Motherson Sumi Systems Limited
NSE Symbol MOTHERSUMI
Motherson Sumi Systems has
released its results for the 3rd qtr ended Dec,2011.
Net Sales in
Q3 FY 12 stands at Rs.3772.34 Cr – up by 65% from Q2 Fy 12; Up by 66% from Q1
FY 12; Up by 85% from FY 11 on proportionate basis (Q3 FY 12 x 4 vs FY 11
total) – and up by 81% from Q3 FY11(corresponding qtr).
Raw Materials
consumption in Q3 FY 12 stands at Rs.2345.13 Cr
– up by 60.00% from Q2 FY 12; up by 59% from Q1 FY 12; up by 78% from FY 11 on
proportionate basis (Q3 FY 12 x 4 vs FY 11 total) – and up by 74% from Q3
FY11(corresponding qtr).
Employees Cost in
Q3 FY 12 stands at Rs.600.25 Cr – up by 63% from Q2 FY 12; up by 69% from Q1 FY
12; up by 91% from FY 11 total (proportionately) ; and up by 88% from Q3 FY 11.
Other Expenditure in
Q3 FY 12 stands at Rs.666.44 Cr – up by 72% from Q2 FY 12; up by 129% from Q1
FY 12; up by 155% from FY 11 on proportionate basis (Q3 FY 12 x 4 vs FY 11
total) – and up by 157% from Q3 FY11(corresponding qtr).
Total Expenditure in
Q3 FY 12 stands at Rs.3769.79 Cr – up by 65% from Q2 FY 12; up by 74% from Q1
FY 12; up by 96% from FY 11 on proportionate basis (Q3 FY 12 x 4 vs FY 11
total) – and up by 92% from Q3 FY11(corresponding qtr).
Profit from Operations in
Q3 FY 12 stands at Rs.71.01 cr – compared to - Rs.59.21 Cr ( up by 20%) – and
Rs.136.43 cr in q1 FY 12 (down by -48%); Rs.675.88 cr in FY 11 total ( down -58%
proportionately); Rs.189.60 Cr in Q3 FY 11 (down -63%).
Interest Cost in
Q3 FY 12 stands at Rs.41.38Cr - Cr – up by 77% from Q2 FY 12; up by 96% from Q1
FY 12; up by 187% from FY 11 on proportionate basis (Q3 FY 12 x 4 vs FY 11
total) – and up by 142% from Q3 FY11(corresponding qtr).
Exceptional items expense in
Q3 FY 12 stands at Rs.83.42 Cr against NIL in other compared quarters and FY
11.
Profit before tax stands
at Rs(-)50.23 cr – compared to Rs.39.14 Cr in Q2 FY 12 (down -228%);Rs.118.62
cr in Q1 FY 12 (down -142%); Rs.631.24
Cr in FY 11 total (down proportionately by -132%); Rs.175.30 Cr in Q3 FY 11
(down -129%).
Tax Expense in
Q3 FY 12 stands at Rs.51.81 Cr – up by 41% from Q2 FY 12; up by 1% from Q1 FY
12; up by 10% from FY 11 total (proportionately); and up by 20% from Q3 FY 11.
Net Profit in
Q3 FY 12 stands at Rs(-)102.04 cr against Rs.241 Cr in Q2 FY 12;Rs.67.31 Cr in
Q1 FY 12;(down -252%); Rs.442.92 Cr in FY 11 total (down -192%); Rs.132.26 Cr
in Q3 FY 11 (down -177%).
Minority Interest in Q3 FY 12 stands at Rs(-)78.39 cr – compared to Rs(-)21.82 cr in Q2 FY 12
;Rs.206 Cr in Q1 FY 12 ; Rs.52.32 Cr in FY 1 total; Rs.25.91 Cr in Q3 FY 11
Consolidated NPT in Q3 FY 12 stands at Rs(-)24.72 cr
– compared to Rs.24.26 Cr in Q2 Fy 12 (down by -202%); Rs.65.27 Cr in Q1 FY 12
(down by -138%); Rs.390.80 Cr in FY 11 total (down proportionately by -125%);
and down by 106.37 Cr in Q3 FY 11 (down -123%).
Face Value is
Rs.1 and Paid-up Equity
is Rs.38.75 Cr
Basic EPS stands
at Rs(-)0.64 in Q3 FY 12; Rs.0.63 in Q2 FY 12; Rs.1.68 in Q1 FY12; Rs.10.12 in
FY 11 total; Rs.2.75 in Q3 FY 11.
OTHER DETAILS
Ø During the quarter, both consolidated and standalone
sales have grown substantially.
Ø Consolidated Operating performance improved with
better performance from Motherson Sumi Systems Limited (MSSL) Standalone and Samvardhana
Motherson Reflectec (SMR) performance, including utilization of new facility at
Hungary .
Ø Domestic business continues growth , in spite of
tough domestic market conditions
Ø SMR reported 36% growth in sales compared to same
quarter last year and 21% growth compared to previous quarter .
Ø SMR Operating EBITDA before exchange loss shows an
improvement 19% compared to same period last year and 95% compared to previous
quarter .
Ø Samvardhana Motherson Polymers (SMPL) consolidates
results of acquired business of Peguform Group for about one month (from
24-11-2011) reports positive EBITDA, company provides for all acquisition
related costs to P/L account.
