Sesa Goa Limited
NSE Symbol SESAGOA
SESA GOA LTD has declared its results for FY 2011 – which are analyzed below :
ANNUAL RESULTS COMPARISON
Net Sales from Operations for FY 11 (Consolidated) is Rs.9145.47 cr – up by a huge 57.60% from FY 10; and by 85.67% from FY 09.
Total Expenditure for FY 11 has increased (less than proportionately compared to Sales) to Rs.4147.20 Cr – up by 48.75% from FY 10; and up by 67.77% from FY 09.
Profit from Operations for FY 11 is Rs.5057.92 cr – up by a good 64.73% from FY 10 and by 103.36% from FY 09.
Profit before tax for FY 11 – is Rs. 5559.69 Cr - up by 61.40% from FY 10; and up by 105.14% from FY 09.
Net Profit also has increased to Rs.4222.45 cr – up by 60% from FY 10 and up by 111.66% from FY 09.
Consolidated Net Profit has also increased similarly to Rs.4222.45 cr – up by 60.60% from FY 10; and up by 112.38% from FY 09.
Against a Face Value of just Rs,1 – the Basic EPS is an excellent Rs.49.17 – against Rs.32.41 in FY 10 and Rs.25.26 in FY 09.
The current MP is Rs.294.30 – and at the annual EPS of Rs.49.17, the PE Ratio comes to 5.99 – which leaves good scope for appreciation in the medium / long term.
Consolidated Annual Results Table
| FY11 CS | |||
| Net Sales from Operations | 914,547.00 | 580,305.00 | 492,570.00 |
| Other Operating Income | 5,965.00 | 5,524.00 | 3,340.00 |
| Increase in SIT / WIP | -4,745.00 | -12,112.00 | -2,682.00 |
| Raw Materials | 69,246.00 | 58,954.00 | 43,526.00 |
| Employees Cost | 20,708.00 | 16,906.00 | 9,993.00 |
| Depreciation | 9,638.00 | 7,450.00 | 5,167.00 |
| Other Expenditure | 319,873.00 | 207,597.00 | 191,194.00 |
| Total Expenditure | 414,720.00 | 278,795.00 | 247,198.00 |
| Profit from Operations | 505,792.00 | 307,034.00 | 248,712.00 |
| Other Income | 53,989.00 | 42,597.00 | 22,403.00 |
| Interest | 3,812.00 | 5,172.00 | 99 |
| Profit before tax | 555,969.00 | 344,459.00 | 271,016.00 |
| Tax Expense | 133,724.00 | 80,555.00 | 71,527.00 |
| Net Profit | 422,245.00 | 263,904.00 | 199,489.00 |
| Minority Interest | - | 991 | 676 |
| Consolidated Net Profit | 422,245.00 | 262,913.00 | 198,813.00 |
| Face Value (in Rs.) | 1 | 1 | 1 |
| Paid-up Equity | 8,691.00 | 8,310.00 | 7,872.00 |
| Reserves | 1,272,352.00 | 783,461.00 | 463,702.00 |
| Basic EPS | 49.17 | 32.41 | 25.26 |
| Diluted EPS | 48.17 | 31.62 | 25.26 |
| Public holding (%) | 44.87 | 42.97 | 48.82 |
QUARTERLY RESULTS (CONSOLIDATED)
The results for Q4 FY 11 are also very good for SESA GOA.
Net Sales at Rs.3607.28 cr – is up by 45.10% from Q3 FY 11 (Previous qtr) and by 50.08% from Q4 FY 10 (Corresponding Qtr).
Total Expenditure is Rs.1538.84 Cr – up by 19.61% from Q3 FY 11; and up by 65.02% from Q4 FY 10.
Profit from Operations is Rs.2084.80 cr - up by 71.99% from Q3 FY 11; and up by 40.26% from Q4 FY 10.
Profit before tax is Rs.2239.66 cr – up by 68.96% from Q3 FY 11; and up by 40.61% from Q4 FY 10.
Consolidated Net Profit is Rs.1461.76 cr - up by 36.83% from Q3 FY 11; and up by 20.52% from Q4 FY 10.
Basic EPS is Rs.17.02 for Q4 FY 11; Rs.12.41 for Q3 FY 11; and Rs.14.95 for Q4 FY 10.
Thus, the performance for Q4 represents a higher level of sales and profit for Sesa Goa and we need to watch whether this higher level will be maintained in coming Qtrs.
