ZF Commercial Vehicle Control Systems India (ZFCVINDIA) Q4 14/15 earnings summary

Executive summary

• FY15 total revenue rose 20.2% to ₹1,368 crore; profit after tax increased to ₹12,066.04 lakh from ₹11,747.78 lakh.

• Medium and heavy commercial vehicle sales grew 17%; higher depreciation and raw-material costs weighed on profitability ratios.

Financial highlights

• Net revenue from operations was ₹134,796.34 lakh versus ₹111,070.09 lakh; total income was ₹136,826.23 lakh versus ₹113,791.27 lakh.

• Profit before tax rose to ₹17,662.86 lakh from ₹16,106.70 lakh; profit after tax was ₹12,066.04 lakh versus ₹11,747.78 lakh.

• Gross profit before interest, depreciation and tax increased to ₹22,365.32 lakh from ₹19,336.25 lakh; depreciation rose to ₹4,666.37 lakh from ₹3,215.09 lakh.

• Net cash from operating activities was ₹12,410.24 lakh, down from ₹14,303.46 lakh; closing cash and cash equivalents were ₹22,305.12 lakh versus ₹15,540.53 lakh.

Outlook and guidance

• Capital expenditure of ₹90 crore was planned for FY16.

• FY16 growth outlook was 7.5%–8%; ABS legislation for M3 and N3 vehicles was expected from Q3 FY16 to expand business.

• New-product opportunities included AMT, automatic slack adjusters, lift axle control valves, air disc brakes and higher-capacity compressors.