Aditya Birla Nuvo Limited
NSE Symbol ABIRLANUVO
Aditya Birla NUvo has declared its Non-consolidated results for FY 2011 and Q4 FY 11.
Net Sales is Rs.6283.06 cr in FY 11 – up by 33.62% from FY 10. For Q4 FY 11 ,the same is Rs.1728.71 cr – up by 3.3% from previous qtr and by 31.42% from corresponding qtr of previous year.
Total Expenditure for FY 11 is Rs.5726.38 cr – up by 34.93% from FY 10. For Q4 FY 11, the same is Rs.1597.05 cr – up by 4.93% from previous qtr and by 33.37% from corresponding qtr of previous year.
Profit from Operations for FY 11 is Rs.718.15 cr – up by 23.05% from FY 10. The same for Q4 FY 11 is Rs.182.48 cr – down by 5.45% from previous qtr and up by 18.87% from corresponding qtr.
Profit before tax for FY 11 is Rs.495.08 cr – up by 54.57% from FY 10. The same for Q4 FY 11 is Rs.122.66 cr – down by 10.07% from Previous qtr and up by 26.38% from corresponding Qtr.
Net Profit for FY 11 is Rs.379.69 cr – up by 33.98% from FY 10. The same for Q4 FY 11 is Rs.94.91 cr – down by 5.45% from previous qtr and down also by 34.87% from corresponding qtr – due to increase in tax expense.
Basic EPS is Rs.35.84 for FY 11 – against Rs.28.81 for FY 10; Rs.8.36 for Q4 FY 11; Rs.9.62 for Q3 FY 11; and Rs.14.15 for Q4 FY 10.
Thus, the stand Alone performance for FY 11 over FY 10 is good. But, the Net profit for Q4 has come down due to higher Tax expense and higher total expenditure compared to previous and corresponding qtrs.
This comparison is on stand alone basis. The consolidated comparison will be done separately. However, some details from the corporate presentation of Aditya Birla Nuvo are furnished here.
Non-Consolidated Results Table :
| FY 11 NC | 31-Mar-11 | 31-Dec-10 | 31-Mar-10 | ||
| Net Sales | 628306 | 470236 | 172871 | 167355 | 131536 |
| Other Operating Income | 16147 | 12511 | 5082 | 4149 | 3561 |
| Increase in SIT / WIP | -16328 | 506 | -2768 | 179 | -1132 |
| Raw Materials | 361628 | 262387 | 102094 | 90910 | 75700 |
| Traded goods | 45391 | 19890 | 12837 | 12588 | 6860 |
| Employees Cost | 48066 | 34773 | 11524 | 12782 | 10432 |
| Depreciation | 19395 | 18010 | 5097 | 4869 | 4710 |
| Other Expenditure | 114486 | 88820 | 30921 | 30877 | 23176 |
| Total Expenditure | 572638 | 424386 | 159705 | 152205 | 119746 |
| Profit from Operations | 71815 | 58361 | 18248 | 19299 | 15351 |
| Other Income | 5801 | 7079 | 939 | 1355 | 1669 |
| Interest | 28108 | 33410 | 6921 | 7014 | 7314 |
| Profit before tax | 49508 | 32030 | 12266 | 13640 | 9706 |
| Tax Expense | 11539 | 3690 | 2775 | 3602 | -4866 |
| Net Profit | 37969 | 28340 | 9491 | 10038 | 14572 |
| Dividend (%) | 55 | 50 | - | - | 50 |
| Face Value (in Rs.) | 10 | 10 | 10 | 10 | 10 |
| Paid-up Equity | 11351 | 10301 | 11351 | 11351 | 10301 |
| Reserves | 528300 | 441420 | - | - | - |
| Basic EPS | 35.84 | 28.81 | 8.36 | 9.62 | 14.15 |
| Diluted EPS | 34.98 | 27.62 | 8.35 | 9.34 | 13.61 |
| Public holding (%) | 46.11 | 50.77 | 46.11 | 46.09 | 50.77 |
FROM AB NUVO’S CORPORATE PRESENTATION
Note 1: The Hon'ble High Court of Delhi has granted an ex-parte ad interim stay on its earlier order sanctioning the Scheme of Amalgamation of erstwhile Spice Communications Limited with Idea Cellular Limited (Idea), a joint venture (JV) of Aditya Birla Nuvo Ltd. (ABNL). As a result of this extra ordinary situation, Idea has not published its Financial Statements (FS) for the quarter and the year ended 31st March 2011. In absence of FS from Idea, ABNL has decided to publish unaudited consolidated results for the quarter and the year ended 31st March, 2011, considering FS of Idea for the nine months period ended 31st December, 2010 being the latest period for which Idea has published its financial results. For the purpose of making consolidated results comparable, ABNL has provided pro-forma consolidated results for the year ended 31st March, 2010 considering FS of Idea for the nine months period ended 31st December, 2009. ABNL will publish its Audited Consolidated Financial Results for the year ended 31st March 2011, on receipt of FS of Idea.
