% in the last 1 year
Majority shareholders : Promoters Outperforming Sensex returns of 5.37%
100%

Company is among the highest 1% of companies

0%
rated by MarketsMojo across all 4,000 stocks
-It is ranked 4 across all Mid Cap and 16 across the
entire market -100%
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Market Beating Performance

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-The stock has generated a return of 32.59% in the

ZF Commercial Vehicle Control System India Ltd
last 1 year, much higher than market (BSE 500) MIDCAP
returns of 1.64%

Investors Returns (3 years) –

Period 6M 1Y 2Y 3Y
WHAT ARE YOUR RISKS? Stock (%) 3.21% 32.75% 71.92% 50.24%
Poor long term growth as Net Sales has grown by an Sector (%) -0.69% -0.69% 19.60% 58.88%
annual rate of 6.59% and Operating profit at 1.16%
Sensex (%) 1.23% 5.37% 17.98% 48.58%
over the last 5 years
With ROE of 12.3, it has a Expensive valuation with a
8.7 Price to Book Value
-The stock is trading at a discount compared to its
average historical valuations
-Over the past year, while the stock has generated a
return of 32.59%, its profits have risen by 105.2% ; the
PEG ratio of the company is 0.7

1
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ZF Commercial STRONG BUY | Report as on 17 February 2023 at 09:27 PM

MANAGEMENT RISK

AVERAGE LONG TERM FUNDAMENTAL

STRENGTH WITH AN AVERAGE RETURN ON
EQUITY (ROE) OF 10.14%

ROE
The company has been able to generate a Return on Equity
10.14% ROE
(avg) of 10.14% signifying average profitability per unit of
shareholders funds

Dividend Payout Ratio

An average Dividend Pay-out ratio of 16.02% may signify the
16.02%
Dividend Payout Ratio
company is not able to payback profits to shareholders at this
point

Tax Ratio
High Tax Ratio signifies that the profits generated by the
25.94% Tax Ratio
company are real and it is making adequate contributions
towards by paying due taxes

Institutional Holding
High Institutional Holdings at 17.38%- These investors have
17.38%
Institutional Holding
better capability and resources to analyse fundamentals of
companies than most retail investors

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ZF Commercial STRONG BUY | Report as on 17 February 2023 at 09:27 PM

CAPITAL STRUCTURE

COMPANY HAS A LOW DEBT TO EQUITY

RATIO (AVG) AT 0 TIMES
Total Debt Debt to Equity Ratio
Low Debt to Equity Ratio Dec 2022 4.44 -0.52
Company’s average Debt to Equity ratio over the past few years Dec 2021 - -0.50
is low at -0.52 times
Dec 2020 - -0.44
No clear trend in Debt to Equity Ratio numbers Dec 2019 - -0.41

Total Debt EBIT to Interest

Healthy EBIT to Interest Dec 2022 4.44 100
Company has healthy average EBIT to Interest ratio of 100.00 Dec 2021 - 100
times
Dec 2020 - 100
No clear trend in EBIT to Interest numbers Dec 2019 - 100

3
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ZF Commercial STRONG BUY | Report as on 17 February 2023 at 09:27 PM

FINANCIAL TREND
Positive

WITH A GROWTH IN NET PROFIT

results for

OF 168.28%, THE COMPANY 4

DECLARED OUTSTANDING consecutive
quarters

RESULTS IN DEC 22

Near term PBT trend is very 90.06

positive 78.09
Rs 90.1 cr
74.93
67.58

PBT less Other Income (Rs Cr)

PBT - Quarterly Highest at Rs 90.06 cr. and Grown 34.33
each quarter in the last five quarters

Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022

Near term PAT trend is very 85.42

Rs 85.4 positive 68.64

62.4

cr PAT (Rs Cr) 56.6

Highest at Rs 85.42 cr. and Grown

31.84
PAT - Quarterly each quarter in the last five quarters

Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022

Near term Operating Profit trend

is quite positive 120.06

Rs 120.1 89.04
98.71
107.55

cr Operating Profit (Rs Cr)

