Uno Minda (532539) Q4 06/07 earnings summary

Executive summary

• FY2006-07 turnover reached Rs. 4,441.28 million, up 44.86% YoY; higher raw-material prices limited profit growth to 4.48%.

• Net profit was Rs. 135.35 million; EPS was Rs. 12.58. Recommended equity dividend remained Rs. 2.50 per share, or 25%.

Financial highlights

• Gross sales were Rs. 4,441.28 million versus Rs. 3,065.82 million; net sales after excise were Rs. 3,866.07 million versus Rs. 2,680.52 million.

• Cash operating profit was Rs. 348.76 million versus Rs. 313.99 million; PBT was Rs. 213.55 million versus Rs. 208.85 million.

• PAT was Rs. 135.35 million versus Rs. 129.55 million; EPS increased to Rs. 12.58 from Rs. 12.04.

• Exports were Rs. 162.39 million versus Rs. 203.12 million; royalty income was Rs. 8.3 million versus nil.

Outlook and guidance

• Strong economic performance was expected to create growth opportunities; low car penetration and first-time buyer potential were cited as demand drivers.

• Focus areas included timely delivery for new models and variants, shop-floor efficiency, and supplier collaboration to reduce costs and improve quality.

• Pant Nagar switch production began in April 2007; battery production was expected from July 2007, while Chakan lighting production was planned for FY2007-08.