Shivalik Bimetal Controls (513097) Q4 00/01 earnings summary

Executive summary

• FY2000-01 sales reached Rs. 2,603.69 lakh vs. Rs. 2,461.27 lakh; export sales rose to Rs. 79.28 lakh from Rs. 31.16 lakh.

• Profit after tax was Rs. 200.72 lakh vs. Rs. 224.43 lakh; a 25% dividend, or Rs. 2.50 per share, was recommended.

Financial highlights

• Sales and other income were Rs. 2,641.64 lakh vs. Rs. 2,483.10 lakh; PBT was Rs. 222.72 lakh vs. Rs. 264.43 lakh.

• Interest and finance charges increased to Rs. 70.47 lakh from Rs. 38.68 lakh; depreciation was Rs. 36.76 lakh vs. Rs. 34.10 lakh.

• PAT was Rs. 200.72 lakh vs. Rs. 224.43 lakh; EPS was Rs. 10.45 and the proposed dividend, including dividend tax, was Rs. 52.90 lakh.

• Operating cash flow was Rs. 113.80 lakh vs. Rs. 267.71 lakh; fixed-asset purchases used Rs. 276.68 lakh.

Outlook and guidance

• Commercial production from the new edge-welding machinery began on 15 Feb 2001; directors continued to explore export opportunities for products.

• Management was exploring options for an overseas joint venture and expected to decide in the near future.

• The borrowing ceiling was proposed to rise from Rs. 1,500 lakh to Rs. 2,000 lakh to support operations, higher inventory and extended customer credit.