Highest at Rs 120.06 cr. and Grown 58.67
Operating Profit each quarter in the last five quarters
- Quarterly

Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022

4
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ZF Commercial STRONG BUY | Report as on 17 February 2023 at 09:27 PM

FINANCIAL TREND

Company's efficiency has 12.36

13.57 13.7

13.7% improved 11.39

8.99
Operating Profit to Sales
Operating Profit Highest at 13.70% and Grown
Margin - each quarter in the last five quarters
Quarterly

Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022

The company has displayed 13.28

increased efficiency by generating

13.3% higher profit on overall capital
10.69
9.33
7.71
ROCE - Half (equity and debt) 5.93
Yearly
ROCE (%)
Highest at 13.28 %
in the last five half yearly periods
Sep 2020 Mar 2021 Sep 2021 Mar 2022 Sep 2022

Company has been able to sell its

22.9 inventory faster 22.86

17.57
times
17.26
Inventory Turnover Ratio 15.7 16.39

Highest at 22.86 times and Grown

Inventory each half year in the last five half yearly periods
Turnover Ratio-
Half Yearly
Sep 2020 Mar 2021 Sep 2021 Mar 2022 Sep 2022

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ZF Commercial STRONG BUY | Report as on 17 February 2023 at 09:27 PM

FINANCIAL TREND

Near term sales trend is positive 876.06

781.98 798.42 792.83
34.2% Net Sales (Rs Cr)
At Rs 876.06 cr has Grown at 34.18 %
652.92

Sales Growth Year on Year (YoY)

Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022

Increasing profitability; company

Rs 45.1 cr has created higher earnings for 45.05

shareholders 29.85
32.91
36.2

Earnings per
EPS (Rs)
Share (EPS) -
Highest at Rs 45.05 16.79
Quarterly
in the last five quarters

Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022

Short Term liquidity is improving 1 160.12

Rs 1,160.1 Cash and Cash Equivalents

Highest at Rs 1,160.12 cr
cr
669.1
487.56
in the last six half yearly periods 461.19 460.4 457.12

Cash and Eqv -

Half Yearly
…

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Dec'22 Dec'21 Change%

Net Sales 876.1 652.9 34.2%
Key Operating Profit (PBDIT) excl Other Income 120.1 58.7 104.6%
Result Interest 2.0 0.4 402.6%
Highlights Exceptional Items 0.0 0.0
Standaloned Net Profit 85.4 31.8 168.3%
Operating Profit Margin (Excl OI) 13.7 9.0 4.7%
Standalone- figures in Rs
Cr

6
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rights and a violation of law and it may also result in cancellation of subscription without any refund and may lead to legal action.

ZF Commercial STRONG BUY | Report as on 17 February 2023 at 09:27 PM

TECHNICALS

STOCK IS TECHNICALLY IN A BULLISH

RANGE
Bullish Daily Moving Averages indicating near term price strength
Current Price 50 Day Moving Average 200 Day Moving Average

10,209.50 9,265.51 9,019.29

Factors with upward momentum

Indicator Technical Trend
MACD Bullish (weekly)
MACD Bullish (monthly)
Bollinger Band Bullish (weekly)
Bollinger Band Bullish (monthly)
KST Bullish (monthly)
Dow Theory Mildly Bullish (weekly)

Market Beating Performance in the last one year

3 Months 1 Year 3 Years
7.88%
32.59%
49.76% 52.15%

-4.01%
1.64%

Stock BSE 500 Stock BSE 500 Stock BSE 500

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display, perform, modify, create derivative works, transmit, or in any way exploit any such content. Unauthorized usage is an infringement of our intellectual property
rights and a violation of law and it may also result in cancellation of subscription without any refund and may lead to legal action.

