KPIT CUMMINS INFOSYSTEMS LIMITED
Q1 FY 2011 RESULTS
COMPARISON
There seems to be clear divergence in the trend between the consolidated results which is reflecting significant Progress and the stand alone results which is reflecting a bit of a fall- in respect of KPIT Cummins Infosystems Limited- in respect of the results it declared for Q1 2011.
CONSOLIDATED RESULTS
Net SALES Income is Rs.206 cr in Q1 FY2011 – up by 4.6% from Rs.197 Cr in Q4 FY10 – and up by 89.4 % from Rs.109 in Q1 FY10.
Operational Profit after Interest is Rs.25.27 Cr – down by 16.4% from rs.30.23 in Q4 FY10 but UP by 35.8% from Rs.18.61 cr in Q1 FY10.
Net Profit is Rs.19.36 Cr – down by 6.8% compared to Rs.20.79 Cr in Q4 FY10 – but up by 19.2% from Rs.16.25 Cr in Q1 FY10.
Basic EPS is Rs2.46 – down by 7.2% from 2.65 in Q4 FY10 – but up by 18.3% from Rs.2.08 in Q1 FY10.
Thus, the consolidated result is a GOOD UPTREND on all parameters from Q1 of FY10 – but not to that extent with respect to Q4 FY10.
Last Market Price of the stock is around 148.00. The likely consolidated EPS for FY11 on the above basis is around Rs.10 – which yields a PE Ratio of 14.8 at consolidated level.
CONSOLIDATED FIGURES
Q1 FY11 CONSOL | DIF%1 | Dif%2 | |||
Net SALESIncome | 20612.52 | 19709.33 | 4.6 | 10883.25 | 89.4 |
Raw Materials | 13053.47 | 11193.86 | 16.6 | 6172.43 | 111.5 |
Gross Profit | 7559.05 | 8515.47 | -11.2 | 4710.82 | 60.5 |
Gen.Admin.EXP | 2587.98 | 2984.43 | -13.3 | 1901.16 | 36.1 |
Sell&Distr.Exp | 1578.13 | 1667.77 | -5.4 | 242.51 | 550.7 |
Depreciation | 805.28 | 796.5 | 1.1 | 667.75 | 20.6 |
OPT BE.INTt | 2587.66 | 3066.77 | -15.6 | 1899.4 | 36.2 |
Interest | 60.54 | 43.31 | 39.8 | 38.58 | 56.9 |
OPT AGF.INT&EI | 2527.12 | 3023.46 | -16.4 | 1860.82 | 35.8 |
Other Income | -300.14 | -570.45 | -47.4 | 194.37 | -254.4 |
P B T | 2226.98 | 2453.01 | -9.2 | 2055.19 | 8.4 |
Tax Expense | 290.61 | 374.4 | -22.4 | 430.33 | -32.5 |
P A T | 1936.37 | 2078.61 | -6.8 | 1624.86 | 19.2 |
Net Profit | 1936.37 | 2078.61 | -6.8 | 1624.86 | 19.2 |
Dividend (%) | - | - | - | ||
Face Value.Rs. | 2 | 2 | 0 | 2 | 0 |
Paid-up Equity | 1576.07 | 1570.46 | 0.4 | 1560.86 | 1 |
Basic EPS B EI | 2.46 | 2.65 | -7.2 | 2.08 | 18.3 |
Diluted EPS B.EI | 2.38 | 2.57 | -7.4 | 2.08 | 14.4 |
Basic EPS A EI | 2.46 | 2.65 | -7.2 | 2.08 | 18.3 |
Diluted EPS A EI | 2.38 | 2.57 | -7.4 | 2.08 | 14.4 |
Public holding (%) | 69.87 | 69.42 | 0.6 | 72.61 | -3.8 |
NON-CONSOLIDATED RESULTS:
KPIT CUMMINS INFOSYSTEMS has produced lack luster results for Q1 FY2011.There has been a downwards basis at almost all levels.
Net Sales is at Rs.107 cr – up by 7.4% from Rs.99 Cr in Q4 FY10- but down by 1.9% from Rs.109 cr in Q1 FY10. Compared to consolidated Net sales of rs.206 Cr- it is just half.
Total Expenditure is Rs. 68 Cr – up by 15.2% from Rs.59 Cr in Q4 FY10 – and up by 9.6% from Rs.62 Cr in Q1 FY10.
