ZF Commercial Vehicle Control Systems India (ZFCVINDIA) Q4 07/08 earnings summary

Executive summary

• FY08 reported turnover of Rs.54,655.07 lakh and PAT of Rs.6,984.06 lakh; year-on-year comparison is not meaningful because the brakes business was demerged into the business during the year.

• Results reflect the brakes business transfer effective 28 March 2008, with the scheme’s appointed date of 1 January 2007.

Financial highlights

• Net sales were Rs.53,433.91 lakh; other income was Rs.1,221.16 lakh, taking total income to Rs.54,655.07 lakh.

• Profit before interest, depreciation and tax was Rs.11,777.04 lakh; net interest Rs.328.68 lakh, depreciation Rs.1,011.71 lakh, PBT Rs.10,436.65 lakh and PAT Rs.6,984.06 lakh.

• Tax provision totalled Rs.3,452.59 lakh, including income tax Rs.3,215.00 lakh, fringe benefit tax Rs.53.64 lakh and deferred tax Rs.183.95 lakh.

Outlook and guidance

• FY09 capital expenditure of Rs.73 crore was planned, based on long-term prospects and export orders, with additional sales expected to begin in FY09.

• R&D plans included APDA, shorter double-diaphragm spring brake actuators, NLC II compressors and clutch master cylinders, alongside export-market development.