BANCO PRODUCTS (I) LTD = Q1 FY 2012 = RESULTS = (JUNE 2011) = NPT UP 76.51%QoQ AND 6.49% YoY

Banco Products (I) Limited

NSE Symbol    BANCOINDIA

BANCO PRODUCTS(I) LTD has declared good results for the first quarter ending June 2011.

Net Sales at Rs.138.98 cr is up by 7.53 % from the previous qtr of Q4 FY11 and up by 26.27% from the corresponding qtr of Q1 FY11.

Raw Materials   Cost at Rs.80.31 cr – is up by 7.05% from Q4 FY 11 and up by 25.94% from Q1 FY11.

Total Expenditure at Rs.117.24 Cr is up by 4.35% from Q4 FY 11 and up by 33.77% from Q1 FY11.

Profit from Operations      at Rs.26.83 Cr is up by 56.12% from Q4 FY 11 and up by 4.33% from Q1 FY11.

Profit before tax at Rs.25.53 cr is up by 59.42% from Q4 FY11 and up by 5.32% from Q1 FY11.

Net Profit  at Rs.20.48 cr is up by 76.51% from Q4 FY11 and up by 6.49% from Q1 FY11.

Basic EPS  is Rs.2.86 in Q1 FY12; Rs.1.62 in Q4 FY11; and Rs.2.69% in Q1 FY11. Higher Raw Material cost has brought down the Profit growth slightly in the Q1 FY12 compared to q1 FY11.

The annualized EPS can be around 11.44. Current MP is Rs.81 for a Rs.2 FV share. Thus, PE Ratio is 7.08

Banco’s performance is reasonably good in Q1 FY12.

RESULTS TABLE : 

BANCO PRODUCTS	30-Jun-11	31-Mar-11	30-Jun-10
Net Sales	13897.99	12924.33	11006.32
Other Operating Income	508.98	29.5	329.25
Increase in SIT/WIP	76.89	120.33	-674.92
Raw Materials	8031.4	7502.34	6377.29
Employees Cost	595.34	570.28	505.96
Depreciation	392.53	316.14	314.84
Other Expenditure	2628.1	2726.38	2241.09
Total Expenditure	11724.26	11235.47	8764.26
Profit from Operations	2682.71	1718.36	2571.31
Other Income	79.05	132.66	22.95
Interest6	208.94	249.68	170.49
Profit before tax	2552.82	1601.34	2423.77
Tax expense	505.05	441.22	500.84
Net Profit	2047.77	1160.12	1922.93
Face Value (In Rs	2	2	2
Paid Up Equity	1430.37	1430.37	1430.37
Basic EPS	2.86	1.62	2.69
Public holding (%)	32.43	32.81	32.93

ANNOUNCEMENTS TO NSE

14-07-2011          the Board of Directors of the Company at its meeting held on July 14, 2011 inter alia transacted the following business: (1) Approval to hold the Annual General Meeting of the Members on Septembers 06, 2011 for the financial year ended March 31, 2011.(2) The Register of Members and Share Transfer Books of the Company will remain close from August 29, 2011 to September 06, 2011 (both days inclusive) for the purpose of payment of dividend subject to approval of the shareholders at the ensuing Annual General Meeting.    -

14-07-2011          following are the decisions / outcome of the Board Meeting held on July 14, 2011: (1) Subject to approval of Shareholders and other approvals the following: In principally, approved the sale/transfer of its "Gasket Division Business Undertaking" to its proposed subsidiary company, viz . Banco Gasket (India) Limited, subject to approval of the same by the members by way of postal ballot process and such other approval/ permissions as may be required in this regard.

31-05-2011          Banco Products (I) Limited has recommended Dividend of 150% (i.e. Rs.3.00 per Equity Shares of Rs.2/- each) for the Financial Year ended on March 31, 2011 subject to approval by the shareholders in ensuing Annual General Meeting.

19-04-2011          "The Company has made investment in 100% Equity shareholding of Lake Minerals (Mauritius) Limited, Mauritius by making investment of USD 25000 (250 Equity Shares of USD 100/- each) and accordingly, Lake Minerals (Mauritius) Limited, Mauritius has become 100% subsidiary of the Company w.e.f. 11.04.2011."

05-02-2011          "Banco Products (India) Limited which is already holding 99.80% of Equity Shares of Kilimanjaro Biochem Limited, has acquired 00.20% Equity Shares of Kilimanjaro Biochem Limited, by investment of Rs. 2,79,009.00 and accordingly Kilimanjaro Biochem Limited is Wholly Owned Subsidiary of Banco Products (India) Limited w.e.f. 01.02.2011".

