Jupiter Wagons (JWL) Q4 12/13 earnings summary

Executive summary

• FY13 gross sales fell 9.68% YoY to ₹590.42 crore; PBT declined to ₹33.50 crore from ₹56.78 crore and PAT to ₹18.51 crore from ₹40.80 crore.

• Performance faced a sharp M&HCV downturn and one-time charges, while FBV remained the core business and railway and power activities offered diversification.

Financial highlights

• Net revenue from operations was ₹502.90 crore vs ₹468.64 crore; total revenue was ₹504.29 crore vs ₹470.91 crore.

• EBITDA was ₹64.96 crore vs ₹70.20 crore; EBIT ₹49.64 crore vs ₹66.10 crore; PBT ₹33.50 crore vs ₹56.78 crore.

• PAT was ₹18.51 crore vs ₹40.80 crore; basic and diluted EPS was ₹3.37 vs ₹7.43.

• Finance costs rose to ₹16.14 crore from ₹9.32 crore, and depreciation and amortisation increased to ₹16.70 crore from ₹6.37 crore.

Outlook and guidance

• Management expected a sales pickup in FY14, focusing on FBV categories including tippers, tankers, cargo bodies and refrigerated vehicle bodies, and planned to grow power-plant structures and auxiliaries.

• SIAM projected FY14 commercial-vehicle growth of 7–9%; LCV goods 10–12%, M&HCV goods 1–3% and passenger buses 6–8%.

• Railway opportunities were tied to the 12th Plan target of 105,659 wagons for FY13–17 and dedicated freight corridor development; delayed wagon procurement remained a constraint.

• The company planned Kaizen initiatives across plants and continued investment in IT, processes, R&D and new transport products.