Balaxi Pharmaceuticals (BALAXI) Q4 11/12 earnings summary

Executive summary

• FY2011-12 net profit was Rs 11,931.44 hundred, down from Rs 29,822.09 hundred in FY2010-11; earnings were largely investment-related.

• Funds remained deployed in bank deposits and investments while directors considered proposals to rebuild the business base and shareholder value.

Financial highlights

• Total revenue was Rs 19,095.37 hundred versus Rs 36,085.35 hundred YoY; operating revenue from share trading was Rs 6,240.13 hundred.

• Other income was Rs 12,855.24 hundred, including Rs 6,806.79 hundred from investment sales, Rs 3,734.00 hundred in bank interest and Rs 2,270.75 hundred in dividends.

• Profit before tax was Rs 14,103.74 hundred versus Rs 34,514.88 hundred; PAT was Rs 11,931.44 hundred versus Rs 29,822.09 hundred.

• Total expenses were Rs 4,991.63 hundred versus Rs 1,570.47 hundred; other expenses rose to Rs 3,975.95 hundred, including Rs 1,920.00 hundred in ROC filing fees and expenses.

• Cash and cash equivalents were Rs 55,286.77 hundred at year-end versus Rs 1,675.94 hundred; current investments fell to Rs 15,813.58 hundred from Rs 71,367.48 hundred.

Outlook and guidance

• Promoters planned to infuse fresh capital at an appropriate time and were considering business proposals to strengthen the financial base and increase shareholder value.

• Funds were held in banks and investments pending acquisition of another plantation and/or commencement of tea, rubber or another business.