Shivalik Bimetal Controls (513097) Q4 01/02 earnings summary

Executive summary

• FY02 sales and other income rose 18.79% to Rs 3,137.96 lakh; profit after tax increased 20.95% to Rs 242.77 lakh.

• Operations grew despite sluggish markets linked to the global recession; Unit III trial runs were completed and commercial production was expected soon.

Financial highlights

• Sales and other income totaled Rs 3,137.96 lakh versus Rs 2,641.64 lakh in FY01; gross profit before interest, depreciation and tax was Rs 438.47 lakh versus Rs 329.95 lakh.

• Profit before tax was Rs 273.77 lakh versus Rs 222.72 lakh; profit after tax was Rs 242.77 lakh versus Rs 200.72 lakh.

• Exports were Rs 86.53 lakh versus Rs 79.28 lakh; the report described the increase as not significant while noting aggressive export efforts.

• Raw material consumption increased to Rs 1,428.69 lakh from Rs 1,204.09 lakh; other expenses were Rs 850.67 lakh versus Rs 734.64 lakh.

Outlook and guidance

• Management remained optimistic about new business opportunities and planned to pursue them aggressively while preparing for future demand.

• Export efforts were expected to deliver better results in FY03.

• Unit III was expected to commence commercial production soon, following trial runs and manufacturing-process changes based on customer feedback.