ADITYA BIRLA NUVO ltd – is in (1) Financial Services (Life insurance, Asset Management, NBFC, Private Broking, wealth management, General Insurance Advisory) (2) Telecom (3) IT-IT eS (4) Fashion & Life style (5) Manufacturing (Carbon Black, Agri Business, Rayon, Insulators, Textiles)
Key High lights of FY 11 (consolidated ) :
· Revenue grew y-o-y by 17% to ` 17,102 Cr. (~USD 4billion)
· EBITDA surged by y-o-y 71% to ` 2,420 Cr. (~USD 538 million)
· Net Profit grew to` 752 Cr. (~USD 167 million) vis-à-vis ` 84 Cr. (~USD 19 million) in FY10
Growth supported by strong Standalone Balance Sheet :
· More than 60% of standalone capital employed is deployed in long term investments
· Leveraging at comfortable level supported by strong cash flows generated by manufacturing businesses
· Equity infusion of `1,000 Cr. through preferential allotment of 18.5 million warrants to promoters further strengthened balance sheet.
Birla Sun Life Insurance :
· Covering over 2.4 million lives, BSLI ranks among the top 6 private lifeinsurers inIndia
· Strong distribution reach : A nation-wide presence with ~600 branches, ~150,000 direct selling agents, 5 bancassurance partners and more than 225corporate agents & brokers
· Focus on superior and consistent fund performance : ~100% of AUM is ahead of set benchmarks
· Growing size of in-force book & better expense management led to reduction of loss from ` 702 Cr. in FY09 to ` 435 Cr. in FY10 and capital infusion from ` 725 Cr. to `450 Cr.
· Posted net profit of ` 305 Cr. in FY11.
· No capital infusion was required in FY11As on 31stMar‟11, 13thmonth premium persistency is at ~83% and 25thmonth premium persistency is at ~77%
Birla Sun Life Asset Management (BSAMC)
· 15 years + journey of continued wealth creation
· “Asset Management Co. of the Year-2009 & 2010” -The Asset, HK Among top 5 players in India with market share of 9.1% in Q4FY11
· Consistent rise in its share in industry‟s domestic equity avg. AUMBuilding alternate assets :
· Maiden Real Estate Onshore Fund collected `1,088 Cr.
· Expanding International Presence : Set up offices in Dubai & Singapore
· Revenue grew to ` 366 Cr. & Net Profit to ` 85 Cr.
· Aditya Birla Private EquityHuge opportunity in the Private Equity space in India driven by (a) Long term growth potential of Indian Industry, (b) Rising disposable income and growing participation of HNIs and (c) Mature & liquid financial markets and conducive government policies for private investment
· Maiden fund of Aditya Birla Private Equity closed recently at a size of `881 Cr.
· Invested in Anupam Industries, Bombay Stock Exchange, Credit Analysis & Research Ltd., GEI Industrial systems.
