Su-Raj Diamonds and Jewellery Limited
NSE Symbol SURAJDIAMN
Q1 FY2011 PERFORMANCE REVIEW
SU-RAJ DIAMONDS has declared improved performance results for Q1 Fy2011.
Net Sales is Rs.803 Cr – down by 9.9% from previous qtr of Q4 FY10 (Rs.891Cr) – but up by 17% from corresponding Qtr of Q1 FY10 (Rs.686Cr)- and up proportionately (Q1 FY11 x 4) by 5.8% from FY2010 (Rs. 3036.Cr).
Cost of Consumption of Raw Materials is Rs.699.54CR – down by 17.1% from previous qtr(Rs.844 Cr) – but up by 6.1% from corresponding qtr (Rs.659.59Cr) – but down proportionately by 4.1% from FY2010 (Rs.2918 Cr).
Profit from Operations is also down by 8.3% (Rs.29.86 cr) compared to previous qtr (Rs.32.58 cr) – but up by a good 40.5% from corresponding qtr (Rs.21.26Cr) – and up proportionately from FY2010 (Rs.100.44cr) by 18.9%.
Interest has shot up by 217.7% to Rs.5.02cr from previous qtr (Rs.1.58cr) – but is down by 43.5% from corresponding qtr (Rs.8.89cr) – but down proportionately from FY2010 by 31.5% at Rs.29.33 Cr.
Net Profit is Rs.23.40 Cr – down by 16.8% from previous qtr (Rs.28.12cr) – but up by a HUGE 92.3% FROM corresponding Qtr (Rs.12.17Cr) – and proportionately up by 38.2% from FY2010 (Rs. 67.74Cr).
Paid Up Equity has shot up by 41.2% to Rs.61.71 Cr from Rs.43.71Cr in the corresponding qtr.
Basic EPS on this enhanced equity is Rs.3.79 – down from Rs.6.28 in previous qtr – but up by 35.8% from Rs.2.79 in corresponding qtr – and proportionately up by 19.5% from FY2010 (Rs. 12.69).
Current Market price is Rs.58. If current EPS levels are maintained or improved, annual EPS may be around Rs.15 to 16. On this PE ratio is around 4. Some price appreciation is possible on account of the improved performance.
RESULTS IN FIGURES :
Jun-10 | Mar-10 | Dif%1 | Jun-09 | Dif%2 | Dif%3 | ||
Net Sales | 80320 | 89114 | -9.9 | 68630 | 17 | 303621 | 5.8 |
Other OtgIncome | 243 | 243 | 0 | 147 | 65.3 | 660 | 47.3 |
SIT & WIP | 6793 | -72 | -9535 | -61 | -11236.1 | -1982 | -1470.9 |
Raw Materials | 69954 | 84420 | -17.1 | 65959 | 6.1 | 291819 | -4.1 |
Traded Goods | - | 1069 | - | 1069 | |||
Employees Cost | 110 | 108 | 1.9 | 99 | 11.1 | 392 | 12.2 |
Depreciation | 173 | 181 | -4.4 | 188 | -8 | 782 | -11.5 |
Other Expen | 547 | 393 | 39.2 | 466 | 17.4 | 2157 | 1.4 |
Total Expen | 77577 | 86099 | -9.9 | 66651 | 16.4 | 294237 | 5.5 |
Profit.Operations | 2986 | 3258 | -8.3 | 2126 | 40.5 | 10044 | 18.9 |
Other Income | 6 | 62 | -90.3 | 50 | -88 | 263 | -90.9 |
P B I&EI | 2992 | 3320 | -9.9 | 2176 | 37.5 | 10307 | 16.1 |
Interest | 502 | 158 | 217.7 | 889 | -43.5 | 2933 | -31.5 |
P A I B B EI | 2490 | 3162 | -21.3 | 1287 | 93.5 | 7374 | 35.1 |
P B T | 2490 | 3162 | -21.3 | 1287 | 93.5 | 7374 | 35.1 |
Tax expense | 150 | 350 | -57.1 | 70 | 114.3 | 600 | 0 |
P A T | 2340 | 2812 | -16.8 | 1217 | 92.3 | 6774 | 38.2 |
Net Profit | 2340 | 2812 | -16.8 | 1217 | 92.3 | 6774 | 38.2 |
Dividend (%) | - | 10 | - | 10 | |||
Face Value.Rs | 10 | 10 | 0 | 10 | 0 | 10 | 300 |
Paid Up Equity | 6171 | 6171 | 0 | 4371 | 41.2 | 6171 | 300 |
Reserves | - | - | - | 75372 | |||
Basic EPS A EI | 3.79 | 6.28 | -39.6 | 2.79 | 35.8 | 12.69 | 19.5 |
Public holding (%) | 65.39 | 65.39 | 0 | 51.18 | 27.8 | 65.39 | 300 |
5 Years Financial Performance:
2009-10 | 2008-09 | 2007-08 | 2006-07 | 2005-06 | ||
Issued Capital | 617 | 437 | 437 | 402 | 402 | |
Reserves & Surplus | 7537 | 6361 | 6029 | 5227 | 4817 | |
Net Worth | 8154 | 6798 | 6466 | 5627 | 5217 | |
Fixed Assets | 578 | 930 | 876 | 728 | 587 | |
Loans | 4865 | 5021 | 2842 | 2270 | 2080 | |
Turn Over | 30,454 | 24,223 | 21,422 | 15723 | 12217 | |
Net Profit | 657 | 334 | 626 | 479 | 374 | |
Dividend (%) | 10 | - | 20 | 18 | 15 | |
EPS | 12.69 | 7.64 | 15.41 | 11.95 | 9.33 |
(in Millions)
The company has been nominated for importing gold and has started its bullion activities during the previous quarter.
