Moser Baer India Limited announced financial results for its fourth quarter of fiscal year 2012.
For more information visit: www.moserbaer.com
Unedited press release follows:
Moser Baer announces Q4 results
May 11, 2012
• Net sales of INR 446 crores during the quarter
• Sharp improvement in EBIDTA to INR 93 crores in Q4 FY’12 from INR 14 crores in Q4 FY’11 EBITDA margins increased to 20% from 3% during Q4 FY’11
• Continued improvement in ASPs driven by improving market dynamics – over 8% QoQ increase witnessed during the quarter
• Key input costs stable during the quarter
• Cost reduction measures resulted in substantial savings during FY’12
• The company’s 5MW solar farm in Jodhpur, under the NVVN migration scheme, is operating at benchmark levels of energy output
Moser Baer India Limited (MBIL) today released its financial results for the fourth quarter of FY’12. The company’s Board of Directors, at its meeting in New Delhi, approved the financial results for the quarter ended March 31, 2012.
Commenting on the quarter’s performance, Bhaskar Sharma CEO, Storage Media, MBIL, said, “We expect the production and shipments of advanced formats to increase in the medium term. In addition, stabilizing ASPs and continuous improvements in the demand supply situation in the storage media industry are few of the optimistic triggers in the medium term for our business. Notably, we continue to adopt a number of cost processes and innovation to further improve our competitiveness.”
Highlighting the recent developments, K.N Subramaniam, CEO, Moser Baer PV Systems said, “In the last 12 months, MBSL commissioned multiple Solar PV installations in the country, emerging as one of the largest EPC player in India, covering multiple technologies. All the Solar farms commissioned have posted energy yields beyond the benchmark levels for the past few months of its operation. The Indian market has emphatically demonstrated its potential and is poised to grow as one of the top solar markets in the world.”
On global industry potentiality, McKinsey in one of its recent reports has indicated that the industry is still likely to install an additional 400-600 GW of PV capacity between now and 2020 globally. (source: McKinsey report – Solar Power: Darkest before dawn, May 2012)
On the issue of strengthening the domestic manufacturing base further, Vivek Chaturvedi, CMO, Moser Baer Solar said, “In order to achieve the JNNSM objectives of having a 5GW manufacturing capacity in India by 2020, the industry needs to be provided with a level playing field. We are actively engaged with the government and expect a significant policy intervention which will pave the way to making India the solar capital of the world. ”
V C Agerwal, CEO Operations, Moser Baer Solar added, “We stay committed to the newly adopted manufacturing technology – MIST (Metal and Intrinsic Layer Semiconductor Technology) to upgrade our PV cell efficiency to 21% for meeting the current industry challenges which will catapult us to become one of the top tier solar players. By leveraging our strong R&D capabilities, the MIST technology and the existing assets, we will be able to offer high efficiency, cost effective premium quality PV products in the international markets.”
Commenting on the results, Yogesh Mathur, Group Chief Financial Officer, MBIL, said, “Storage Media margins have remained stable and business continues to be cash accretive. The company continues to recover led by improving market conditions, growth in specific product lines, stable pricing and input costs.”
He further added, “Banks are positive about the company’s future plans and the company is looking forward to speedy completion of its debt restructuring and thereafter, to consolidate its business and cash flows.”
Storage Media
• Improved market dynamics expected to result in firm shipments in the next few quarters
• ASPs expected to remain stable
• EBITDA margins expected to remain firm
• Key input prices likely to remain stable in the short term
Solar photovoltaic
• The global PV market is forecast to witness substantial increase during 2012 on account of higher installations anticipated in key markets such as the US, Germany, China. The industry witnessed a 76% YoY growth in PV installations during 2011 (source – EPIA- Global Market Outlook 2016 – May 2012) and a 146% YoY increase in installations during Q1 CY 2012.
• Close to 1 GW of cumulative PV capacity installed in India by March 2012
– Over 230 MW of PV projects commissioned under Batch I Phase I of the National Solar Mission another 350 MW of PV projects under Batch II Phase I of JNNSM targeted to be completed by February 2013 ( source – NVVN)
– In April 2012, the Gujarat government announced commissioning of 600 MW of PV capacity under the state solar policy
• Moser Baer PV project integration business (EPC) executed multiple grid connected projects during FY’12
• The company continues to work on MIST (Metal and Intrinsic layer Semiconductor Technology) for upgradation of PV cell efficiency to 21% by leveraging existing R&D and execution capabilities across multiple technologies.
