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The Indian auto-components industry has experienced healthy growth over the past decade. In India, the auto-components industry accounts for 2.3 percent GDP and employs around 1.5 million employees directly and directly in this industry. According to recent reports by IBEF, the auto components industry in India is anticipated to reach USD 200 billion in revenue by 2026. While the revenue of the automobile component industry stood at USD 49.3 billion in 2019, the export of auto components grew at a CAGR of 7.6 percent.
The Indian automotive OEM industry is already in a strong position and according to the Automobile Component Manufacturers Association (ACMA), the automobile components export from our country is anticipated to reach USD 80 billion by the year 2026. The major factors fueling the growth of the auto-components industry in India include the growing working population. Moreover, the reduction in excise duties in the motor vehicles sector is expected to spur the demand for auto components in the country. The auto-components industry is classified into organized and unorganized sectors where organized sectors cater to the OEMs and comprise high-value precision instruments.
While auto component manufacturers prepare for a future where they ramp up performance in India and globally, they need to account for numerous trends along four key dimensions that are shaping the industry. The first and foremost dimension includes the constantly shifting market dynamics owing to changing manufacturing locales, customer demands, operating models, and priorities. The second one is the changing requirements of OEMs, who are likely to want different, more agile, and rapid component inputs as demand, timelines and processes keep shifting. The third dimension include the technological advancements, and the last one is the evolving regulatory and trade environment forming the backdrop for it all.
One such company that serves as a single stop for component development right from source casting development to final delivery of finished products is Chennai headquartered Precision Machine & Auto Components (PMAC).The company caters to a wide range of OEM such as Earth Moving equipment companies, Industrial valve manufacturers, locomotives, compressors, plastic molding machines, and windmills, etc. Owing to the stellar record of producing high-quality products, the aforementioned industries regard PMAC as one of the most trusted and preferred component developers both in India and the international markets.
Equipped with 3D & 2D modeling software, all products are designed and developed with an accurate fixture design that is carried out to meet the machining requirements of the products. Furthermore, the fixture designs are optimized after the first bath trial production carried out by PMAC.
1 to 1 solution provider
PMAC is a 1 to 1 solution provider spread across an area of 1,00,000 sq ft of dedicated space for providing solutions to clients all across the globe with an outstanding reputation for low PPM rate and minimum lead time for developing quality components. The company handles components from 20 Kg to 10,000 Kg - single piece backed up by close to 50 odd high-end CNC Machining Centres imported from Japan and some machines up to with 2 Mtr Pallets.
Some of these machines are one of the largest to be imported by MSME’s lately, as these boasts about the advanced tool changing technology, complete measuring capability and can be operated on the shop floor which has an underground system for chip collection that is unique. This helps PMAC to operate its shop floor
neat and clean and all machines of the company are backed up 100 percent by UPS. Furthermore, all the processes carried out in the manufacturing plants of the company are monitored by experts to ensure that the quality and processes are met, controlled, and documented.
Meeting the quality expectations of clients
“Quality is the centre of all the process at PMAC and therefore we manufacture products that match not only the quality expectations of our clients but also the quality expectations that meet the industry standards in India and the other countries across the globe,” affirms Exec Director Mr. Karthik.
PMAC has been serving a wide array of industrial segments for the last 47 years which include the Agri & Farm, Oil & Gas, Compressors, Construction Machinery, and Components for Off/On Road Vehicles, Heavy Vehicles, etc. This gives the company high leverage to be risk-free.
Quality is the centre of all the process at PMAC and therefore we manufacture products that match not only the quality expectations of our clients but also the quality expectations that meet the industry standards in India and the other countries across the globe
Since its inception, PMAC, by working with major players in each of the aforementioned segments has grown exponentially, gaining the confidence of clients. The company has now moved from a component player to set up dedicated end-to-end Product lines where the company sources the component from casting supplier machine and it gets fitted at the client end and in some cases performs strategic sub-assemblies too. This is backed by PMAC’s Coordinate Measuring Machine which ensures all the xyz directions are well checked during prototypes and production lots.
Strong focus on its vision
PMAC as a company has matured over the years mainly owing to its strong focus towards its vision of becoming Asia’s leading Industrial component manufacturing company both in terms of revenue and customer base. Since the company’s mission is related to this vision, it helps in bringing its employees together to contribute towards the fulfillment of the vision and the objectives.
Catering to a wide variety of business segments
PMAC is strongly committed to providing only the best solutions to its customers. This is seen from the large and widespread customer base, where customers have been supporting the company over the years and now.
“One of the major factors differentiating us from the other players in this landscape is that we are not catering to a single sector but we are spread across multiple sectors which makes us unique and will continue to be our USP. We are risk-free as we cater to a wide variety of business segments, and this gives us a competitive edge. Not many of the industry players would believe that we were busy even during COVID Lockdown times and we can be proud of the fact we may end up with the same Revenue as 2019-20 despite losing 2-3 months in Total Lockdown. This embodies PMAC growth from being a fringe player to a player of high precision and calibre,” affirms Exec Director Mr. Karthik.
“We listen to customers a step closer than what is needed which enables us to provide solutions as per their requirement and we have invested in certain machines such as Leak test equipment that adds a much-needed element in our arm or for differentiation,” he adds.
The Journey thus far
Established in 1974 Precision Machine &Auto Components emerged from a humble beginning of only 5 employees. Today the company has over 350 employees with a YoY Revenue of Rs 120 Cr. Located at Sriperumbudur Industrial Park just 30 Km from the heart of Chennai, PMAC has seen a remarkable growth story. Initially, the customer base was restricted to M/s. Ashok Leyland grease nipples. However, slowly the company started supplying fully finished components out of the cast, forged, and fabricated materials to a multitude of Industries throughout India and across the globe. In the year 2001, PMAC realized its growth and the need for Management systems and became one of the ISO certified companies and is in the process of obtaining the Integrated Management System of OSHAS-ISO by April this year.
With its presence in over seven industries, the rich experience, high-quality deliverables, and consistent performance has helped the company serve a huge clientele that is not only present in India, but also present across the world. PMAC is slated to get its OSHAS certification by April’2021 & there are plans for other important certifications by July’21.
The Road ahead
As a company, we are majorly into Agri & Farm equipment sector and we expect this sector to grow in the coming days. Moving ahead, PMAC is in the plans of working for huge projects with major players from various fields especially the Elevator and construction sector and Earthmoving equipment sector. PMAC is putting its foot into expansion mode as it unlocks its huge land bank at Vayalur near Chennai for a brand new facility by 2023. Construction is set to begin by 2022 and we should be at that facility by 2023.
“Exports continue to be our prime focus and hence we have recruited talents from leading Engineering companies into PMAC fold and have drawn out aggressive plans to expand our Revenues by 20% YoY,” says Balasubramanian. “I am confident that the successful journey of PMAC over the last 46 years has given us the Strength & Confidence to create more Global milestones,” he concludes.
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