Uno Minda (532539) Q4 12/13 earnings summary

Executive summary

• Standalone revenue fell 4.4% to ₹1,056.29 crore and PAT declined to ₹30.31 crore; consolidated operating income grew 13.7% to ₹1,340.4 crore and net profit rose 16.75% to ₹28.30 crore.

• Results reflected subdued auto-sector demand, while acquisitions, new product lines and technical partnerships expanded the global and domestic portfolio.

Financial highlights

• Standalone revenue from operations was ₹1,056.29 crore versus ₹1,105.40 crore; PBT was ₹38.51 crore versus ₹33.42 crore, and PAT was ₹30.31 crore versus ₹33.41 crore.

• Standalone EBITDA was ₹95.26 crore versus ₹90.30 crore; EPS was ₹19.02 versus ₹20.98.

• Consolidated net operating income rose 13.7% to ₹1,340.4 crore; consolidated net profit increased 16.75% to ₹28.30 crore from ₹24.24 crore.

• Consolidated EPS slipped to ₹17.71 from ₹18.01, reflecting the share of losses from associates and joint ventures.

• Standalone exceptional items were a net loss of ₹2.92 crore; components included asset impairment, investment diminution, insurance recovery and disposal gains.

Outlook and guidance

• FY14 was expected to remain challenging; priorities included further improvement in operational systems and corporate governance.

• Growth strategy centered on existing OEM launches, expanding replacement sales and pursuing overseas OEM customers through JVs and associates.

• Ongoing R&D spending of around 3% of revenue was intended to develop technologies and products and protect against obsolescence.