Operating profit after interest is Rs. 14.56 cr – down by 20.9% from Rs.18.41 Cr in Q4 FY10 – and also down by 21.8% from Rs.18.61 Cr in Q1 FY10.
Net Profit is down to Rs.6.44 Cr – by 56.5% from Rs.14.81 Cr in Q4 FY10 – and also down by 60.3% from Rs.16.25 Cr in Q1 FY10.Net profit is Rs.19.36 Cr on – consolidated basis and is almost 3 times of stand alone net profit.
Basic EPS is Rs.0.82 – down by 56.6% from Rs.1.89 in Q4 FY10 – and down by 60.6% from Rs.2.08 in Q1 FY10. The last year annual EPS was Rs.10.04 stand alone. Whether this will be reached on stand alone basis in FY11 is to be seen. Compare this with Basic EPS of Rs.2.46 for Q1 FY11 on consolidated Basis.
What the company says – about its performance is given below :
WHAT COMPANY SAYS :
FINANCIAL HIGH LIGHTS FOR Q/E JUNE 30,2010:
• Revenue in USD terms for the quarter stood at USD 45.04 Mn; Q-o-Q growth of 6%, Y-o-Y growth of 28%.
• Revenues in INR terms stood at INR 2,061 Mn; Q-o-Q growth of 4.58%.
• Net profit for the quarter stood at INR 194 Mn, a Q-o-Q de-growth of 6.84%.
KPIT Cummins attributed this performance to the key growth drivers - Automotive, SAP and APAC. The healthy quarterly growth in revenues is in line with the company’s aggressive growth target of 25% for the year.
“We are happy that despite the slowdown in the European market, we could accelerate our growth in all our business areas. Though there are still uncertainties in Europe and in some parts of the US, the quarter creates a good foundation for our growth in the rest of the year. Our niche focus and innovative technology offerings are helping us to create successful business partnerships with our customers. The revenue growth during the quarter helped us absorb the increased wage bill to a large extent. I am particularly pleased about the 3 multi-year deals we signed with a cumulative value of over USD 40 Mn,” said Kishor Patil, MD & CEO, KPIT Cummins.
“We have received an overwhelming response to Revolo, the new plug-in, parallel, hybrid solution for automobiles. Revolo represents the new standard of value that frugal engineering can deliver to both auto manufacturers and vehicle owners globally,” said Girish Wardadkar, President and Executive Director, KPIT Cummins.
Key Highlights
• Formed a joint venture with Bharat Forge Limited to manufacture and market REVOLO – the revolutionary patented plug-in parallel hybrid solution for automobiles (13 patents filed so far).
• 3 new customers were added during the quarter, taking the total number of customers to 144.
• Reorganized and aligned the lines of business and offerings under four Strategic Business Units:
o Automotive Engineering Solutions
o Integrated Enterprise Solutions
o SAP
o Semiconductor Solutions Group
STAND ALONE FIGURES
Jun-10 | Mar-10 | DIF%2 | Jun-09 | DIF%1 | ||
Net Sales | 10677.2 | 9942.37 | 7.4 | 10883.25 | -1.9 | 42704.47 |
Raw Materials | 6766.56 | 5875.2 | 15.2 | 6172.43 | 9.6 | 23244.96 |
Total Expenditure | 6766.56 | 5875.2 | 15.2 | 6172.43 | 9.6 | |
Gross Profit | 3910.64 | 4067.17 | -3.8 | 4710.82 | -17 | 19459.51 |
GenlAdmnExp | 1581.84 | 1373.88 | 15.1 | 1901.16 | -16.8 | 5603.33 |
Sell&DistribExp | 115.83 | 117.6 | -1.5 | 242.51 | -52.2 | 650.36 |
Depreciation3 | 711.99 | 698.39 | 1.9 | 667.75 | 6.6 | 2817.42 |
OPT BE.INT | 1500.98 | 1877.3 | -20 | 1899.4 | -21 | 10388.4 |
Interest | 45.02 | 36.14 | 24.6 | 38.58 | 16.7 | 212.5 |
OPT A. I&EI | 1455.96 | 1841.16 | -20.9 | 1860.82 | -21.8 | 10175.9 |
Other Income | -628.53 | -148.59 | 323 | 194.37 | -423 | -1158.65 |
