Moser Baer India Limited announced financial results for its second quarter of fiscal year 2013.

For more information visit: www.moserbaer.com

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Unedited press release follows:

Moser Baer announces Q2 results

November 9, 2012

• Net sales of INR 414.3 crores during the quarter

• Shipments of high margin Blu-ray products increased by over 50% Q-o-Q during Q2 FY 2013

• Overall ASPs remained stable during the quarter

• EBITDA margin impacted by an unrealized foreign exchange loss of INR 71 mn in Q2 FY 2013 vis-à-vis a foreign exchange gain of INR 339 mn in the previous quarter

• Key input costs remained stable during the quarter

• Blu-ray capacity expansion in progress at low incremental capex

• Company owned 5 MW Jodhpur solar plant operating at benchmark levels

Moser Baer India Limited (MBIL) today released its financial results for the second quarter of FY’13. The company’s Board of Directors, at its meeting in New Delhi, approved the financial results for the quarter ended September 30, 2012.

Commenting on the quarter’s performance, Bhaskar Sharma CEO, Storage Media, MBIL, said, “It is heartening to note that the shipment of high value Blu-ray products have increased by over 50 % Q-o-Q during Q2 FY 2013. Combined with aggressive cost reduction measures and stability in key input costs, the advanced formats have witnessed robust revenue growth (Q-o-Q) during this quarter. I am confident about the future business prospects as the prices of key raw materials are likely to remain stable with improvements in shipments and revenue is expected to improve post completion of the debt restructuring programme.”

Commenting on the results, Yogesh Mathur, Group Chief Financial Officer, MBIL, said, “We are happy that negotiations with banks for Corporate Debt Restructuring (CDR) have concluded on a positive note and we are proceeding towards implementation. This will provide the necessary liquidity to build our business in advanced formats and solid state media.” He added, “This will further support the company’s efforts on financial restructuring and will put it on a strong position to leverage future opportunities.”

Storage Media

• ASPs are expected to remain aligned with cost

• Key raw material prices expected to remain stable in the next few quarters

• Blu-ray capacity expansion in progress at low incremental capex

• Shipments and revenue expected to improve post completion of the debt restructuring programme resulting in enhanced liquidity

Solar photovoltaic

• During 1H CY 2012, global PV installations reached a record 13 GW driven primarily by robust growth in installations in American and German markets (IMS Research)

• The Asia Pacific region driven by robust demand in emerging markets such as China, Japan and India witnessed strong growth in PV installations during the period.

• Indian PV market specifically gained momentum with cumulative installations reaching 1 GW mark during 2Q CY 2012 driven by National Solar Mission (NSM) and State Solar Policies.

• Solar REC Market in India gained momentum in 2012 with commencement of Solar RECs’ trading on power exchanges. The market is fuelled by Solar Power Obligations (SPOs) set by the respective State Electricity Regulatory Commissions

• Moser Baer’s Solar EPC business continues to receive healthy enquiries

• An addition to PV capacity in Moser Baer’s Jodhpur solar farm is under consideration

• Industry wide efforts continue to be under way on Policy advocacy relating to Anti-Dumping Duty & Domestic Content Regulations

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 content replication, home entertainment and is a market leader in the high growth photovoltaic space. It is the only company worldwide to receive the prestigious 5-star rating from TÜV Rheinland for 3 years in a row maintaining highest standards of quality in manufacturing PV modules. 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

September 30, 2012

(Rs. in lacs)

