"We have not bought any land in Gujarat. We have not signed a deal to buy land. We may definitely buy land in Gujarat because Hero MotoCorp is shifting there," he said.
Bansal, however, is concerned that the company is likely to post lower revenues amounting to Rs 1,150 crore in FY13 due to market conditions.
Omax Autos standalone Dec '12 sales at Rs 261.82 crore
Below is the edited transcript of his interview with CNBC-TV18
Q: Can you give us an update with regards to your FY13 guidance; you have scaled it down drastically to 5 percent vis-à-vis 15.5 percent. What would it be attributed to and what would your bottomline then look like?
A: I think FY13 will be less than FY12. We have done Rs 1,287 crore last year but this year it will touch around Rs 1,150 crore.
Q: Why is it lower?
A: Because of market condition and our commercial vehicle unit is not working well because of Tata Motors. There is degrowth in home furnishing division also.
Q: What would your bottomline looks like?
A: Profit before tax (PBT) level should be around Rs 28 crore.
Q: After that would it be a loss for FY13?
A: No, there is no loss for FY13. There is profit in FY13.
Q: The other piece of news is that you have bought some land in Gujarat. Can you take us through that?
A: We have not bought any land in Gujarat. We have not signed a deal to buy land. We may definitely buy land in Gujarat because Hero MotoCorp is shifting there.
Q: You have not identified any parcel of land?
A: We are in the process of identifying two-three lands but we have not signed any deal to buy any land.
Q: What will you be manufacturing there; will this be for Maruti Suzuki?
A: They will be used for Maruti Suzuki as well as Hero Motocorp.
Q: What might be the cost for the entire unit?
A: Cost putting together land, building etc would be around Rs 25-30 crore in my view.
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