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BANCO PRODUCTS (I) LTD = ANNUAL RESULTS FOR FY 2011 vs FY 2010 = PRESSURE ON MARGINS, LOWER PROFITS

Banco Products (I) Limited

NSE Symbol             BANCOINDIA

BANCO PRODUCTS (I) LTD  has declared its annual results for FY 2011, which are compared with FY 2010 results – both Non-Consolidated – below :

Net Sales for FY 11 is Rs.459.98 cr – up by 12.97% from FY 10.

Total Expenditure for FY 11 is Rs.380.36 Cr – up by 20.03% from FY 10 – which means, it has shot up more than proportionately compared to Sales Income. The increase is very pronounced under Raw material cost and other expenditure.

Profit from Operations  at Rs.    80.48 cr is down by 16.35% from FY 10.

Profit before tax at Rs.74.42 cr is further down by 24.27% from FY 10.

Net Profit at Rs.58.83 cr is down by 24.97% from FY 10.

On a Face Value of Rs.2/- the Basic EPS  is Rs.8.23 in FY 11 compared to Rs.10.96 in FY 10.

Some details of the company are given below the Table.

NON CONSOLIDATED RESULTS TABLE

BANCOPRODUCTS	FY11NC	FY10NC
Net Sales	45,997.69	40,714.98
Other Oprtg Income	87.01	594.84
Increase in SIT/WIP	-759.13	114.38
Raw Materials	25,644.28	21,321.08
Employees Cost	2,081.47	1,790.51
Depreciation	1,296.82	953.66
Other Expenditure	9,773.00	7,508.63
Total Expenditure	38,036.44	31,688.26
Profit from Operations	8,048.26	9,621.56
Other Income	265.9	421.47
Interest	871.8	215.2
Profit before tax	7,442.36	9,827.83
Tax Expense	1,559.35	1,987.08
Net Profit	5,883.01	7,840.75
Face Value (in Rs.)	2	2
Paid-up Equity	1,430.37	1,430.37
Reserves	25,031.24	21,650.17
Basic EPS  (in Rs.)	8.23	10.96
Public holding (%)	32.81	33.05

BANCO PRODUCTS (I) LTD

Core Competencies

• Five decades of experience has resulted in better understanding of the business
• One of the largest players in radiator and gasket business in the organized sector
• Wide range of products and constant process innovation
• Adopting to change in technology by investing in R&D (Approx USD 5 Million Annually)
• Globally competitive price and timely delivery is key to Banco’s international business
• Rapid design and proto-typing capabilities, OE quality standards, timely delivery and competitive pricing are major drivers of the business

Domestic Business India

• Major customers for Gaskets include Maruti, TATA Motors, Hero Honda and TVS Group
• Major customers for Heat Exchangers are TATA Motors, Ashok Leyland, M & M, Koel, TAFE, JCB, Indian Railways, among others
• Domestic Market OEM sales accounts for 80-85 % and around 20-15 % from Aftermarket sales

International Business

• BANCO has set up 100% EOU unit at Baroda, India
• Major export market for the company is the EU
• Steady increase in number of OEM players visiting Banco’s facilities

ANNOUNCEMENTS TO NSE

31-05-2011          Banco Products (I) Limited has recommended Dividend of 150% (i.e. Rs.3.00 per Equity Shares of Rs.2/- each) for the Financial Year ended on March 31, 2011 subject to approval by the shareholders in ensuing Annual General Meeting.

19-04-2011          Banco Products (I) Limited has informed the Exchange that "The Company has made investment in 100% Equity shareholding of Lake Minerals (Mauritius) Limited, Mauritius by making investment of USD 25000 (250 Equity Shares of USD 100/- each) and accordingly, Lake Minerals (Mauritius) Limited, Mauritius has become 100% subsidiary of the Company w.e.f. 11.04.2011."      -

05-02-2011          Banco Products (I) Limited has informed the Exchange that "Banco Products (India) Limited which is already holding 99.80% of Equity Shares of Kilimanjaro Biochem Limited, has acquired 00.20% Equity Shares of Kilimanjaro Biochem Limited, by investment of Rs. 2,79,009.00 and accordingly Kilimanjaro Biochem Limited is Wholly Owned Subsidiary of Banco Products (India) Limited w.e.f. 01.02.2011".

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