ZF Commercial Vehicle Control Systems India (ZFCVINDIA) Q4 08/09 earnings summary

Executive summary

• FY09 total income was ₹44,577.78 lakh vs ₹54,655.07 lakh; PBT fell to ₹5,255.48 lakh from ₹10,436.65 lakh amid the commercial-vehicle downturn.

• PAT was ₹3,552.21 lakh vs ₹6,984.06 lakh; EPS was ₹18.73 vs ₹36.82.

Financial highlights

• Net sales were ₹42,594.58 lakh vs ₹53,433.91 lakh; other income rose to ₹1,983.20 lakh from ₹1,221.16 lakh.

• Profit before interest, depreciation and tax was ₹7,334.11 lakh vs ₹11,777.04 lakh; net interest rose to ₹685.42 lakh from ₹328.68 lakh.

• Depreciation was ₹1,393.21 lakh vs ₹1,011.71 lakh; tax provision was ₹1,703.27 lakh vs ₹3,452.59 lakh.

Outlook and guidance

• FY10 GDP growth was estimated at 6%; industrial growth at 2–3%, with subdued automotive demand and MHCV industry contraction of 10% forecast.

• Export growth was expected to benefit from global manufacturers’ cost-driven sourcing; timely product launches and export-market development were priorities.

• Planned FY10 capital expenditure was ₹10 crore, to be incurred case by case given the industry slowdown.