Moser Baer Q4 net up 100% (Source: BS)
Optical storage device maker Moser Baer backed by strong demand and operational efficiencies has posted a net profit of Rs 39.72 crore for the fourth quarter ended March 31, 2007 (Q4FY07), representing a 100% jump from the corresponding period of the last fiscal.
Revenue in Q4FY07 stood at Rs 550 crore registering an increase of 3.8% over the fourth quarter last year, and 5.1% on a sequential basis.
According to the company, the year was a landmark one for Moser Baer as it saw the optical media business emerging as a free cash business, helped by robust shipments, improving asset turnovers and production efficiencies in the business. The company was also helped by stabilisation of polycarbonate prices, a key ingredient in churning out DVDs.
Added Ratul Puri, executive director, Moser Baer said, "This year saw Moser Baer transforming into a multi-technology business organisation. The base optical media business has reverted to normal levels of operating efficiencies and the company is now set to lead the next generation demand curve in the Blue laser based products. Additionally, the entertainment business will allow us to capture higher value addition in the chain and we will emerge as a leader in this highly exciting segment by having brought in the paradigm shift in this industry."
Earnings before interest, taxes, depreciation and amortization (EBITDA), at Rs 172.58 crore, grew 60.8% over the corresponding quarter in the previous year and 5.6% on a sequential basis.
In FY07, the company reported profit after tax (including deferred tax impacts) of Rs 109.79 crore, recording twenty-fold growth over the net profit in FY06.
Gross revenue for the financial year stood at Rs 2,074.03 crore, an increase of 19.8% from FY06. The growth is mainly due to the robust growth in volumes and the capacity expansion during the year.
In its guidance for the storage business, the company is expecting a three year compound annual growth rate (CAGR) of 25-35% in its revenues while EBIDTA margins are expected to be in excess of 30%. The company plans to spend $40 million (Rs 164 crore) to increase capacity to 3.4 billion discs per annum.
For its photovoltaic business, the company expects the revenue to be in the range of $80-100 million (Rs 410 crore) during next fiscal.
The board recommended, issue of bonus shares to the equity shareholders of the company in the ratio of 1 equity share for every 2 equity shares held by them, by capitalizing the reserves of the company.
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Very impressive results from Moser Baer.
Fair disclosure: I dont hold this stock.
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