Consolidated Qtrly Results Table
| Q4FY11CS | |||
| Net Sales | 360,728.00 | 248,599.00 | 240,354.00 |
| Other Operating Income | 1,636.00 | 1,273.00 | 1,536.00 |
| Increase in SIT / WIP | 17,237.00 | 5,810.00 | -6,389.00 |
| Raw Materials | 22,794.00 | 15,684.00 | 15,670.00 |
| Employees Cost | 6,651.00 | 4,957.00 | 4,470.00 |
| Depreciation | 3,706.00 | 2,076.00 | 1,664.00 |
| Other Expenditure | 103,496.00 | 100,128.00 | 77,838.00 |
| Total Expenditure | 153,884.00 | 128,655.00 | 93,253.00 |
| Profit from Operations | 208,480.00 | 121,217.00 | 148,637.00 |
| Other Income | 16,899.00 | 12,676.00 | 12,906.00 |
| Interest | 1,413.00 | 1,339.00 | 2,265.00 |
| Profit before tax | 223,966.00 | 132,554.00 | 159,278.00 |
| Tax Expense | 77,790.00 | 25,725.00 | 37,767.00 |
| Net Profit | 146,176.00 | 106,829.00 | 121,511.00 |
| Minority Interest | - | - | 224 |
| Consolidated Net Profit | 146,176.00 | 106,829.00 | 121,287.00 |
| Basic EPS | 17.02 | 12.41 | 14.95 |
| Diluted EPS | 16.5 | 12.18 | 14.61 |
ANNOUNCEMENTS TO NSE
23-05-2011 Sesa Goa Limited has informed the Exchange that In respect of the news report on SFIO investigation, Sesa Goa Ltd has clarified to the Exchange that the Company is yet to receive the report, and therefore, unable to comment with detailed explanation on the issues floating in the media.
26-04-2011 Sesa Goa Limited has recommended dividend of Rs.3.50 per equity share for the year 2010-2011.
20-04-2011 Sesa Goa Limited had informed the Exchange that "This is with reference to the Open Offer. This reporting is being made pursuant to Regulation 22 (17) of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 ("SAST Regulations"). On April 19, 2011 Sesa Goa Limited acquired 200,000,000 equity shares of Cairn India Limited ("CIL") aggregating to approximately 10.51% of the total paid up share capital of CIL from Petronas International Corporation Ltd. operating through their broker DSP Merrill Lynch Limited, at an average price of Rs. 331 through block deals on the Bombay Stock Exchange". The Company has now informed the Exchange that "In the second paragraph the words "block deals" should be read as "bulk deals". Rest of the information remains the same."
20-04-2011 Sesa Goa Limited has informed the Exchange that "This is with reference to the Open Offer. This reporting is being made pursuant to Regulation 22 (17) of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 ("SAST Regulations"). On April 19, 2011 Sesa Goa Limited acquired 200,000,000 equity shares of Cairn India Limited ("CIL") aggregating to approximately 10.51% of the total paid up share capital of CIL from Petronas International Corporation Ltd. operating through their broker DSP Merrill Lynch Limited, at an avenge price of Rs. 331 through block deals on the Bombay Stock Exchange".
08-04-2011 press release dated April 08, 2011 titled " Sesa Goa Limited Production Release for the Fourth Quarter and Year Ended 31 March 2011".
06-04-2011 Sesa Goa Limited has submitted to the Exchange an announcement relating to receipt of clearance from Securities and Exchange Board of India ("SEBI") to send letters of offer to shareholders of Cairn India Ltd ("Cairn India") and proceed with the open offer of up to 20% of the shares of Cairn India.
22-03-2011 "Sesa Goa Limited Announces the Acquisition of Assets of Bellary Steel & Alloys Limited".
14-03-2011 Sesa Goa Limited had informed the Exchange that the Company had received the order of Hon'ble Supreme Court of India dated February 07, 2011, upholding the order of Single Judge of High Court of Bombay at Goa dated December 18, 2008, approving the Scheme of Amalgamation of Sesa Industries Ltd. (SIL) with Sesa Goa Ltd. (SGL) with appointed date of April 01, 2005. Consequently the Company had also filed necessary forms on February 14, 2011, with the Ministry of Corporate Affairs as required under the provisions of Companies Act, 1956. Further, the Company has informed the Exchange that the Board of Directors of the Company at their meeting held on March 12, 2011 has taken the following decisions: (1) Allotment of 93,98,864 equity shares of face value of Re. 1/- each bearing distinctive numbers 85,97,02,560 to 86,91,01,423 to the shareholders of erstwhile SIL, holding shares as on Record Date, February 28, 2011, in the ratio of 1:5 (with benefits of sub-division and bonus), i.e. for every one share of SIL of face value of Rs.10 each, four shares of SGL of face value of Re.1 each. As a result of allotment, the paid up share capital of the Company has gone up from Rs.85,97,02,559/- to Rs.86,91,01,423/- (2) Approved distribution of dividend to the aforesaid allottees in terms of the said Scheme of Amalgamation which works out to Rs.11,04,36,652/- equivalent to Rs.11.75 per share of face value of Re.1/-.
30-11-2010 Sesa Goa Limited has informed the Exchange, vide its letter dated November 30, 2010, regarding "Sesa Goa Limited: Closure of Third Party Mining Operations in Orissa".
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