Maharashtra Seamless (500265) Q4 99/00 earnings summary

Executive summary

• FY00 turnover rose to Rs.19,382 lakh from Rs.18,598 lakh; PBT increased 72% to Rs.2,415 lakh and PAT after adjustment rose 70% to Rs.1,757 lakh.

• Seamless-pipe operations remained the core business; a 50,000 MT annual-capacity ERW pipe project was completed, with commercial production expected by end-September 2000.

Financial highlights

• Sales were Rs.1,924.3 million versus Rs.1,855.5 million; total income was Rs.1,988.0 million versus Rs.1,885.4 million.

• PBT was Rs.241.5 million versus Rs.140.5 million; PAT after adjustment was Rs.175.7 million versus Rs.103.6 million.

• Other income rose to Rs.14.0 million from Rs.4.3 million; inventory increase contributed Rs.49.8 million versus Rs.25.6 million.

• Interest and financial charges, net, fell to Rs.5.5 million from Rs.18.8 million; depreciation was Rs.35.2 million versus Rs.33.7 million.

Outlook and guidance

• ERW pipe trials were underway; commercial production from the completed 50,000 MT-per-year facility was expected by end-September 2000.

• R&D priorities included developing new sizes, upgrading product quality and technology, conserving energy, and reducing costs.