Jay Bharat Maruti Limited
NSE Symbol JAYBARMARU
Jay Bharat Maruti has produced performance in Q1 FY 2012 on par with the corresponding qtr of Q1 FY 2011 – though it is lower than the preceding quarter of Q4 FY2011.
Net Sales at Rs.260.19 cr – is down by 4.07% from Q4 FY 2012 – but UP by 15.75% from Q1 FY 2011.JBM says – it is aiming to cross Rs.10 Bn turnover milestone in current financial Year.
Total Expenditure at Rs.247.96 cr is down by 1.73% from Q4 FY12, but up by 16.44% from Q1 FY 2011.
Profit from Operations at Rs.12.23 cr is down by 35.32% from Q4 FY 11 – but up by 3.25% from Q1 FY11.
Profit before tax at Rs.8.16 Cr is down by 48.89% from Q4 FY 11; and also DOWN by 11.98% from Q1 FY 11.This is due to lower Other Income and Higher Interest Expense in Q1 FY 12.
Net Profit at Rs.5.53 cr is down by 47.18% from Q4 FY11 but up by a marginal 0.17% from Q1 FY 11. Thus, the performance is just on par with Q1 FY11 but way down from Q4 FY11.
Basic EPS on a Face Value of Rs.5 is Rs.2.55 in Q1 FY 12 – against Rs.4.83 in Q4 FY11 and Rs.2.55 in q1 FY11.The 4th Qtr Q4 FY 11 was helped by Higher sales, lower SIT/WIP, lower other expenditure, and lower Interest also.
At this Rate of EPS, the annualized EPS will be around Rs.10.2 – which at current MP of Rs.76.30, yields a PE Ratio of 7.48. While the PE Ratio is considered LOW, the next Q’ly results are expected to be BETTER.
JBM Management has expressed confidence that coming quarters will be much better. Maruti strike has partly affected the JBM also, but JBM Management expects better sales and Profits in coming Qtrs.
While Maruti is the Major client of Jay Bharat, Jay Bharat also has as its Passenger car parts customers – in Ford, Honda, Fiat, Tata Motors, M&M and Hyundai.
Jay Bharat Maruti is one of the good shares in auto ancillary sector. It is continuously upgrading its Technology – and is looking at opportunities for expansion, diversification etc – and has ambitious sales program for current year.
On this basis – it is considered a good Buy in this sector.
RESULTS TABLE :
| jay bharat Maruti | 30-Jun-11 | 31-Dec-10 | 30-Jun-10 |
| Net Sales | 26019.16 | 27122.68 | 22479.07 |
| Increase in SIT/WIP | -14.34 | -160.03 | -389.8 |
| Raw Materials | 21102.97 | 21723.46 | 18043.08 |
| Employees Cost | 1318.95 | 1359.93 | 1286.56 |
| Depreciation | 838.63 | 821.58 | 878.83 |
| Other Expenditure | 1549.74 | 1486.49 | 1475.7 |
| Total Expenditure | 24795.95 | 25231.43 | 21294.37 |
| Profit from Operations | 1223.21 | 1891.25 | 1184.7 |
| Other Income | 57.72 | 57.34 | 80.11 |
| Interest | 465.22 | 352.58 | 338.04 |
| Profit before tax | 815.71 | 1596.01 | 926.77 |
| Tax expense | 262.99 | 549.55 | 375 |
| Net Profit | 552.72 | 1046.46 | 551.77 |
| Face Value (In Rs | 5 | 5 | 5 |
| Paid Up Equity | 1082.5 | 1082.5 | 1082.5 |
| Basic EPS | 2.55 | 4.83 | 2.55 |
| Public holding (%) | 41.43 | 41.43 | 41.43 |
ANNOUNCEMENTS TO NSE
15-07-2011 Jay Bharat Maruti Limited Annual General Meeting of the
members of the Company is scheduled to be held on August 18, 2011. The Register of Members and Share Transfer Book of the Company shall remain closed from August 05, 2011 to August 18, 2011 for the purpose of ascertain entitlement of shareholders for payment of dividend @ 40% on fully paid-up equity shares of Rs 5/- each for the financial year ended March 31, 2011, if declared at the Annual General Meeting to be held on August 18, 2011.
15-04-2011 Jay Bharat Maruti Board of Directors of the Company at its meeting held on April 15, 2011 has recommended a dividend of Rs.2.00/- per share (40%) on 21650000 fully paid-up equity shares of Rs. 5/- each of the Company for Financial Year 2010-11.
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