ZF Commercial STRONG BUY | Report as on 17 February 2023 at 09:27 PM

MOJOSTOCK

PART OF MOJO STOCKS

Mojo Stocks are the highest rated stocks across thee market.
1% Less than 1% of the companies qualify as a Mojo Stock
For a company to Qualify as Mojo Stock it has to score highly across Mojo Parameters of
QUALIFY
Quality: Long Term Fundamental Performance
Valuation: Attractiveness of Stock Price at the current fundamentals
Financial Trend: Near term fundamental strength
Technicals: Price and volume momentum

Mojo Analysis of ZF Commercial

NEAR TERM DRIVERS: VERY POSITIVE

QUARTERLY FINANCIAL TREND TECHNICALS

PAT (HY) At Rs 154.06 cr has Grown Technical trend turned Bullish

at 140.38 % from Mildly Bullish on 14 Feb
Outstanding PAT (9M) At Rs 216.46 cr has Grown
2023 at Rs 9946.5 Bullish
at 153.26 % Moving Averages (daily) turned
Bullish from Mildly Bullish on 31
PBT less OI (Q) At Rs 90.06 cr has
Jan 2023 at Rs 9239.55
Grown at 162.34 %

LONG TERM DRIVERS: MILDLY POSITIVE

QUALITY VALUATION

Size - Ranks 3rd out of 90 companies At the current stock price and
in Auto Anc sector financial performance the stock
Good has Expensive valuation Expensive

8
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ZF Commercial STRONG BUY | Report as on 17 February 2023 at 09:27 PM

RETURNS

MARKET BEATING PERFORMANCE

The stock has generated 100%
a return of 32.59% in the
last 1 year, much higher 50%

32.59% than market (BSE 500) 0%

returns of 1.64%
UP -50%

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ZF Commercial Vehicle Control System India Ltd
BSE500

Good Performer against Mid Cap companies

ZF Commercial Vehicle Control System India
Ltd has been in the First and Second Quartile

1st
Quartile
2ndQuartile
2ndQuartile
in the last 1 year
Stock has been in the 2nd quartile in 2022
and in 1st in 1Y period

1Y 2022 2021
14.05% 5.26% 53.21%

Company 1 Month 3 Month 1 Year 3 Years

ZF Commercial 12.75% 7.88% 32.59% 49.76%
Return Samvardh. Mothe. 7.21% 8.6% -27.57% -1.89%
Comparison
Bosch 6.02% 7.78% 12.74% 21.2%
with Peers
Closest peers by Uno Minda -2.8% -5.43% 5.04% 174.68%
market cap
Motherson Wiring -2.31% -16.05% - -

9
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ZF Commercial STRONG BUY | Report as on 17 February 2023 at 09:27 PM

FACTORS
NOT WORKING
FOR THE COMPANY


10
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ZF Commercial STRONG BUY | Report as on 17 February 2023 at 09:27 PM

GROWTH

POOR LONG TERM GROWTH AS NET SALES

HAS GROWN BY AN ANNUAL RATE OF
6.59% AND OPERATING PROFIT AT 1.16%
OVER THE LAST 5 YEARS

Poor Growth in Net Sales 4000Cr

of 6.6% CAGR
6.6%
3,249
2,974
3000Cr
Net Sales has seen a high growth of
CAGR 31.38% over previous period 2,141
2,473

2000Cr
1,556

1000Cr

0Cr
Dec 2018 Dec 2019 Dec 2020 Dec 2021 Dec 2022

Poor Growth in Operating 400Cr 368

Profit of 1.2% CAGR

1.2%
316
300Cr
Operating Profit has seen a high
CAGR growth of 107.89% over previous 199
period 200Cr
152

100Cr 81

0Cr
Dec 2018 Dec 2019 Dec 2020 Dec 2021 Dec 2022

Net Profit of 2.2% CAGR 400Cr

2.2% Net Profit has seen a high growth of

105.26% over previous period
300Cr
307
273
CAGR
200Cr 179

133

100Cr 87

0Cr
Dec 2018 Dec 2019 Dec 2020 Dec 2021 Dec 2022

11
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ZF Commercial STRONG BUY | Report as on 17 February 2023 at 09:27 PM

