Maharashtra Scooters (MAHSCOOTER) Q4 12/13 earnings summary

Executive summary

• FY2012-13 profit after tax was ₹4,884.13 lakh, versus a prior-year loss of ₹649.09 lakh; the prior year included a ₹5,839.45 lakh VRS charge.

• Operations remained focused on pressure die-casting dies, jigs and fixtures after geared-scooter production ended in April 2006.

Financial highlights

• Total revenue was ₹5,992.32 lakh, down from ₹7,048.38 lakh; net revenue from operations was ₹669.96 lakh versus ₹667.83 lakh.

• Other income was ₹5,322.36 lakh versus ₹6,380.55 lakh, including ₹4,143.80 lakh dividend income from long-term investments.

• Profit before exceptional items and tax was ₹4,884.13 lakh versus ₹5,190.33 lakh; FY2011-12 included the ₹5,839.45 lakh VRS exceptional charge.

• Employee benefits expense fell to ₹560.81 lakh from ₹1,317.92 lakh, following the previous year's VRS implementation.

Outlook and guidance

• Near-term outlook remained uncertain amid fierce competition and the diminished geared-scooter market.

• Directors recommended a dividend of ₹20 per equity share, or 200%, for FY2012-13, subject to shareholder approval.