印度Sterling Tools公司在其他競爭者不景氣的狀況下仍獲營業毛利率的成長

　　在同類競爭者獲利困難之時，汽車扣件供應商Sterling Tools公司的營業毛利卻獲得成長，這是因為該公司的策略是減少對單一客戶的依賴以及能為產品爭取較佳售價的能力。在汽車輔助零件產業中，較低價商品的獲利通常都會落在汽車制造商身上，但Sterling公司有能力與顧客談到較好的條件來為價格重跌的商品(大多是鋼制品)維持住大比例的獲利。這有助于該公司在過去八季一致地增加毛利率。此外該公司也在增加(用于變速箱、引擎、車盤的)高價扣件的比例，這些扣件比一般標準扣件價格高出一到四成，且提供這些扣件的供應商很少，所以能實現平均獲利。該公司未來專注併購規模具可伸縮性的客戶。

　　因此該公司一直關注印度本田摩托車公司(HMSI)、印度Maruti Suzuki公司、Ashok Leyland商用汽車公司以及Mahindra & Mahindra農機公司。這些顧客是業界中成長最快的企業，有助于維持產量成長。過去18個月，Sterling公司能將來自Maruti Suzuki公司的事業份額從33%增加到40%。該公司多元化的投資組合能讓自身避免遭遇那些產業的需求疲弱。為維持產量成長，該公司正于古吉拉特邦建設新廠，以輔助印度本田摩托車公司和Maruti 公司的工廠，投資額為4~5億盧比。

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　　Sterling Tools Expands Its Operating Margin When Others are Still Struggling

　　Sterling Tools, a supplier of fasteners to automobile companies, has expanded operating margin at a time when its peers are finding it difficult to do so. This can be attributed to Sterling's strategy of reducing reliance on single client and ability to fetch better prices for its products. Typically, in the auto ancillary segment, gain from lower commodity prices has to be passed to the automobile companies. However, Sterling Tools has been able to negotiate better terms with customer to retain a sizeable portion of benefits from fallen commodity prices (largely steel). This has helped the company to improve its margins consistently in the past eight quarters. In addition, Sterling Tools is increasing the proportion of its higher priced fasteners which are used in transmission, engine, and chassis. The fasteners used in engine and chassis are priced nearly 10-40 per cent more than standard fastener, and this product has few suppliers. Hence, it helps to boost average realisation. The company focuses on acquiring clients with a scope for scalability in the future.

　　As a result, the company has been focused on Honda Motorcycle & Scooter India (HMSI) in two-wheeler segment, Maruti Suzuki India among passenger car makers, Ashok Leyland in commercial vehicles and Mahindra & Mahindra in the farm equipment segment. These customers are one of the fastest growing in their segment, which helps in maintaining volume growth. In the past 18 months, the company has been able to increase its share of business from Maruti Suzuki to 40 per cent from 33 per cent earlier. The company's diverse portfolio makes it less vulnerable to the demand slack in any of these segments. To maintain volume growth, Sterling is putting up a new facility in Gujrat to cater to new plants of HMSI and Maruti with an investment of Rs 40-50 crore.