Alicon Castalloy (531147) Q4 02/03 earnings summary

Executive summary

• FY ended 31 Mar 2003: total income Rs 2,270.05 lakh, up 29% YoY; PBT Rs 140.40 lakh and PAT Rs 99.54 lakh, both above prior year.

• Higher sales and production, led by four-stroke cylinder heads for two-wheelers; growth supported by stronger OEM performance.

Financial highlights

• Sales and other income Rs 2,270.04 lakh vs Rs 1,755.05 lakh in FY02; sales Rs 1,198.89 lakh and conversion income Rs 1,056.16 lakh.

• Operating profit before financial expenses Rs 414.51 lakh vs Rs 373.60 lakh; financial expenses Rs 129.74 lakh vs Rs 126.78 lakh.

• PBT Rs 140.40 lakh vs Rs 113.95 lakh; PAT Rs 99.54 lakh vs Rs 83.60 lakh.

• Recommended 10% dividend; total payout including dividend tax Rs 45.12 lakh, subject to shareholder approval.

Outlook and guidance

• Intake Manifold commercial production for premier Maruti Udyog Ltd models expected during FY04; project was expected to enter production by end-Oct 2003.

• FY04 outlook cited rising two- and four-wheeler demand, targeted growth plans and significant export turnover; one export component developed and further components under discussion.

• Aluminum-wheel manufacturing for two-wheelers under exploration with technology from Enkei Corporation, Japan.