ZF Commercial Vehicle Control Systems India (ZFCVINDIA) Q4 12/13 earnings summary

Executive summary

• FY13 revenue from operations and other income was Rs 97,855.88 lakh, down from Rs 1,05,770.14 lakh; PAT declined to Rs 13,078.83 lakh from Rs 15,339.96 lakh.

• Aftermarket sales grew 16.5% and exports grew 34.2% YoY, partly offsetting a 24% fall in medium and heavy commercial vehicle sales.

Financial highlights

• Net revenue from operations was Rs 96,592.38 lakh vs Rs 1,04,564.24 lakh; total income was Rs 97,855.88 lakh vs Rs 1,05,770.14 lakh.

• PBT was Rs 18,494.83 lakh vs Rs 21,623.03 lakh; PAT was Rs 13,078.83 lakh vs Rs 15,339.96 lakh.

• Basic and diluted EPS was Rs 68.95 vs Rs 80.87; proposed dividend remained Rs 5 per share.

• Operating cash flow was Rs 9,021.37 lakh vs Rs 15,540.80 lakh; investing cash outflow was Rs 6,103.53 lakh.

Outlook and guidance

• Rs 63 crore of capital expenditure planned for FY14, based on anticipated industry growth.

• Lucknow plant trial production began in March 2013; commercial production was expected to start in June 2013.

• FY14 M&HCV goods sales were forecast by SIAM to recover 1–3%; LCV goods carrier sales were expected to rise 10–12%.

• FY14 aluminium prices were expected to be 8–10% higher and rubber prices 12–15% higher than FY13 levels.