SPR Auto Technologies (SHRIPISTON) Q4 14/15 earnings summary

Executive summary

• FY15 net sales rose 6.4% to Rs. 12,444 million, while PAT fell 17.7% to Rs. 573 million, primarily reflecting Pathredi production disruption and higher costs.

• OEM sales grew 11.8%; overall growth was moderated by weaker aftermarket sales during the Pathredi disruption.

Financial highlights

• Standalone total income increased to Rs. 12,615.86 million from Rs. 11,792.65 million; net revenue from operations reached Rs. 12,443.77 million versus Rs. 11,697.12 million.

• EBITDA was Rs. 2,073.43 million versus Rs. 2,388.17 million; gross profit after interest, before depreciation and tax, was Rs. 1,753.01 million versus Rs. 2,011.52 million.

• PAT declined to Rs. 573.16 million from Rs. 696.53 million; EPS fell to Rs. 25.62 from Rs. 31.13.

• Standalone operating cash flow was Rs. 1,294.74 million versus Rs. 1,796.59 million; cash and cash equivalents ended at Rs. 183.53 million versus Rs. 450.80 million.

Outlook and guidance

• FY16 automotive-sector growth was expected to remain in single digits; management targeted growth above the industry, supported by new customer business and aftermarket focus.

• Export growth of more than 20% was planned for FY16; export prospects were described as good.

• Stricter emission and fuel-efficiency requirements were expected to support demand for advanced technology products and solutions.