Particulars		3 months ended 30.09.2012	Previous 3 months ended 30.06.2012	Corresponding 3 months ended in the previous year 30.09.2011	Year to Date figures for Current Period ended 30.09.2012	Year to Date figures for the Previous Period ended 30.09.2011	Previous Accounting Year ended 31.03.2012
		(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)
1	a. Net Sales / Income from Operations	41,427	43,049	51,755	84,476	104,062	202,801
	b. Other Operating Income	745	721	1,873	1,466	3,070	5,412
	Total Income from Operations (net)	42,172	43,770	53,628	85,942	107,132	208,213
2	Expenses
	a. Cost of materials consumed	20,949	21,524	28,951	42,473	57,503	107,200
	b. Purchase of Stock in trade	725	83	303	808	427	681
	c. Change in inventories of finished goods, work in progress and stock in trade.	1,239	(928)	(370)	311	3,759	8,868
	d. Employees benefits expense	4,141	4,715	4,323	8,856	9,117	17,974
	e. Depreciation and amortisation expense	7,590	8,075	8,384	15,665	17,440	37,582
	f. Power and Fuel expense	5,418	5,149	5,076	10,567	10,126	20,259
	g. Other expenses	6,886	10,234	7,626	17,120	14,873	28,308
	Total expenses	46,948	48,852	54,293	95,800	113,245	220,872
&nbsp
3	Profit / (Loss) from Operations before Other Income, finance costs and exceptional Items (1-2)	(4,776)	(5,082)	(665)	(9,858)	(6,113)	(12,659)
4	Other Income	–	4,183	425	4,183	2,284	4,616
5	Profit / (Loss) from ordinary activities before finance costs and exceptional Items (3+4)	(4,776)	(899)	(240)	(5,675)	(3,829)	(8,043)
6	Finance costs	6,482	6,158	5,966	12,640	11,597	23,900
7	Profit / (Loss) from ordinary activities after finance costs but before exceptional Items (5-6)	(11,258)	(7,057)	(6,206)	(18,315)	(15,426)	(31,943)
8	Exceptional items	2,496	(5,133)	–	(2,637)	–	–
9	Profit / (Loss) from ordinary activities before tax (7+8)	(8,762)	(12,190)	(6,206)	(20,952)	(15,426)	(31,943)
10	Tax expense	–	–	–	–	–	–
11	Net Profit / (Loss) from ordinary activities after tax (9-10)	(8,762)	(12,190)	(6,206)	(20,952)	(15,426)	(31,943)
12	Extraordinary Items (net of tax expense)	–	–	–	–	–	–
13	Net Profit / (Loss) for the period (11-12)	(8,762)	(12,190)	(6,206)	(20,952)	(15,426)	(31,943)
14	Paid-up equity share capital (Face value:Rs.10/- per share)	16,831	16,831	16,831	16,831	16,831	16,831
15	Reserves excluding Revaluation Reserves as per balance sheet of previous accounting year
16	Earnings Per Share: (not annualised)
	i) Before Extraordinary items
	– Basic (Rs.)	(5.21)	(7.24)	(3.69)	(12.45)	(9.17)	(18.98)
	– Diluted (Rs.)	(5.21)	(7.24)	(3.69)	(12.45)	(9.17)	(18.98)
	ii) After Extraordinary items
	– Basic (Rs.)	(5.21)	(7.24)	(3.69)	(12.45)	(9.17)	(18.98)
	– Diluted (Rs.)	(5.21)	(7.24)	(3.69)	(12.45)	(9.17)	(18.98)
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	140,885,963
	– Percentage of shareholding	83.71	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)	–	–	–	&nbsp	–	–
	– 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	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	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	16.29

Particulars		3 months ended 30.09.2012
B	INVESTOR COMPLAINTS
	Pending at the beginning of the quarter	1
	Received during the quarter	5
	Disposed of during the quarter	6
	Remaining unresolved at the end of the quarter	Nil

Notes:

1. The Company is primarily in the business of manufacture and
   sale of 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. (a) The Profit / (Loss) from operations before other
   Income, finance costs and exceptional Items for the quarter ended September
   30, 2012 includes foreign currency exchange fluctuation loss (net) of Rs.
   1067 lacs.(Quarter ended June 30, 2012 includes gain (net) of Rs 698 lacs).(b) The current quarter exceptional items pertains to exchange gain
   of Rs. 2,496 lacs (Quarter ended June 30, 2012 exchange loss of Rs 5,133
   lacs) on account of long term foreign currency liabilities.
3. Statement of Assets and Liabilities as at September 30,
   2012 are as under :-

(Rs. in lacs)

