IFB Agro Industries Ltd - QTRLY RESULTS - Q3 FY 2012 - 3rd Q/E DEC, 2011 - NET SALES UP 13.26%; NPT UP 137.37% YoY

IFB Agro Industries Limited

NSE Symbol        IFBAGRO

IFB AGRO INDUSTRIES LTD   has declared reasonable results for third quarter ending Dec, 2011.

Net Sales stands at Rs.120.97 Cr –  Down by  (-)31.76% from Q2 FY 12; down by (-)11.1% from Q1 FY 12;but up by  13.26% from Q3 FY 11.

Total Expenditure stands at Rs.112.47 Cr – down by   (-)33.04% from Q2 FY 12; down by  (-)10.39% from Q1 FY 12; but up by  7.24% from Q3 FY 11.

Profit from Operations stands at Rs.12.38 Cr – down by  (-)2.71% from Q2 FY 12; down by (-)9.5% from Q1 Fy 12; but up by a huge 126.61% from Q3 FY 11. This is due to the LESS THAN PROPORTIONATE growth in expenditure compared to Net sales.

Profit before tax stands at Rs.12.37 Cr – down by (-)6.26% from Q2 FY 12; down by  (-)9.15% from Q1 FY 12; but up by  131.93% from Q3 FY 11.

Tax expense stands at Rs.4.14 cr – down by (-)1.68% from Q2 FY 12; down by  (-)9.37% from Q1 FY 12; but up by  121.82% from Q3 FY 11.

Net Profit  stands at Rs.8.23 cr in Q3 FY 12 – compared to Rs.8.99 cr in Q2 FY 12 (down by  -8.4%);Rs.9.05 Cr in Q1 FY 12 (down by -9.04%); and Rs.3.47 Cr in Q3 FY 11 (Up by 137.37%).

On a Face Value of Rs.10, the Basic EPS   stands at Rs.10.28 in Q3 FY 12; Rs.11.23 in Q2 FY 12; Rs.11.31 in Q1 FY 12; and Rs.4.33 in Q3 FY 11.

On this basis, the annual EPS may amount to Rs.43.1

The current Market Price is Rs. 157.50,  While the 52 week high price is Rs.179.85 and the 52 week low price  is Rs.58.25.

The PE Ratio comes to 3.65.

RESULTS TABLE :

IFB AGRO	31-Dec-11	30-Sep-11	%DIF1	30-Jun-11	%DIF2	31-Dec-10	%DIF3
Net Sales	12096.78	17726.89	-31.76	13607.05	-11.1	10680.32	13.26
Other Oprting Income	387.72	340.47	13.88	310.9	24.71	352.84	9.89
Increase in SIT / WIP	-210.54	-195.86	7.5	-75.94	177.3	-214.8	-1.98
Raw Materials	5043.34	7041.2	-28.37	4472.17	12.77	5390.29	-6.44
Traded Goods	767.08	3893.98	-80.3	2850.53	-73.09	690.45	11.1
Employees Cost	572.27	604.01	-5.25	482.72	18.55	446.81	28.08
Depreciation	238.15	217.78	9.35	214.06	11.25	204.35	16.54
Other Expenditure	4836.37	5233.91	-7.6	4606.61	4.99	3969.81	21.83
Total Expenditure	11246.67	16795.02	-33.04	12550.15	-10.39	10486.91	7.24
Profit from Operations	1237.83	1272.34	-2.71	1367.8	-9.5	546.25	126.61
Other Income	6.42	63.27	-89.85	-		23.34	-72.49
Interest	7.21	16.03	-55.02	6.21	16.1	36.23	-80.1
Profit before tax	1237.04	1319.58	-6.26	1361.59	-9.15	533.36	131.93
Tax expense	413.58	420.65	-1.68	456.33	-9.37	186.45	121.82
Net Profit	823.46	898.93	-8.4	905.26	-9.04	346.91	137.37
Face Value.Rs	10	10	0	10	0	10	0
Paid Up Equity	800.71	800.71	0	800.71	0	800.71	0
Basic EPS	10.28	11.23	-8.46	11.31	-9.11	4.33	137.41
Public holding (%)	44.99	44.99	0	44.99	0	44.99	0

FROM ANNUAL REPORT FOR FY 2011 :

sales and other Income was Rs.58,47,788,000 in FY 11 (against Rs.41,95,568,000 in FY10) recording a Growth of 39%.

Profit After Tax was Rs.1,78,241,000 in FY 11 (against Rs.44,245,000 in FY 10). The release of transport Cost of 2008-09 by West Bengal Govt helped in improving profits. EPS was Rs.22.26 in FY 11 against Rs.5.53 in FY 10. There are problems in sourcing raw material  like husk - for the distillery.

A new bottling plant has been established at panagarh, WB.Receipt of necessary license from WB Govt was pending. Removal of privilege area concept is expected to increase competition.

Marine Products division is improving its sales and profits well.

Company did not recommend any dividend for FY 11. It foresees some tough challenges and some opportunities too - in FY 12.

*   *   *    E  N  D   *   *   *