Shivalik Bimetal Controls (513097) Q4 03/04 earnings summary

Executive summary

• FY04 sales and other income rose 25.71% to Rs. 5,477.60 lacs; profit before tax increased to Rs. 475.73 lacs from Rs. 349.01 lacs.

• Export turnover reached Rs. 946.70 lacs versus Rs. 208.07 lacs, while substantial Unit II expansion was completed and Unit III began commercial production.

Financial highlights

• Net sales were Rs. 4,804.26 lacs, other income Rs. 56.96 lacs, and profit after tax Rs. 407.99 lacs for FY04.

• Operating costs included raw materials of Rs. 2,574.15 lacs and manufacturing and other expenses of Rs. 1,694.93 lacs; interest and finance charges were Rs. 159.16 lacs.

• Net fixed assets, including capital work in progress and capital advances, totaled Rs. 1,243.13 lacs; net current assets were Rs. 2,058.70 lacs at 31 March 2004.

• Operating cash flow was Rs. 255.90 lacs; investing activities used Rs. 368.13 lacs and financing activities generated Rs. 184.09 lacs.

Outlook and guidance

• Export prospects remained encouraging in the current year, following strong FY04 export growth and new acceptance in international markets.

• Unit I expansion was planned for FY05; major equipment had been identified and orders placed.

• Development plans included Bimetal and Trimetal components for automobile, electrical and electronics applications.