Uno Minda (532539) Q4 11/12 earnings summary

Executive summary

• FY12 standalone revenue rose 21.16% YoY to Rs 110,540.41 lacs; PAT was Rs 3,341.26 lacs versus Rs 3,484.55 lacs in FY11.

• Consolidated revenue reached Rs 117,920.62 lacs versus Rs 95,421.66 lacs; consolidated profit for the year was Rs 2,824.81 lacs versus Rs 3,552.87 lacs.

• Lower standalone profit before exceptional items and tax, Battery division impairment, and acquisition/disposal activity shaped FY12 results.

Financial highlights

• Standalone total revenue was Rs 112,140.40 lacs, including Rs 110,540.41 lacs from operations and Rs 1,599.99 lacs of other income.

• Standalone profit before exceptional items and tax fell to Rs 3,151.17 lacs from Rs 4,673.36 lacs; PAT was Rs 3,341.26 lacs versus Rs 3,484.55 lacs.

• Consolidated total revenue was Rs 119,554.40 lacs; profit before exceptional items and tax was Rs 3,224.08 lacs versus Rs 4,773.84 lacs.

• Standalone basic and diluted EPS were both Rs 20.98, versus Rs 25.61 and Rs 22.43, respectively, in FY11; consolidated basic/diluted EPS were Rs 17.73 versus Rs 26.14/Rs 22.89.

Outlook and guidance

• Strategic priorities include expanding manufacturing capacity, pursuing JVs with foreign collaborators, and focusing on product quality, design, cost reduction, automation and IT capabilities.

• Industry projections cited auto-component turnover of USD 66bn in FY16 and USD 113bn by FY21; localization and replacement-market demand were expected to support medium-term growth.

• Growth plans face low-cost import competition, currency volatility and investment needs for product development and capacity; no specific financial guidance was stated.