Uno Minda (532539) Q4 08/09 earnings summary

Executive summary

• FY09 sales grew 8% to Rs 44,569 lakh; cash operating profit rose 21.63% to Rs 4,241 lakh, while PAT declined to Rs 1,517 lakh from Rs 1,572 lakh.

• Bangalore blow-moulding unit began commercial production in Sep 2008; automotive battery and export initiatives broadened product and market reach.

Financial highlights

• Net sales, excluding excise, were Rs 44,569 lakh versus Rs 39,610 lakh; gross sales were Rs 49,454 lakh versus Rs 45,908 lakh.

• Profit before tax increased to Rs 2,098 lakh from Rs 1,977 lakh; PAT was Rs 1,517 lakh versus Rs 1,572 lakh.

• Gross profit before interest and depreciation reached Rs 5,888 lakh from Rs 4,841 lakh; financial cost rose to Rs 1,647 lakh from Rs 1,151 lakh.

• Total assets were Rs 31,526 lakh; shareholders’ funds reached Rs 7,704 lakh, compared with Rs 27,598 lakh and Rs 6,509 lakh, respectively, at FY08 close.

Outlook and guidance

• Automotive components industry growth was expected to remain moderate in FY10; focus areas were cost reduction, efficiency improvement and pursuing sales-volume opportunities.

• Cost-reduction, productivity and efficiency initiatives were expected to support continued growth; Bangalore plastic mouldings were viewed as a promising product line.