VALUATION

WITH ROE OF 12.3, IT HAS A EXPENSIVE

VALUATION WITH A 8.7 PRICE TO BOOK
VALUE
Expensive

Expensive Motherson Wiring

valuation
ZFUno
Commercial
Minda

Valuation Bosch

Samvardh. Mothe.

as compared to its Fundamentals

Attractive
Weak Fundamental Strong

Price to Book Value vs ROE

Very 24 9
Fundamental

Valuation
Attractive 12

0
7

as compared to its
8

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Company Valuation Price to Book PE Ratio PEG Ratio Dividend

Ratio Yield
Key
Valuation ZF Commercial Expensive 8.7 70.9 0.7 0.1%

Multiples Samvardh. Mothe. Attractive 2.6 51.8 0 0.4%

vs Peers Bosch Fair 4.9 38.6 18.9 1.2%
Uno Minda Expensive 7.8 47.8 0.6 0.2%
Motherson Wiring Very Expensive 20.5 48.9 0 1.2%

12
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ZF Commercial STRONG BUY | Report as on 17 February 2023 at 09:27 PM

RESULT
ANALYSIS 

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ZF Commercial STRONG BUY | Report as on 17 February 2023 at 09:27 PM

QUARTERLY VARIANCE

QUARTER RESULTS VARIANCE ANALYSIS

Dec'22 Sep'22 QoQ Dec'21 YoY Comments
Total Operating income 876 793 10.5% 653 34.2% High Growth in previous quarter
and same quarter last year
Total Expenditure (Excl Depreciation) 756 685 10.3% 594 27.2% High Growth in previous quarter
and same quarter last year
Operating Profit (PBDIT) excl Other Income 120 108 11.6% 59 104.6% High Growth in previous quarter
and same quarter last year
Other Income 26 12 109.6% 9 187.9% High Growth in previous quarter
and same quarter last year
Operating Profit (PBDIT) 146 120 21.6% 68 115.6% High Growth in previous quarter
and same quarter last year
Interest 2 2 -8.4% 0 402.6%
Exceptional Items 0 0 0% 0 0%
Depreciation 28 27 2.7% 24 17.1% QoQ and YoY increase
Profit Before Tax 116 90 28.1% 43 167.6% High Growth in previous quarter
and same quarter last year
Tax 30 22 39.5% 11 165.3% High Growth in previous quarter
and same quarter last year
Provisions and contingencies 0 0 0% 0 0%
Net Profit 85 69 24.5% 32 168.3% High Growth in previous quarter
and same quarter last year

Share in Profit of Associates 0 0 0% 0 0%

Minority Interest 0 0 0% 0 0%
Other related items 0 0 0% 0 0%
Consolidated Net Profit 85 69 24.5% 32 168.3% High Growth in previous quarter
and same quarter last year

Consolidate results triggered in Rs Cr

Margins
Dec'22 Sep'22 Jun'22 Mar'22 Dec'21 Avg. (4 Comments
Qtrs)
OPM 13.7% 13.6% 12.4% 11.4% 9.0% 11.6% Higher than average (4 Qtrs) – Promising
GPM 16.4% 14.8% 13.6% 12.5% 10.3% 12.8% Higher than average (4 Qtrs) – Promising
NPM 9.8% 8.7% 7.8% 7.2% 4.9% 7.2% Higher than average (4 Qtrs) – Promising

14
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rights and a violation of law and it may also result in cancellation of subscription without any refund and may lead to legal action.

