Thursday, May 3, 2012

STERLITE TECHNOLOGIES LTD = RESULTS FOR = Q4 FY 2012 = FY 2012 = INTEREST COSTS DRAG DOWN PROFITS


Sterlite Technologies Limited
NSE Symbol   STRTECH

STERLITE TECHNOLOGIES has declared its results for Q4 and FY 2012.

REVIEW OF Q4 FY 12 

STAND ALONE RESULTS

Net Sales for Q4 FY 12 stands at Rs.797.53 cr; compared to Rs.663.53 Cr (Up 20.2%) in Q3 FY 12; and compared to Rs.682.23 Cr (Up 16.9%) in Q4 FY 11.

Raw Materials for Q4 FY 12 stands at Rs.465.10 cr; compared to Rs.510.46 Cr (down -8.89%) in Q3 FY 12; and compared to Rs.481.72 Cr (down -3.45%) in Q4 FY 11.

Other Expenditure for Q4 FY 12 stands at Rs.163.22 cr; compared to Rs.124.26 Cr (Up 31.35%) in Q3 FY 12; and compared to Rs.105.35 Cr (Up 54.93%) in Q4 FY 11.

Total Expenditure   for Q4 FY 12 stands at Rs.764.10 cr; compared to Rs.630.92 Cr (Up 21.11%) in Q3 FY 12; and compared to Rs.649 Cr (Up 17.73%) in Q4 FY 11.

Profit from Operations for Q4 FY 12 stands at Rs.45.23 cr; compared to Rs.32.61 Cr (Up   38.7%) in Q3 FY 12; and compared to Rs.33.23 Cr (Up 36.11%) in Q4 FY 11.

Other Income for Q4 FY 12 stands at Rs.3.39 cr; compared to Rs.3.33 Cr (Up 1.8%) in Q3 FY 12; and compared to Rs.7 Cr (Up 4742.86%) in Q4 FY 11.

Interest         for Q4 FY 12 stands at Rs. 29.32 cr; compared to Rs.     23.18 Cr (Up 26.49%) in Q3 FY 12; and compared to Rs.18.22         Cr (Up 60.92%) in Q4 FY 11.

Profit  before tax   for Q4 FY 12 stands at Rs. 19.30 cr; compared to Rs.12.76 Cr (Up 51.25%) in Q3 FY 12; and compared to Rs.15.08 Cr (Up 27.98%) in Q4 FY 11.

Tax expense for Q4 FY 12 stands at Rs.2.82 cr; compared to Rs.3.29 Cr (down -14.29%) in Q3 FY 12; and compared to Rs.4.78 Cr (down -41%) in Q4 FY 11.

Net Profit for Q4 FY 12 stands at Rs.16.48 cr; compared to Rs.9.47 Cr (Up 74.02%) in Q3 FY 12; and compared to Rs.10.30 Cr (Up         60%) in Q4 FY 11.

Face Value of the share is Rs.2; Paid Up Equity is Rs.78.65 Cr.

Basic EPS stands at Rs.0.42 in Q4 FY 12; compared to Rs.0.24 in Q3 FY 12; and Rs.0.29 in Q4 FY 11.

OTHER DETAILS

The confirmed order book as on April 1, 2012 stands at about Rs 2,300 Crores, and a bulk of these orders would be executed during FY13.


ANNUAL (Consolidated) RESULTS
FY12 vs FY 11


Net Sales from Operations  in FY 12 stands at Rs.2566.95 cr; compared to Rs.2262.12 Cr in FY 11 (Up by 13.48%).

Consumption of Raw Materials in FY 12 stands at Rs.1800.39 cr; compared to Rs.1585 Cr in FY 11 (Up by 13.59%).

Employees Cost in FY 12 stands at Rs.99.83 cr; compared to Rs.82.58 Cr in FY 11 (Up by 20.89%).

Depreciation in FY 12 stands at Rs.71.53 cr; compared to Rs.56.03     Cr in FY 11 (Up by 27.66%).

Other Expenditure in FY 12 stands at Rs.533.63 cr; compared to Rs.359.91 Cr in FY 11 (Up by 48.27%).

Total Expenditure   in FY 12 stands at Rs.2504.69 cr; compared to Rs.2052.59 Cr in FY 11 (Up by 22.03%).

Profit from Operations  in FY 12 stands at Rs.117.06 cr; compared to Rs.209.53 Cr in FY 11 (Down by - 44.13%).

Other Income in FY 12 stands at Rs.27.14 cr; compared to Rs.14.96 Cr in FY 11 (Up by 81.42%).

Interest  in FY 12 stands at Rs.92.40 cr; compared to Rs.45.17 cr in FY 11(Up by 104.56%).

Profit before tax in FY 12 stands at Rs.51.80 cr; compared to Rs.179.32 Cr in FY 11 (down by -71.11%). Interest Costs have dragged down the PBT by over 71%.

Tax Expense in FY 12 stands at Rs.12.93 cr; compared to Rs.37.96 Cr in FY 11 (down by -65.94%).

Consolidated NPT  in FY 12 stands at Rs.39.64 cr; compared to Rs.141.25 Cr in FY 11 (down by -71.94%). The main factor which dragged down the Net Profits is the huge Interest costs during the year.

Reserves in FY 12 stands at Rs.1066.20 cr; compared to Rs.935.26 Cr in FY 11 (up by 14%).