Particulars		As at Current half year end 30.09.2012	As at Previous year end 31.03.2012
		(Unaudited)	(Unaudited)
A	Equity And Liabilities	&nbsp	&nbsp
1	Shareholder’s funds	16,831	16,831
	(a) Share Capital	46,074	70,053
	(b) Reserves and Surplus	62,905	86,884
	Sub-total – Shareholders’ funds	&nbsp	&nbsp
2	Non-current liabilities	&nbsp	&nbsp
	(a) Long Term borrowings	23,290	38,624
	(b) Other long term liabilities	17,976	17,932
	(c) Long-term provisions	2,340	1,993
	Sub-total – Non-current liabilities	43,606	58,549
3	Current liabilities	&nbsp	&nbsp
	(a) Short-term borrowings	89,812	87,062
	(b) Trade payables	31,425	32,909
	(c) Other current liabilities	118,509	100,956
	(d) Short-term provisions	25,664	22,321
	Sub-total – Current liabilities	265,410	243,248
B	Total – Equity And Liabilities Assets	371,921	388,681
1	Non-current assets	&nbsp	&nbsp
	(a) Fixed assets	110,268	124,795
	(b) Non-current investments	70,092	70,092
	(c) Long-term loans and advances	16,026	15,211
	(d) Other non-current assets	32,584	34,462
	(e) Foreign currency monetary item translation difference account	–	975
	Sub-total – Non-current assets	228,970	245,535
2	Current assets	&nbsp	&nbsp
	(a) Inventories	53,112	55,939
	(b) Trade receivables	74,280	72,880
	(c) Cash and cash equivalents	4,654	3,701
	(d) Short-term loans and advances	5,043	5,083
	(e) Other Current assets	5,862	5,543
	Sub-total – Current assets	142,951	143,146
	Total – Assets	371,921	388,681

4. (a) The Company received the final Letter of Approval (LoA)
   dated October 22, 2012 from the Corporate Debt Restructuring
   Empowered Group (CDR-EG) to re-structure existing debt obligations,
   including interest, additional funding and other terms (hereafter
   referred to as &quotthe CDR Scheme&quot). The board of directors of the
   Company at its meeting held on November 09, 2012 approved the terms
   of the CDR Scheme for implementation. The effect of the CDR Scheme
   has not been given in the financial results of the Company as of
   March 31, 2012 and for the year then ended, since the execution of
   the Master Restructuring Agreement (MRA) by all the lenders is
   pending and the Company in the process of complying with the
   conditions precedent to the implementation of the CDR Scheme.(b) Moser Baer Photovoltaic Limited (MBPV) one of the
   subsidiaries of the Company received the LoA dated September 27,
   2012 from the Corporate Debt Restructuring Empowered Group (CDR-EG)
   to re-structure existing debt obligations, including interest,
   additional funding and other terms (hereafter referred to as “the
   CDR Scheme”). The draft debt re-structuring proposal of Moser Baer
   Solar Limited (MBSL) is under discussion amongst its lenders.

   In anticipation of successful implementation of the MBPV and MBSL
   CDR schemes and successful implementation of new technologies by
   MBPV and MBSL, no adjustments to the carrying values of underlying
   investments in and advances to these subsidiaries aggregating to Rs.
   75,930 lacs, are made in the results for the quarter ended September
   30, 2012.

   (c) The Company’s foreign currency convertible bonds (FCCBs)
   having face value of Rs.46,786 Lacs (equivalent to USD 88.5 million)
   were due for redemption on June 21, 2012, along with the premium on
   redemption of Rs.20,959 Lacs. The Company is in the process of
   re-structuring these FCCBs and has accordingly, received approval
   from the Reserve Bank of India (RBI) to extend the term of these
   FCCBs upto December 20, 2012, subject to the consent of bond
   holders. The Company is in discussions with the FCCB holders to
   restructure its obligation (both the face value and the premium)
   along with certain terms inter-alia, exchange of old bonds with new
   bonds, maturity of new bonds, redemption premium and conversion
   option. The re-structuring as proposed by the Company is pending
   approval by the bond holders, and therefore has not been accounted
   for in the books of account for the quarter ended September 30,
   2012.

5. Figures of the previous period/ year have been regrouped and
   rearranged wherever necessary.
6. The above results were reviewed by the Audit Committee on
   November 08, 2012 and approved by the Board of Directors at its
   meeting held on November 09, 2012.
7. 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.