The star Q1 performer, however, is Delhi-based Asahi India Safety Glass. The dominant player in the laminated and tempered glass industry has recorded an astonishing net profit growth of 1918 per cent. The company's Q1 profit of Rs 2.22 crore is just short of the FY 1999 figure of Rs 2.45 crore. On the bourses, the stock has been on a northward journey since March this year and has almost trebled to its yearly high of Rs 535. The company's annualised earning per share (EPS) works out to an impressive Rs 24, which gives an attractive discounting of 22. With its wide product range (which gives it a competitive edge over its rivals), Asahi India meets 100 per cent requirements of Maruti Udyog, General Motors India, Fiat Uno and DCM Daewoo. It also supplies to Telco, Mahindra & Mahindra, PAL Peugeot, Ashok Leyland and Eicher Motors.

MICO, which manufactures spark plugs and fuel injection pumps, has seen its net profit rise by over 200 per cent in the first quarter. The company, a subsidiary of Bosch GmbH of Germany, is all set for a smooth drive for the future thanks to the Supreme Court's decision on Euro II compliant cars in Delhi. With more states slated to follow soon, the demand for petrol fuel injection systems will see a substantial rise, adding to MICO's bottomline. The company's annualised earning per share (EPS) works out to an attractive Rs 93.4, which gives a discounting of 56. The stock, which currently trades at Rs 5270, has been rising from Rs 3550-levels in early June. The open offer by the parent is one reason for the rise in the stock price.

Clearly, the expectations of the market have not been misplaced so far as the auto ancillary sector is concerned. Apart from the growth in profits, there have been a number of turnarounds in the quarter as well.

These include firms like Gabriel India, Kalyani Brakes and Goetze (India). Gabriel India, whose major client is Ashok Leyland, has turned around in the first-quarter with a net profit of Rs 68 lakh against a loss of Rs 1.21 crore in the last quarter. The reason is not too far to seek - an improved performance by its clients. Kalyani Brakes, a joint venture between the Kalyani group and Robert Bosch of Germany and Nabco of Japan, is back in the black with a net profit of Rs 90 lakh against a net loss of Rs 1.76 crore in the previous quarter. The company's strategy of widening its product base has paid off.