· Launched „Sunrise Fund‟ aiming at emerging sectors viz., Lifestyle, Lifeskills& Education, Lifecare& applied technologies
Aditya Birla Finance (NGFC)
· Credit penetration in India at ~60% of GDP is lower compared to other emerging and developed economies
· NBFCs have around 12% share in overall Credit Outstanding of ~ USD 850 billion (Mar‟10E) in India (Source : RBI)
· Credit Outstanding is expected to grow at a CAGR of ~20% for next three years (Source : RBI)
· Aditya Birla Finance is among the leading NBFCs in India
· Leveraging Aditya Birla Group‟s ecosystem for SMEfunding
· Closing book size more than doubled y-o-y to ~ ` 1,800 Cr. in FY11
· Disbursed loans of ~` 5,000 Cr. towards IPO funding during FY11
Aditya Birla Money (Broking)
Aditya Birla Money is one of the leading retail broking companies in India with a nationwide branch network of ~220 branches and over 725 franchisees serving ~250,000 customers across more than 150 cities
Aditya Birla Money Mart (Wealth Management & Distribution)
Aditya Birla Money Mart is 3rdlargest corporate distributor of mutual funds in India in terms of Assets under Advisory at~ `139 billion as on 31stMarch 2011
Nationwide presence with 37 branches and ~14,000 channel partners serving ~ 250,000 customers
Idea Cellular (Telecom)
· Ranks 3rdin terms of Pan India wireless revenuemarket share at 13.3%1up from 12.7% one year ago
· Ranks 2ndwith 21%1revenue market share in 9 service areas where it holds 900 MHz spectrum
· Having a market cap of ~USD 5 billion, Idea serves a large customer base of ~90 million subscribers
· Ranks among top 10 players globally with total Minutes of Use on network of more than 1 billion per day
· Winner of 3G spectrum in 11 service areas which contribute 80% of Idea‟s existing 2G revenue
· Idea holds 16% stake in the world‟s largest Indus Towers
· Strong balance sheet & cash profit to support growth : Net Debt/EBITDA at 2.9 & Net Debt/Equity at 0.9
Madura Garments (Fashion & Lifestyle)
· Domestic apparel market is expected to grow from USD 26 billion in 2009 to USD 37 billion by 2014(Source : Crisil)
· Madura Garments is the largest premium Branded Apparel player in India : A complete lifestyle proposition
· Leadership built by Strong Brands : Louis Philippe, Van Heusen, Allen Solly, Peter England, People. Strategic distributorship tie-up with leading brand Esprit. Retailing international brands under „The Collective‟.
· Retailing branded apparels and accessories through ~900 exclusive brand outlets spanning across ~1.3 million square feet besides reaching customers through more than 1,250 departmental stores and multi brand outlets
Aditya Birla Minacs (IT-ITeS)
· EBITDA (` Cr.)Ranks among top 10 India BPO companies by revenue size
· A global solution provider serving more than 100 clients through 33 centres in US, Canada, Europe, India & Philippines
· Employees base of ~19,600 (NA : ~7300, APAC : ~12300) –Added about 4,000 headcounts in past one year
· Augmenting non-voice capabilities : Acquired UK based Compass BPO, a leading F&A service provider in Mar‟10 and US based Bureau of Collection Recovery (BCR), a leading accounts receivable management company, in Jun‟10
· Total contract value (TCV) of more than USD 775 million sold and 21 new logos won during FY11
· About 55% of TCV is on account of new business and balance is renewal business
· Diversifying capabilities and building strong order
Manufacturing businesses :
· Strong market positioning across manufacturing businesses
· Second largest producer of Carbon Black in India
· India‟s largest & world‟s fourth largest manufacturer of Insulators
· Second largest producer and largest exporter of Viscose Filament Yarn in India
· Among the best energy efficient Fertiliser plants in India
· Largest Linen Yarn and Linen Fabric manufacturer in India
Going Forward ...
· Increasing market share while building a profitable book with a strong focus on distribution efficiency, persistency, expense management and service in the Life Insurance business
· Increasing market share profitably with a strong focus on distribution, high margin assets, service and fund performance in the Asset Management business
· Focusing to grow the book profitably while managing risk optimally in the NBFC business
· Continue to increase revenue market share by capitalising on brand IDEA while leveraging 3G spectrum to augment revenue stream and enrich customer experience in the Telecombusiness .
· Continue to leverage brand leadership and expanded retail space besides extending range of merchandise for superior shopper experience in the Fashion & Lifestyle business
· Augmenting capabilities, building strong order book, scaling up F&A and Collections verticals in the IT-ITeSbusiness
· Margin enhancement across the Manufacturingbusinesses by maximising operating efficiency & passing on rise in input & fuel costs.
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