SUBROS LTD = RESULTS = FOR Q4 AND FY 2011 = NPT UP IN Q4 FY 11 21.51% YoY

Subros Limited

NSE Symbol        SUBROS

SUBROS LIMITED  has performed reasonably in q4 FY 11.

Net Sales in Q4 FY 11 is at Rs.303.67 cr – up by 11.13% from Q3; Up by 9.16% from Q2; UP by 29.78% from Q1 FY 11; and UP by 21.75% from Q4 of FY 10.

Total Expenditure in Q4 FY 11 is Rs.287.47 cr – up by 9.26% from Q3; up by 6.6% from Q2; up by 29.32% from Q1; and up by 23.31% from Q4 of FY 10.

Profit from Operations in Q4 FY 11 is Rs.16.85 cr – up by 58.22% from Q3; up by 86.19% from Q2; Up by 40.89% from Q1 and up by just 1.69% from Q4 of FY 10. The more than proportionate increase in expenditure in Q4 FY 11 compared to Q4 FY 10 has resulted in lower growth in OPT.

Profit before tax  in Q4 FY 11 is : Rs.11.56 cr – up by 74.36% from Q3; up by 144.4% from Q2; Up by 40.29% from Q1; BUT DOWN BY 12.02% from Q4 FY 10. The higher interest burden in Q4 FY 11 has reduced the PBT considerably.

Net Profit is Rs.10.96 cr – up by    98.55% from Q3; Up by 125.05% from Q2; Up by 53.93% from Q1 FY 11; and UP BY  21.51% from Q4 FY 10. The improvement at this stage (of NPT) is due to the much lower (almost 1/7^th) TAX EXPENSE in Q4 FY 11 compared to Q4 FY 10.

Basic EPS  for Q4 FY 11 is Rs.1.83; against Rs.0.92 in Q3; Rs.0.81 in Q2; Rs.0.19 in Q1; and Rs.1.5 in Q4 FY 10.

Thus, while sales has shown good improvement of 21.75% YoY in Q4 FY 11; the NPT has grown by 21.51% mainly due to LOWER TAX EXPENSES. Raw Material cost has grown considerably YoY. Hence, Q1 FY 12 results need watch.

RESULTS TABLE :

SUBROS	31-Mar-11	31-Dec-10	30-Sep-10	30-Jun-10	31-Mar-10
Net Sales	30367	27326	27819	23398	24943
Raw Materials	22521	20793	21841	17223	17857
Employees Cost	1589	1724	1560	1540	1583
Depreciation	1084	1013	1016	949	984
Other Expenditure	3395	2925	2774	2432	2450
Total Expenditure	28747	26310	26966	22229	23312
Profit from Operations	1685	1065	905	1196	1657
Interest	541	402	432	372	343
Profit before tax	1156	663	473	824	1314
Tax expense	60	111	-14	112	412
Net Profit	1096	552	487	712	902
Face Value (In Rs	2	2	2	2	2
Paid Up Equity	1200	1200	1200	1200	1200
Basic EPS	1.83	0.92	0.81	1.19	1.5
Public holding (%)	59.99	59.99	59.99	59.99	59.99

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