FAG Bearings India Limited
NSE Symbol FAGBEARING
Quarterly & Annual results for P/E Dec 2010
FAG BEARINGS INDIA LTD has declared its results for the calendar year 2010.
NET SALES is Rs. 1040 cr – up by 30.39% from CY 2009 and up by 39.72% from CY 2008.
TOTAL EXPENDITURE is Rs.880 cr – up by 23.15% from CY 2009 and up by 43.36% from CY 2008.
Profit from operations is Rs.169 cr – up by 62.04% from CY 2009 and up by CY 2008.
NET PROFIT is Rs.122 cr – up by 85.38% from CY 2009 and by 26.93% from CY 2008.
Basic EPS (in Rs.) is Rs.73.11 - compared to Rs.39.44 in CY 2009 and Rs.57.6 in CY 2008.
RESULTS TABLE :
| CY 2010 | |||
| Net Sales | 104008 | 79769 | 74441 |
| DIF %1 | 1040 | 30.39 | 39.72 |
| Other Operating Income | 851 | 2096 | 1566 |
| Incr./Decr. in SIT / WIP | -1208 | 4223 | -5357 |
| Raw Materials | 33256 | 23735 | 23880 |
| Traded goods | 29207 | 22626 | 22221 |
| Employees Cost | 7995 | 6388 | 6674 |
| Depreciation | 2011 | 2008 | 2059 |
| Other Expenditure | 16741 | 12482 | 11907 |
| Total Expenditure | 88002 | 71462 | 61384 |
| DIF %2 | 880 | 23.15 | 43.36 |
| Profit from Operations | 16857 | 10403 | 14623 |
| DIF %3 | 169 | 62.04 | 15.28 |
| Other Income | 1676 | 777 | 598 |
| Interest | 89 | 70 | 48 |
| Exceptional items | 256 | 1152 | 438 |
| Profit before tax | 18188 | 9958 | 14735 |
| Tax Expense | 6038 | 3404 | 5163 |
| Net Profit | 12150 | 6554 | 9572 |
| DIF %4 | 122 | 85.38 | 26.93 |
| Dividend (%) | 50 | 45 | 45 |
| Face Value (in Rs.) | 10 | 10 | 10 |
| Paid-up Equity | 1662 | 1662 | 1662 |
| Reserves | 55461 | 44283 | 38804 |
| Basic EPS (in Rs.) | 73.11 | 39.44 | 57.6 |
| Public Shareholding (%) | 48.7 | 48.7 | 48.7 |
QUARTERLY RESULTS COMPARISON
NET SALES for the Q/E Dec 2010 is Rs.263 cr – down by 2.83% from previous qtr and up by 21.46% from corresponding Qtr of Last year.
Total Expenditure is Rs.219 cr – down by 4.47% from previous qtr and up by 11.05% from corresponding qtr of last year.
Profit from Operations is Rs.47 cr – up by 9.45% from previous Qtr and up by a Huge 113.49% from corresponding Qtr of last year.
Net Profit is Rs.34 cr – up by 7.35% from previous qtr and up by a huge 105.17% from corresponding Qtr of last year.
Basic EPS is Rs.20.31 – compared to Rs.18.92 in previous qtr and Rs.9.9 in corresponding qtr of last year.
Both Annual and Quarterly results are very Good.
Current MP is Rs.862.At the annual EPS of Rs.73, which is likely to improve further in coming qtrs - it is hardly discounted 12 times in PE ratio. It is a good buy for medium to long term investors.
RESULTS TABLE :
| FAG BEARING | 31-Dec-10 | 30-Sep-10 | 31-Dec-09 |
| Net Sales | 26266 | 27030 | 21625 |
| DIF %1 | 263 | -2.83 | 21.46 |
| Other Operating Income | 354 | 209 | 309 |
| Increase/decrease in SIT / WIP | -676 | 8 | 185 |
| Raw Materials | 9081 | 8593 | 6963 |
| Traded Goods | 6302 | 7079 | 6713 |
| Employees Cost | 2212 | 1951 | 1659 |
| Depreciation | 506 | 500 | 513 |
| Other Expenditure | 4479 | 4799 | 3692 |
| Total Expenditure | 21904 | 22930 | 19725 |
| DIF %2 | 219 | -4.47 | 11.05 |
| Profit from Operations | 4716 | 4309 | 2209 |
| DIF %3 | 47 | 9.45 | 113.49 |
| Other Income5 | 567 | 434 | 246 |
| Interest6 | 27 | 24 | 21 |
| Exceptional Items7 | 256 | - | - |
| Profit before tax | 5000 | 4719 | 2434 |
| Tax expense | 1625 | 1575 | 789 |
| Net Profit | 3375 | 3144 | 1645 |
| DIF %4 | 34 | 7.35 | 105.17 |
| Dividend (%) | 50 | - | 45 |
| Face Value (In Rs | 10 | 10 | 10 |
| Paid Up Equity | 1662 | 1662 | 1662 |
| Basic EPS | 20.31 | 18.92 | 9.9 |
| Public Holding (%) | 48.7 | 48.7 | 48.7 |
17-02-2011 Fag Bearings India Limited has informed the Exchange that the Board of Directors of Company in its meeting held on February 17, 2011 has recommended a dividend for the year ended December 31, 2010 at the rate of Rs. 5.00 (2009-Rs 4.50) per equity share.
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