About Moser Baer India Ltd.
Moser Baer India Limited headquartered in New Delhi, is a leading global tech-manufacturing company. Established in 1983, the company has successfully developed cutting edge technologies to become one of the world’s largest manufacturers of Optical Storage media like CDs and DVDs. The company also emerged as the first to market the next-generation of storage formats like Blu-Ray discs in India. Over the years the company has entered into exciting areas of consumer products, home entertainment and is set to lead the technology curve in tapping renewable energy resources in the high growth photovoltaic space. Moser Baer India has emerged as one of the most credible brands focused on hi-tech manufacturing and R & D activities. It is continuing to unfold the next generation innovative technologies that will catapult India into a respectable manufacturing hub.
Moser Baer’s Unaudited Standalone Financial Results for the
quarter ended
March 31, 2012
(Rs. in lacs)
|   | Particulars | 3 months ended 31.03.2012 | Previous 3 months ended 31.12.2011 | Corresponding 3 months ended in the previous year 31.03.2011 |
Year to Date figures for Current Period ended 31.03.2012 |
Previous Accounting Year ended 31.03.2011 |
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Audited) | ||
| 1 | a. Net Sales / Income from Operations | 44,611 | 54,129 | 44,847 | 202,802 | 182,013 |
|   | b. Other Operating Income | 1,622 | 1,506 | 1,048 | 6,805 | 5,275 |
|   | Total Income from Operations (net) | 46,233 | 55,635 | 45,895 | 209,607 | 187,288 |
| 2 | Expenses | |||||
|   | a. Cost of materials consumed | 21,941 | 27,754 | 24,477 | 107,198 | 106,097 |
|   | b. Purchase of Stock in trade | 141 | 112 | 337 | 681 | 3,232 |
|   | c. Change in inventories of finished goods, work in progress and stock in trade. |
2,482 | 2,627 | 3,523 | 8,868 | (2,870) |
|   | d. Employees benefits expense | 4,255 | 4,659 | 5,390 | 18,031 | 18,934 |
|   | e. Depreciation and amortisation expense | 8,972 | 11,170 | 8,776 | 37,582 | 38,558 |
|   | f. Other expenses | 8,823 | 13,375 | 11,739 | 46,711 | 46,694 |
|   | Total expenses | 46,614 | 59,697 | 54,242 | 219,071 | 210,645 |
| 3 | Profit / (Loss) from Operations before Other Income, finance costs and exceptional Items (1-2) |
(381) | (4,062) | (8,347) | (9,464) | (23,357) |
| 4 | Other Income | 743 | 876 | 985 | 3,296 | 3,824 |
| 5 | Profit / (Loss) from ordinary activities before finance costs and exceptional Items (3+4) |
362 | (3,186) | (7,362) | (6,168) | (19,533) |
| 6 | Finance costs | 6,322 | 6,405 | 5,415 | 24,810 | 20,196 |
| 7 | Profit / (Loss) from ordinary activities after finance costs but before exceptional Items (5-6) |
(5,960) | (9,591) | (12,777) | (30,978) | (39,729) |
| 8 | Exceptional items | – | – | (343) | – | (343) |
| 9 | Profit / (Loss) from ordinary activities before tax (7+8) |
(5,960) | (9,591) | (13,120) | (30,978) | (40,072) |
| 10 | Tax expense | – | – | – | – | – |
| 11 | Net Profit / (Loss) from ordinary activities after tax (9-10) |
(5,960) | (9,591) | (13,120) | (30,978) | (40,072) |
| 12 | Extraordinary Items (net of tax expense) | – | – | – | – | – |
| 13 | Net Profit / (Loss) for the period (11-12) |
(5,960) | (9,591) | (13,120) | (30,978) | (40,072) |
| 14 | Paid-up equity share capital (Face value:Rs.10/- per share) |
16,831 | 16,831 | 16,831 | 16,831 | 16,831 |
| 15 | Reserves excluding Revaluation Reserves as per balance sheet of previous accounting year |
109,284 | ||||
| 16 | Earnings Per Share: (not annualised) | |||||
|   | i) Before Extraordinary items | |||||
|   | – Basic (Rs.) | (3.54) | (5.70) | (7.80) | (18.41) | (23.81) |
|   | – Diluted (Rs.) | (3.54) | (5.70) | (7.80) | (18.41) | (23.81) |
|   | ii) After Extraordinary items | |||||