ZF Commercial STRONG BUY | Report as on 17 February 2023 at 09:27 PM

ANNUAL RESULT

NET SALES - YOY GROWTH IN YEAR ENDED

MAR 2022 IS 36.48% VS -3.42% IN MAR
2021
Standaloned Net Profit: YoY Growth in year ended Mar 2022 is 36.87% vs -34.64% in Mar
2021
Operating Profit (PBDIT) excl Other Income: YoY Growth in year ended Mar 2022 is
22.73% vs -18.18% in Mar 2021
Interest: YoY Growth in year ended Mar 2022 is -4.52% vs 3.65% in Mar 2021 36.48%
Operating Profit Margin (Excl OI): YoY Growth in year ended Mar 2022 has fallen from Mar NET SALES
2021

Mar'22 Mar'21 Change(%)

Net Sales 2,543.35 1,863.50 36.48%
Key Operating Profit (PBDIT) excl Other Income 252.54 205.77 22.73%
Annual Interest 1.90 1.99 -4.52%
Results Exceptional Items 0.00 0.00

Standaloned Net Profit 142.07 103.80 36.87%

Operating Profit Margin (Excl OI) 9.93 11.04 -1.11%
Figures in Rs Cr | Seasonal companies are compared with the same quarter last year

Net Sales-YoY Growth in year ended Mar 2022 is 36.48% vs - Standaloned Net Profit-YoY Growth in year ended Mar 2022
3.42% in Mar 2021 is 36.87% vs -34.64% in Mar 2021
4000 400
2,854.14 272.83 282.17
2,476.71 2,543.35
1,929.56 1,863.50
2000 200 158.81 142.07
103.80

0 0
Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022

Operating Profit (PBDIT) excl Other Income-YoY Growth in Operating Profit Margin (Excl OI)-YoY Growth in year ended
year ended Mar 2022 is 22.73% vs -18.18% in Mar 2021 Mar 2022 has fallen from Mar 2021
500 20
398.61 409.88
15.25 14.36
13.03
251.48 252.54 11.04
9.93
250 205.77 10

0 0
Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022

Figures in Rs Crore

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ZF Commercial STRONG BUY | Report as on 17 February 2023 at 09:27 PM

SHAREHOLDING

MAJORITY SHAREHOLDERS : PROMOTERS

Majority shareholders: Promoters

Pledged Promoter Holdings: None
Mutual Funds
Mutual Funds: Held in 21.00 Schemes (14.99%) 14.99%

Insurance
FIIs: Held by 59 FIIs (1.26%) Companies
1.06%
Promoter with highest holding: Wabco Asia Private Limited (75%) Promoters Non Institution
75% 7.62%
Highest Public shareholder: Sbi Retirement Benefit Fund-
Conservative Plan (8.95%)
Individual Investors Holdings: 6.23%

Promoter holding-Promoter holding has increased by 0% . FII Holdings-FII holding has increased by 0.03%
However, the number of shares held by the Promoters has
2%
remained constant during the period
1.23% 1.26%
100% 0.94%
75.00% 75.00% 75.00% 75.00% 75.00% 1% 0.78% 0.71%

50%
0%
Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022
0.00% 0.00% 0.00% 0.00% 0.00%
0%
Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022

MF Holdings-MF holding has increased by 0.36% Other DII Holdings-Other DII holding has increased by 0.01%
20% 1%
14.66% 14.65% 14.75% 14.63% 14.99%
0.55% 0.60%
10% 0.5%
0.32%

0.06% 0.07%
0% 0%
Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022

Figures in Rs Crore

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ZF Commercial STRONG BUY | Report as on 17 February 2023 at 09:27 PM

PEER COMPARISION

PEER COMPARISON
ZF Commercial Uno Minda Motherson Endurance Tech Sundaram
Wiring Clayton
Size
Market Cap (Cr.) 19,347 29,424 22,437 19,045 9,418
Annual Sales (TTM) (Cr.) 3,249 10,763 5,635 8,649 32,006
Annual Net Profit (TTM) (Cr.) 273 615 459 487 642
Growth Factors (TTM)
Net Sales Growth 1 year 31.4% 32.3% 0.4% 13.8% 27.4%
Operating Profit Growth 1 year 107.1% 46.6% 21% -5.3% 46.1%
Net Profit Growth 1 year 105.2% 75.6% 16% -9.1% 31.4%
Net Sales Growth 5 year 6.6% 21.9% 43.1% 7.6% 15.5%
Operating Profit Growth 5 year 1.2% 19.3% 21.2% 2% 20%
Net Profit Growth 5 year 2.2% 21.6% 15.7% 5.4% 14.7%
Capital Structure Factors
EBIT to Interest 55.1 12.4 21.9 42.6 2.4
Debt to EBITDA 0.1 1 0.5 0.7 5.1
Net Debt to Equity -0.5 0.2 0.3 -0.1 2.8

