Uno Minda (532539) Q4 10/11 earnings summary

Executive summary

• FY2010-11 standalone sales/income from operations rose to ₹91,231 lacs from ₹59,935 lacs; PAT was ₹3,484 lacs versus ₹2,287 lacs. Current-year figures include Minda Autogas Ltd. following its amalgamation and are not comparable.

• Product range spans switches, lighting, horns, batteries, blow-moulded products and CNG/LPG kits; the business serves two-wheelers, three-wheelers, passenger cars, commercial vehicles and off-road markets.

Financial highlights

• Standalone revenue from operations ₹9,123.1 lacs versus ₹5,993.5 lacs; other income ₹146.0 lacs versus ₹10.6 lacs.

• Standalone PBT ₹4,673 lacs versus ₹3,060 lacs; PAT ₹3,484.5 lacs versus ₹2,287.3 lacs.

• Gross profit before interest and depreciation ₹9,751 lacs versus ₹7,204 lacs; profit before depreciation and tax ₹8,063 lacs versus ₹5,762 lacs.

• Consolidated revenue from operations ₹9,541.5 lacs versus ₹6,251.9 lacs; consolidated PAT ₹3,552.9 lacs versus ₹2,341.1 lacs.

Outlook and guidance

• Bawal blow-moulded products facility was under construction; commercial production was expected from September 2011, with land purchased and construction underway.

• Priorities include expanding manufacturing capabilities, R&D, product quality and design, cost reduction, automation, and stronger IT support for design and development.

• Management cited ongoing cost, productivity and efficiency initiatives as support for continued healthy growth.