Sesa Goa Limited
NSE Symbol SESAGOA
Sesa Goa Has turned in a much lower performance in Q1 FY 12 ending June 2011 compared to preceding quarter of Q4 FY 11 and corresponding quarter of Q1 FY11.
CONSOLIDATED BASIS
SALES INCOME is Rs.2109 cr – compared to Rs.2413 cr in Q1 FY 11. (Change :- -13%)
Total Expenditure is Rs.989.94 cr – compared to Rs.973 cr in Q! FY11.
Profit from Operations stands at Rs.1119 cr – compared to Rs.1440 cr in Q1 FY 11.
Profit before tax is Rs.1222 cr – compared to Rs.1588 cr in Q1 FY 11.
Net Profit is Rs.841 cr – compared to Rs.1305 Cr Q1 FY 11.(Change – 36%)
On a face value of Rs.1 – the Basic EPS is Rs.9.67 for Q1 FY 12 against Rs.15.17 in Q1 FY 11. The annaualized EPS is Rs.9.67 x 4 = 38.68. Current Market Price is Rs.284. Hence, PE Ratio is 7.34
OPERATING PERFORMANCE
During Q1 iron ore production and sales were 4.4 million tonnes and 4.3 million tones respectively. The decrease in production and sales compared with Q1 FY2011was primarily on account of termination of the third party mining agreement in Orissa and logistical constraints in Goa.
Hon‘ble Supreme Court has stayed the export ban of the State Government of Karnataka from 20 April 2011. Despite the orders, permits for transportation of iron ore for exports have still not been issued. Meanwhile, Company has increased sales in the domestic market significantly. However, the export ban constrained full capacity utilization in Karnataka.
During Q1, pig iron sales volumes increased by 7% at 58,079 tonnes, while production declined by 11% at 62,230 tonnes as compared with the corresponding prior quarter. The decline in production is mainly due to the reduced availability of high grade iron ore from Karnataka
Sales
Iron Ore (million tonnes) Sales in Q1 FY 12 was 4.3 ; against 4.9 in Q1 FY 11; a decrease of (12%)
Pig Iron sales (‗000 tonnes) was 58 in Q1 FY 12 ; against 54 in Q1 FY 11; an increase of 7%
Financial Performance
Cash Profit (PBDT) for Q1 was at Rs.1,249 crore, decrease of 22% as compared with the corresponding prior quarter. The positive impact of higher iron ore prices was more than offset by the higher export duty and logistics costs.
Acquired 18.5% Stake in Cairn India Limited (“CIL”)
During the quarter, the Company acquired 8.1% of the share capital of CIL through open offer.
Thus, post the open offer, Sesa Goa has 18.5% stake in Cairn India Ltd — with 10.4% of shares acquired from market at the beginning of this quarter.
Expansion Progress
The iron ore capacity expansion programme is on track for completion by the end of FY 2013. Expansion of the pig iron capacity to 625 ktpa and the associated expansion of metallurgical coke capacity to 560 ktpa are progressing well for commissioning by Q3 FY 2012.
CORPORATE 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.
03-05-2011 Sesa Goa Limited has informed the Exchange vide its letter dated May 03, 2011 regarding an announcement relating to update on Open Offer for up to 20.01% Shares of Cairn India Ltd.
26-04-2011 Sesa Goa Limited has taken the following decisions, inter alia: (1) The payment of Dividend is subject to the approval of the shareholders in its Annual General Meeting which will be held on July 21, 2011 and the Dividend shall be paid/despatched on or before the due date i.e. August 19, 2011.(2) Book Closure Date for the purpose of dividend has been fixed from July 05, 2011 to July 07, 2011 (both days inclusive).
26-04-2011 Sesa Goa 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". -
19-04-2011 Sesa Goa Limited has submitted to the Exchange a copy of announcement relating to clarification on Sesa Goa Open Offer for Cairn India Shares.
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 has informed the Exchange vide its letter dated March 22, 2011, that "Sesa Goa Limited Announces the Acquisition of Assets of Bellary Steel & Alloys Limited".
STAND ALONE RESULTS
Net Sales has come down to Rs.1683.85 cr – down by 45.06% from Q4 FY 11 and down by 11.34% from Q1 FY 11.
Raw Materials cost comes to Rs.167.90 cr – down by 22.51% from Q4 FY 11 and Up by 20.86% from Q1 FY 11.
Total Expenditure is Rs.806.50 cr – down by 41.16% from Q4 FY 11 and down by 8.13% from Q! FY11.
Profit from Operations stands at Rs.891.85 cr – down by 47.88% from Q4 FY 11; and down by 14.2% from Q1 FY 11.
Profit before tax is Rs.975.98 cr – down by 47.43% from Q4 FY 11; and down by 17.04% from Q1 FY 11.
Net Profit is Rs.672.98 cr – down by 44.4% from Q4 FY 11; and down by 34.38% from Q1 FY 11.
On a face value of Rs.1 – the Basic EPS is Rs.7.74 for Q1 FY 12; Rs.14.1 in Q4 FY 11; and Rs.11.95 in Q1 FY 11.
Note :
Consequent to merger of erstwhile subsidiary Sesa Industries Ltd, the figures of the Pig Iron segment were incorporated in the company’s results on stand alone basis, from Q4 FY 11. The figures for the Q1 FY 12 are therefore not comparable with Q1 FY 11 on stand alone basis.
STAND ALONE RESULTS TABLE
| SESA GOA | 30-Jun-11 | 31-Mar-11 | 30-Jun-10 |
| Net Sales | 168385 | 306497 | 189918 |
| Other Operating Income | 1450 | 1705 | 1818 |
| Increase in SIT / WIP | -8012 | 15074 | -7113 |
| Raw Materials | 16790 | 21666 | 13892 |
| Employees Cost | 3910 | 6019 | 2852 |
| Depreciation | 2208 | 3927 | 1427 |
| Other Expenditure | 65754 | 90389 | 76733 |
| Total Expenditure | 80650 | 137075 | 87791 |
| Profit from Operations | 89185 | 171127 | 103945 |
| Other Income | 13333 | 15871 | 15063 |
| Interest | 4920 | 1360 | 1357 |
| Profit before tax | 97598 | 185638 | 117651 |
| Tax expense | 30300 | 64600 | 15100 |
| Net Profit | 67298 | 121038 | 102551 |
| Face Value (In Rs | 1 | 1 | 1 |
| Paid Up Equity | 8691 | 8691 | 8597 |
| Basic EPS | 7.74 | 14.1 | 11.95 |
| Public holding (%) | 44.87 | 44.87 | 44.27 |
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