P B T | 827.43 | 1692.57 | -51.1 | 2055.19 | -59.7 | 9017.25 |
Tax Expenses | 183.11 | 211.19 | -13.3 | 430.33 | -57.4 | 1172.27 |
PAT | 644.32 | 1481.38 | -56.5 | 1624.86 | -60.3 | 7844.98 |
Net Profit | 644.32 | 1481.38 | -56.5 | 1624.86 | -60.3 | 7844.98 |
Face Value | 2 | 2 | 0 | 2 | 0 | 2 |
Paid-up Equity | 1576.07 | 1570.46 | 0.4 | 1560.86 | 1 | 1570.46 |
Reserves | - | - | - | 37098.67 | ||
Dividend (%) | - | - | - | |||
Basic EPS | 0.82 | 1.89 | -56.6 | 2.08 | -60.6 | 10.04 |
Diluted EPS B EI | 0.79 | 1.83 | -56.8 | 2.08 | -62 | 9.88 |
Basic EPS A EI | 0.82 | 1.89 | -56.6 | 2.08 | -60.6 | 10.04 |
Diluted EPS A EI | 0.79 | 1.83 | -56.8 | 2.08 | -62 | 9.88 |
Public holding (%) | 69.87 | 69.42 | 0.6 | 72.61 | -3.8 | 69.48 |
ANNOUNCEMENTS
TO THE EXCHANGE
21-07-2010 Kpit Cummins Infosystems Limited has informed the Exchange that the Board of Directors at its meeting held on July 21, 2010, have approved the following major proposal; 1) Approval of Un-audited financial results for the quarter ended June 30, 2010. 2) Allotment of 85800 equity shares under Company's ESOP 2004/2006 Scheme. 3) Resignation of Mr. Floyd Rutan an Alternate Director to Mr. Bruce Carver. 4) Grant of 1.8 Million options under the ESOP 2004 Scheme of the Company. -
21-07-2010 Kpit Cummins Infosystems Limited has submitted to the Exchange a copy of the Investor Update for Quarter ended June 30, 2010.
21-07-2010 Kpit Cummins Infosystems Limited has informed the Exchange regarding a press release dated July 21, 2010, titled "KPIT Cummins registers 28% Y-o-Y revenue growth in Q1 FY11 ".
21-07-2010 KPIT Cummins Infosystems Limited has informed the Exchange regarding the consolidated Results for the quarter ended on 30-JUN-2010 as follows: Net Sales of Rs. 20612.5 lacs for quarter ending on 30-JUN-2010 against Rs. 19709.33 lacs for the quarter ending on 31-MAR-2010. Net Profit / (Loss) of Rs. 1936.37 lacs for the quarter ending on 30-JUN-2010 against Rs. 2078.61 lacs for the quarter ending on 31-MAR-2010.
21-07-2010 KPIT Cummins Infosystems Limited has informed the Exchange regarding the standalone Results for the quarter ended on 30-JUN-2010 as follows: Net Sales of Rs. 10677.2 lacs for quarter ending on 30-JUN-2010 against Rs. 9942.37 lacs for the quarter ending on 31-MAR-2010. Net Profit / (Loss) of Rs. 644.32 lacs for the quarter ending on 30-JUN-2010 against Rs. 1481.38 lacs for the quarter ending on 31-MAR-2010.
13-07-2010 Kpit Cummins Infosystems Limited has informed the Exchange that the Board of Directors of the Company have approved the following proposal at their meeting held on July 13, 2010; 1) Acquisition of a Germany based Automotive product company, subject to regulatory approval(s) as required in Germany 2) The consideration approved for the said acquisition is upto Euro 3 Million to be paid over a period of three years.
07-06-2010 Kpit Cummins Infosystems Limited has informed the Exchange regarding a press release dated June 04, 2010, titled "BHARAT FORGE and KPIT CUMMINS to Form a Joint Venture; Announce 'New Hybrid Technology Solution' for Automobiles; Unveil 'REVOLO'- A Smart and Sustainable Solution that Redefines Mileage Standards".
04-06-2010 Kpit Cummins Infosystems Limited has informed the Exchange that the Board of Directors of the Company has approved a Joint Venture Agreement with Bharat Forge Limited for Innovative Solutions belonging to next generation of Automotive Technology.
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