|   | – Basic (Rs.) | (3.54) | (5.70) | (7.80) | (18.41) | (23.81) |
|   | – Diluted (Rs.) | (3.54) | (5.70) | (7.80) | (18.41) | (23.81) |
| A | PARTICULARS OF SHAREHOLDING | |||||
| 1 | Public shareholding | |||||
|   | – Number of shares | 140,885,963 | 140,885,963 | 140,885,963 | 140,885,963 | 140,885,963 |
|   | – Percentage of shareholding | 83.71 | 83.71 | 83.71 | 83.71 | 83.71 |
| 2 | Promoters and promoter group Shareholding |
|||||
|   | a) Pledged/Encumbered |   |   |   |   |   |
|   | – Number of shares | – | – | – | – | – |
|   | – Percentage of shares (as a % of the total shareholding of promoter and promoter group) |
– | – | – | – | – |
|   | – Percentage of shares (as a% of the total share capital of the Company) |
– | – | – | – | – |
|   | b) Non-encumbered |   |   |   |   |   |
|   | – Number of shares | 27,420,141 | 27,420,141 | 27,420,141 | 27,420,141 | 27,420,141 |
|   | – Percentage of shares (as a % of the total shareholding of promoter and promoter group) |
100.00 | 100.00 | 100.00 | 100.00 | 100.00 |
|   | – Percentage of shares (as a% of the total share capital of the Company) |
16.29 | 16.29 | 16.29 | 16.29 | 16.29 |
 
|   | Particulars | 3 months ended 31.03.2012 |
| B | INVESTOR COMPLAINTS | |
|   | Pending at the beginning of the quarter | Nil |
|   | Received during the quarter | Nil |
|   | Disposed of during the quarter | Nil |
|   | Remaining unresolved at the end of the quarter |
Nil |
Notes:
1. The Company is primarily in the business of manufacture and sale of Optical Storage Media. The other activities of the Company comprise replication of content, sale of consumer electronic products and operation and maintenance of sector specific Special Economic Zone for non-conventional energy. The segment revenues, results and assets of the other activities do not constitute reportable segments under AS-17 and accordingly no disclosure is required.
2. The current quarter depreciation includes amortisation of accumulated exchange loss of Rs. 972 lacs.
3. The figures for the quarter ended 31st March, 2012 are the balancing figures between the unaudited financial results for the year ended 31st March, 2012 and the published financial results for the nine months ended 31st December, 2011.
4. Figures of the previous period/ year have been regrouped and rearranged wherever necessary.
5. The figures for periods ended March 31, 2011 June 30, 2011 and financial year ended March 31, 2011 were reviewed/ audited by erstwhile auditors.
6. The Company and its subsidiaries Moser Baer Photovoltaic Limited (MBPV) and Moser Baer Solar Limited (MBSL), have applied for Corporate Debt Restructuring (CDR) to re-structure their existing debt obligations, including interest and other terms. Further, MBPV and MBSL have adopted and are in the process of implementing new technologies, which will enable these companies to improve their competitive positions and cash flows.
In anticipation of successful restructuring of debt obligations and successful implementation of new technologies by MBPV and MBSL, no adjustments to either the carrying values of debt obligations or the carrying values of underlying investments in and advances to MBPV and MBSL aggregating to Rs. 65,455 lacs, are made in the results for the quarter and year ended March 31, 2012, and these results have been prepared on a going concern basis.
7. The above results were reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on May 11, 2012.
8. The Limited review by the Statutory Auditors for the quarter as required under clause 41 of the Listing Agreement has been completed and the related report is being forwarded to the Stock Exchanges. The report does not have any reportable impact on the results for the quarter ended March 31, 2012 and Financial year ended March 31, 2012.