Shivalik Bimetal Controls (513097) Q4 02/03 earnings summary

Executive summary

• FY03 sales and other income rose 39.12% YoY to Rs. 4,357.25 lakh; PBT increased 27.48% to Rs. 349.01 lakh, while PAT was nearly flat at Rs. 242.51 lakh.

• Auditors gave an unqualified opinion, stating the financial statements presented a true and fair view and complied with applicable accounting standards.

Financial highlights

• Gross profit before interest, depreciation and tax was Rs. 536.53 lakh, versus Rs. 438.47 lakh in FY02; interest and finance charges rose to Rs. 135.30 lakh from Rs. 115.04 lakh.

• Sales were Rs. 4,322.77 lakh and other income Rs. 34.48 lakh; exports increased to Rs. 208.07 lakh from Rs. 86.53 lakh.

• Proposed dividend was 30%, or Rs. 3 per equity share; dividend outlay was Rs. 57.60 lakh, plus Rs. 7.38 lakh dividend tax.

Outlook and guidance

• Substantial export orders were expected to be executed in FY04; the export outlook was described as promising.

• Capacity expansion and new machinery were underway to meet conditions for Himachal Pradesh incentives and exemptions.

• R&D plans included bimetal components for automobile brakes and a wider range of bimetal snap discs.