NRB Bearings (NRBBEARING) Q4 00/01 earnings summary

Executive summary

• FY01 net sales after excise duty were Rs. 11,708 lacs, down 2.8% YoY; lower automotive OEM offtake and higher material costs reduced profitability. Exports increased 40%.

• Profit after tax fell to Rs. 831.34 lacs from Rs. 1,216.97 lacs; proposed final dividend was Rs. 4 per share.

Financial highlights

• Net sales after excise duty: Rs. 11,708 lacs vs Rs. 12,048 lacs in FY00; reported decrease 2.8%.

• Operating profit before depreciation and tax: Rs. 2,147.30 lacs vs Rs. 2,432.97 lacs; PBT: Rs. 1,260.63 lacs vs Rs. 1,623.94 lacs.

• PAT: Rs. 831.34 lacs vs Rs. 1,216.97 lacs; EPS: Rs. 8.58 vs Rs. 12.56.

• Exports increased 40%; foreign exchange earnings were Rs. 705.47 lacs and outgo was Rs. 1,456.03 lacs.

Outlook and guidance

• SNL turnaround measures were expected to produce results over the next 18 months; improvement in the next accounting year depended on resolving industrial relations issues.

• NRB Torrington export sales were expected to remain at the current level during FY02.