Exide Industries (500086) Q4 01/02 earnings summary

Executive summary

• FY2001-02 sales reached Rs. 9,848.4m; net profit fell to Rs. 314.2m from Rs. 415.5m, amid a weak economy and sluggish vehicle production.

• Consolidated net profit was Rs. 306.8m; production of automotive and industrial batteries increased to 7.6m units from 7.2m.

Financial highlights

• Standalone sales were Rs. 9,848.4m vs Rs. 9,543.8m; PBT was Rs. 424.2m vs Rs. 485.5m, and PAT was Rs. 314.2m vs Rs. 415.5m.

• Standalone EPS was Rs. 8.80 vs Rs. 11.10; cash profit was Rs. 754.2m vs Rs. 849.3m.

• Consolidated sales were Rs. 10,243.0m; PBT Rs. 420.8m, PAT Rs. 308.9m and net profit after minority interest Rs. 306.8m.

• Exceptional items were Rs. 43.0m, comprising amortisation of VRS, ERP/Y2K and website expenses.

Outlook and guidance

• Telecom battery orders were expected to increase in FY2002-03 after Department of Telecommunications orders were issued in February; railway budget plans were expected to support orders.

• Management expected lower interest costs to continue in the current year; the current-year benefit of refinancing and repayments was expected to emerge.

• Caldyne Automatics reported confirmed order bookings of ~Rs. 90m at 31 March 2002 and targeted higher turnover in the ensuing year.

• Domestic and export prospects in power and telecom were viewed as encouraging; plans included expanding SMPS charger offerings and export efforts.