Sales to Capital Employed 2.7 2.2 5.1 2.3 1.5

Management Quality Factors
ROCE (latest) 23.5% 14.9% 44.5% 15.6% 14.1%
ROE(latest) 12.3% 14.8% 41.9% 11.8% 11.9%
Tax Ratio 25.9% 25.6% 26.8% 23% 32%
Operating CF to Net Profit 97.3% 107.6% 109.2% 152.9% -328%
Dividend Payout Ratio 16% 12% 65.4% 19.1% 20.2%
Valuation Factors
PE Ratio 70.9 47.8 48.9 39.1 14.7
Price to Book 8.7 7.8 20.5 4.7 1.7
PEG Ratio 0.7 0.6 - - 0.5
Dividend Yield 0.1% 0.2% 1.2% 0.5% 2.2%
EV to EBITDA 43.9 25.2 31.1 18.6 6.1
EV to Capital Employed 16.5 6.6 16.2 5 1.2
Shareholding
Promoter Holdings 75% 70.1% 61.7% 75% 74.5%
Promoter Pledged Holdings - - - - 86.9%
Total Institutional Holding 17.4% 23.9% 29.4% 23.2% 14.6%
FII Holdings 1.3% 8.9% 11% 7.7% 1.3%
Returns
1 Month 12.6% -2.8% -2.3% -4.6% -5%
3 Months 7.8% -5.4% -16.1% -9.5% -18.4%
YTD 14% -1.5% -13% -1.9% -6.7%
1 Year 32.5% 5.1% - -2.6% 16%
3 Years 49.6% 174.7% - 28.6% 129.3%

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display, perform, modify, create derivative works, transmit, or in any way exploit any such content. Unauthorized usage is an infringement of our intellectual property
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ZF Commercial STRONG BUY | Report as on 17 February 2023 at 09:27 PM

COMPANY BACKGROUND

COMPANY BACKGROUND

About the Company

ZF Commercial Vehicle Control Systems India Limited (Formerly known as Wabco
INDUSTRY : Auto Anc India Limited) is a part of the Commercial Vehicle Solutions (CVS) division of the ZF
Group. The Company designs, manufactures and markets conventional braking
products, advanced braking systems, and other related air assisted products and
19,365 cr (Mid Cap) systems.

Part of NIFTY 500

Board of Directors
P Kaniappan Managing Director

M Lakshminarayan Chairman & Independent Directo

Lakshmi Venu Independent Director

Christian Brenneke Director

Philippe Colpron Director

3 more board of directors

Company Coordinates

Company Details: Registrat Details:

Plot No. 3 (Sp), I I I Main Road, Ambattur Industrial Estate, , Sundaram-Clayton Ltd , Jayalakshmi Estates, 5th Floor, No 29
Chennai Tamil Nadu : 600058 (Old 8), Post Box No. 732, Haddows Road, Chennai
Tel: 91-044-42242000 Fax: +91-044- 28257121
Fax: 91-044-42242009
Email: info.india@wabco-auto.com
Website: www.wabcoindia.com

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This research report has been created by www.marketsmojo.com exclusively for Mojo Professional Subscribers. You may not copy, reproduce, distribute, publish,
display, perform, modify, create derivative works, transmit, or in any way exploit any such content. Unauthorized usage is an infringement of our intellectual property
rights and a violation of law and it may also result in cancellation of subscription without any refund and may lead to legal action.

ZF Commercial STRONG BUY | Report as on 17 February 2023 at 09:27 PM

DISCLAIMER

DISCLAIMERS
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