EXCERPTS FROM ANNUAL REPORT
FOR 2009-10
Management Discussion and Analysis
Industry Structure and Development:
The gems and jewellery industry had a fabulous growth during the financial year 2009-10. Gems and jewellery export grew by 16% to $28.41 billion during the year. The growth was primarily due to revival in demand from markets in the U.S.A. and Europe.
The diamond production recorded increase during the year recovering from global slow down in the previous year. Cut and polished diamond exports were the main drivers of the growth in financial year 2009-2010 which accounted for about 62% of total share of gems and jewellery industry. The gold jewellery accounted for 31% of the total share.
The performance of gems and jewellery industry is paramount since its contribution to India’s total merchandise exports is about 13%. It is anticipated that global consumer demand for luxury goods will recover leading to further growth of the sector.
Su-Raj Diamonds and Jewellery Limited has reported a 26% increase in sales at Rs.3036.19 crore for the year ended 31st March, 2010. Net profit during the year was Rs.65.66 crore as against Rs.33.45 crore during the previous year, registering an increase of 96%. Segment wise / Product wise Performance:
Sales of diamonds during the year 2009-2010 was Rs.713 crore, whereas the Sales of Jewellery was Rs.2323 crore, representing 23% and 77% of the total turnover respectively.
Statement of continent-wise sales for year 2009-2010:
Continent :: Sale (Rs. crore) :: Percentage
North America :: 542.50 :: 17.87
Europe :: 523.23 :: 17.23
Middle East :: 1758.43 :: 57.92
Asia 212.03 :: 6.98
GRAND TOTAL:: 3036.19 :: 100.00
Outlook, Opportunities and Threats:
With recovery of global economies, the outlook for gems and jewellery industry is positive. The diamond prices have consolidated and are expected to firm-up further.
The gold prices have reached new highs. However, according to Gold Survey 2010 there are indications that the final phase of 10-year bull run is near.
Su-Raj Diamonds and Jewellery Limited with its star trading house status and consequent positioning as nominated agency for direct import of gold has gateways open for bullion business in full fledge.
However, the sustainability of gold prices is a factor which needs to be closely monitored.
ANNOUNCEMENTS
TO THE EXCHANGE
12-05-2010 Su-Raj Diamonds And Jewellery Limited has informed the Exchange that the Board of Directors at its meeting held on May 11, 2010 have recommended payment of dividend @ Rs.1 per share (10%) for the financial year ended March 31, 2010 (April 01, 2009 to March 31, 2010). The proposed dividend is subject to the approval of the shareholders at the forthcoming Annual General Meeting.
26-08-2009 Su-Raj Diamonds And Jewellery Limited has informed the Exchange that the Board of Directors at its meeting held on August 26, 2009 have proposed to issue upto 1,80,00,000 (One Crore Eighty Lakh) Equity Shares to the Foreign Institutional Investors (FIIs).
04-05-2009 Su-Raj Diamonds And Jewellery Limited has informed the Exchange that the Board of Directors of the Company at their meeting held on May 04, 2009 have not recommended any payment of dividend, in order to conserve the resources of the company, for the financial year ended March 31, 2009 (April 01, 2008 to March 31, 2009).
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