Basic EPS  in FY 12 stands at Rs.1.01 in FY 12; compared to Rs.3.97 in FY 11. Thus, there is a steep decline in profitability in FY 12.

Current Price of the share is Rs.35.10. ; while the 52 week high price  is Rs.63.50 and the 52 week low price  is Rs.27.40. Face Value is Rs.2.

On this basis, the PE Ratio stands at 34.75. The company has good order Book Position. But, its Profitability in FY 2013 depends on the Interest costs during the year.

Public holding (%) in the company is 45.31%.

- Telecom business revenues of Rs 804 Crores at an EBITDA margin of 17.3%.
-Power business revenues of Rs 1,923 Crores at an EBITDA margin of 4.4%.
- International sales revenues of about Rs 800 Crores; approximately 30% of net revenues.
- The Board has recommended a dividend of 15% for the year.

Business highlights for FY 12

- Good Tier-1 clients added for all businesses across geographies.
- Market entry into new geographies like North America and Latin America
- Sterlite places orders for Transmission lines (765 kV) which are part of its overall BOOM portfolio of 3 UMTP projects for supplies of equipment and EPC of two 1500 MVA (765/400KV) substations.
-Sterlite power conductors selected by PGCIL for high voltage & green energy transmission systems
- Focused efforts in product development have lead to the introduction of ACCC conductors, G657 optical fiber and blown fiber optic cables
- Awards: Top 100 CISO Awards, EMC Cloud Pioneer Awards
-The Company exited the year at capacities of 160,000 MT for power conductors and over 12 million km for optical fibers. The capacity expansion of 20 million kms for optical fiber is on schedule.
The Leadership Team and I continue to retain a optimistic view of our business, its market opportunities and our vision for the future.”

About Sterlite Technologies Limited

Sterlite Technologies Limited (“Sterlite”) [BSE: 532374, NSE: STRTECH], is a leading global provider of transmission solutions for the power and telecom industries. Equipped with a product portfolio that includes power conductors, optical fibers, telecommunication cables and a comprehensive telecom systems / solutions portfolio, Sterlite's vision is to 'Connect every home on the planet'. Sterlite is also executing multi-million dollar power transmission system projects, pan-India.
ANNOUNCEMENTS BY CO. TO NSE

26-04-2012    Sterlite Technologies earns net revenues of Rs. 2,727 Crores in FY 12

26-04-2012    Board of Directors have recommended a Final Dividend of 15% (Rs.0.30/- on Equity Share of Rs.2/- each of the Company)

26-04-2012    standalone Results for the y/e on 31-MAR-2012 as follows: Net Sales of Rs. 272747 lacs for y/e on 31-MAR-2012 against Rs. 226255 lacs for the y/e on 31-MAR-2011. Net Profit / (Loss) of Rs. 4384 lacs for the year ending on 31-MAR-2012 against Rs. 14053 lacs for the y/e on 31-MAR-2011.

26-04-2012    consolidated Results for the year ended on 31-MAR-2012 as follows: Net Sales of Rs. 262175 lacs for y/e on 31-MAR-2012 against Rs. 226212 lacs for the y/e on 31-MAR-2011. Net Profit / (Loss) of Rs. 3964 lacs for the y/e on 31-MAR-2012 against Rs. 14125 lacs for the y/e on 31-MAR-2011.

26-04-2012    standalone Results for the q/e on 31-MAR-2012 as follows: Net Sales of Rs. 80933 lacs for q/e on 31-MAR-2012 against Rs. 68223 lacs for the q/e on 31-MAR-2011. Net Profit / (Loss) of Rs. 1648 lacs for the q/e on 31-MAR-2012 against Rs. 1030 lacs for the quarter ending on 31-MAR-2011.

25-01-2012    Commences Q4 FY12 with confirmed orders of about Rs.2,400 Crores.

18-01-2012    Sterlite Grid places orders for four Transmission lines (765 kV) which are part of its overall BOOM portfolio of 3 UMTP projects.

01-12-2011    Hon'ble High Court of judicature at Bombay has vide its Order dated October 21, 2011 approved the Scheme of Amalgamation of Sterlite Infra-Tech Limited (100% Subsidiary of the company) with the Company.The appointed date as per the Scheme of Amalgamation is April 1, 2011. Sterlite Infra-Tech Limited stands amalgamated with the Company effective from December 1, 2011.

21-09-2011    Sterlite Technologies wins Contract to implement a central office broadband system for BSNL.

07-09-2011    Sterlite awards contracts worth Rs.500 Crores.

25-08-2011    selection of the Company for two new contracts by Power Grid Corporation of India (PGCIL) for manufacture and supply of power conductors.

19-08-2011    Sterlite Technologies chosen to enhance network for promotion of Higher Education in India

29-04-2011    standalone Results for the year ended on 31-MAR-2011 as follows: Net Sales of Rs. 226255 lacs for year ending on 31-MAR-2011 against Rs. 243163 lacs for the y/e on 31-MAR-2010. Net Profit / (Loss) of Rs. 14053 lacs for the y/e on 31-MAR-2011 against Rs. 24607 lacs for the year ending on 31-MAR-2010.

29-04-2011    Consolidated Results for the year ended on 31-MAR-2011 as follows: Net Sales of Rs. 226212 lacs for y/e on 31-MAR-2011. Net Profit / (Loss) of Rs. 14125 lacs for the y/e on 31-MAR-2011.

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