Ø MSSL consolidated full debt of SMPL including
refinanced debt at operating level and SPV debt guaranteed by SMFL, joint
venture partner in SMPL. MSSL effective consolidated debt including guaranteed
for SPV at Rs. 2,426 crores.
Ø Consistent and conservative accounting followed ,
MSSL makes following provisions:
Ø Provision for exchange loss on long term loan : Rs
62.75 crores on consolidated basis and Rs 37.35 crores on standalone basis
Ø Other expenditure include provision of Rs 9.74
crores for possible write – off on account of filing for bankruptcy proceedings
by SAAB
Ø Acquisition related and one time costs such as Due
diligence costs, Upfront/mandate fees for loans etc. amounted to Rs 78.91 crores
written off by SMPL.
Ø Goodwill of Rs 4.51 crores at the time of
acquisition of Vacuform 2000 (Pty) Limited fully provided for.
Ø TOTAL Impact on Consolidated PBT : RS 155.91 Crores
– hence reported Loss
RESULTS TABLE
|
Q3FY12
|
%DIF1
|
%DIF2
|
%DIF3
|
%DIF4
|
||||||
|
Net
Sales
|
377234
|
229,010.00
|
65.00
|
227,157.00
|
66.00
|
817,563.00
|
85.00
|
208,309.00
|
81
|
|
|
Other
Oprtng Income
|
6846
|
4,855.00
|
41.00
|
2,860.00
|
139.00
|
19,542.00
|
40.00
|
6,948.00
|
-1
|
|
|
Increase
in SIT/WIP
|
5339
|
-1,474.00
|
-462.00
|
-1,494.00
|
-457.00
|
-11,426.00
|
-287.00
|
-2,681.00
|
-299
|
|
|
Raw
Materials
|
234513
|
146,836.00
|
60.00
|
147,041.00
|
59.00
|
525,964.00
|
78.00
|
135,058.00
|
74
|
|
|
Employees
Cost
|
60025
|
36,753.00
|
63.00
|
35,537.00
|
69.00
|
125,880.00
|
91.00
|
31,950.00
|
88
|
|
|
Depreciation
|
10458
|
7,004.00
|
49.00
|
6,215.00
|
68.00
|
24,649.00
|
70.00
|
6,005.00
|
74
|
|
|
Other
Expenditure
|
66644
|
38,825.00
|
72.00
|
29,075.00
|
129.00
|
104,450.00
|
155.00
|
25,965.00
|
157
|
|
|
Total
Expenditure
|
376979
|
227,944.00
|
65.00
|
216,374.00
|
74.00
|
769,517.00
|
96.00
|
196,297.00
|
92
|
|
|
Profit
from Operations
|
7101
|
5,921.00
|
20.00
|
13,643.00
|
-48.00
|
67,588.00
|
-58.00
|
18,960.00
|
-63
|
|
|
Other
Income
|
356
|
330
|
8.00
|
334
|
7.00
|
1,300.00
|
10.00
|
282
|
26
|
|
|
Profit
before Int& EI
|
7457
|
6,251.00
|
19.00
|
13,977.00
|
-47.00
|
68,888.00
|
-57.00
|
19,242.00
|
-61
|
|
|
Interest
|
4138
|
2,337.00
|
77.00
|
2,115.00
|
96.00
|
5,764.00
|
187.00
|
1,712.00
|
142
|
|
|
Profit
after Int B/B EI
|
3319
|
3,914.00
|
-15.00
|
11,862.00
|
-72.00
|
63,124.00
|
-79.00
|
17,530.00
|
-81
|
|
|
Exceptional
items
|
8342
|
-
|
-
|
-
|
-
|
|||||
|
Profit
before tax
|
-5023
|
3,914.00
|
-228.00
|
11,862.00
|
-142.00
|
63,124.00
|
-132.00
|
17,530.00
|
-129
|
|
|
Tax
Expense
|
5181
|
3,673.00
|
41.00
|
5,131.00
|
1.00
|
18,832.00
|
10.00
|
4,304.00
|
20
|
|
|
PAT
|
-10204
|
241
|
6,731.00
|
-252.00
|
44,292.00
|
-192.00
|
13,226.00
|
-177
|
||
|
Net
Profit
|
-10204
|
241
|
6,731.00
|
-252.00
|
44,292.00
|
-192.00
|
13,226.00
|
-177
|
||
|
Minority
Interest
|
-7839
|
-2,182.00
|
259.00
|
206
|
5,232.00
|
-699.00
|
2,591.00
|
-403
|
||
|
Shares
of Associates
|
107
|
-3
|
-2
|
-20
|
-2
|
|||||
|
Consolidated
NPT
|
-2472
|
2,426.00
|
-202.00
|
6,527.00
|
-138.00
|
39,080.00
|
-125.00
|
10,637.00
|
-123
|
|
|
Face
Value (in Rs.)
|
1
|
1
|
1
|
1
|
1
|
0
|
||||
|
Paid-up
Equity
|
3875
|
3,875.00
|
0.00
|
3,875.00
|
0.00
|
3,875.00
|
3,875.00
|
0
|
||
|
Reserves
|
-
|
-
|
-
|
156,039.00
|
-
|
|||||
|
Basic
EPS
|
-0.64
|
0.63
|
-202.00
|
1.68
|
-138.00
|
10.12
|
-125.00
|
2.75
|
-123
|
|
|
Public
holding (%)
|
34.8
|
34.8
|
0.00
|
34.81
|
0.00
|
34.81
|
34.81
|
0
|
||
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