BEML Limited (500048) Q4 01/02 earnings summary

Executive summary

• FY2001-02 sales rose 5.70% YoY to Rs 142,415 lakh and value of production increased 6.92% to Rs 143,610 lakh; PBT was Rs 1,301 lakh and PAT Rs 535 lakh.

• Profitability improved before tax, but PAT fell from Rs 600 lakh to Rs 535 lakh as tax provision increased to Rs 766 lakh from Rs 465 lakh.

• A 12% dividend was recommended; a Rs 1,700 crore Defence order book supported near-term activity.

Financial highlights

• Sales were Rs 142,415 lakh vs Rs 134,740 lakh; value of production was Rs 143,610 lakh vs Rs 134,317 lakh.

• Profit before depreciation, interest and tax was Rs 5,741 lakh vs Rs 6,525 lakh; interest expense fell to Rs 2,226 lakh from Rs 3,120 lakh.

• PBT increased to Rs 1,301 lakh from Rs 1,065 lakh; PAT declined to Rs 535 lakh from Rs 600 lakh.

• Other income fell to Rs 1,681 lakh from Rs 2,525 lakh; raw materials and spares consumed rose to Rs 90,318 lakh from Rs 79,540 lakh.

Outlook and guidance

• FY2002-03 sales target was Rs 167,470 lakh, with efforts focused on improved results and growth across the product range.

• Defence prospects were described as encouraging, with Rs 1,700 crore of orders for execution over the next two years.

• The earthmoving outlook remained linked to core-sector recovery and equipment offtake; Railway prospects were considered weak, while Metro EMU opportunities offered potential.