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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Titan Industries Limited = RESULTS FOR = FY 2011 = CONSISTENT PROGRESS IN 3 YEARS = 1:1 BONUS PROPOSED = FUTURE HIGHLY PROMISING

Titan Industries Limited

NSE Symbol    TITAN

TITAN INDUSTRIES hs declared excellent performance for FY 2011. There is little difference between Consolidated and non-consolidated performance. 

Hence, the consolidated performance is presented below :

Net Sales for FY 2011 is Rs.6532.97 Cr – up by 39.68% from FY 10 and up by 70.46% from FY 09.

Total Expenditure for FY 11 is Rs.5978.60 Cr – up by 37.70% from FY 10; and up by 67.42% from FY 09.

Profit from Operations is Rs.555.35 cr – up by a handsome 65.28% from  FY 10 and by a still higher 111.60% from FY 09.

Profit before tax is better at Rs.603.21 Cr – up by 86.98% from FY 10; and Up by 153.39% from FY 09.

Net Profit  for FY 2011 is a good Rs.433.12 Cr – up by a good 72.35% from FY 2010 and up by a Huge 164.23% from FY 2009.

Dividend (%) is 250% in FY 2011; 150% in FY 2010; and 100% in FY 2009.

On a Face Value of Rs.10 – the Basic EPS(in Rs.) is Rs.97.57 in FY 2011; Rs.56.61 in FY 2010; and Rs.36.93 in FY 2009.

Thus, on all counts, the performance of TITAN INDUSTRIERS has been excellent..

On a Paid-up Equity of Rs.44.39 Cr – the Reserves amount to Rs.991.23 Cr. 

With the Reserves crossing 1000 Cr and EPS crossing Rs.100 on a small EPS of Rs.44.4 Cr shortly – TITAN has proposed a Bonus issue in 1:1 ratio. The progress of TITAN can be expected to continue in coming years.

The latest Investor presentation of TITAN says as follows :

Where We Stand Today

•World’s 5thlargest Watch Manufacturer

•65% market share in organized watch market

•Sonata: India’s largest selling watch brand

•Tanishq: India’s leading Jewellery Player and a game changer

•Titan Eye+: India’s largest retail chain in eyewear

•Strength in Retail: More than 650 stores

•Distribution: More than 10,000 Multi-brand outlets

The Watch Market & Industry in India

India is an under-penetrated market for watches –only 27 % of Indians own a watch

Total estimated market in 2010 Volume ~ 48 mnunits Value: Rs 3800 Crores(USD 825 Mn) at retail(We have a 25% volume share and a 45% value share)

Vast proportion of the Indian market is below Rs 500 ($11)~ 65% by volume (24% by value)

Market has been split into: Low end, Mass market, Premium, and Luxury

INTERNATIONAL BUSINESS

•One of India’s first companies to market a consumer brand overseas.

•Titan watches are present in 26 countries outside India

•“Titan” is among the top 3 watch brands in several Asian countries

•Titan is exploring South Africa this year.

•Total export sales of over Rs99 crores($22 mn) in 2010-11 including watch components.

JEWELLERY

Three major brands –Tanishq, Gold Plus and Zoya

Largest jewellery retailer in India

◦120 Tanishq boutiques

◦29 Gold Plus stores

◦2 Zoya stores

CONSOLIDATED RESULTS TABLE

TITAN	FY11CS	FY10CS	FY09CS
Net Sales	653,297.00	467,716.00	383,264.00
Other Oprtg Income	98	72	91
Incre. in SIT/WIP	-49,865.00	-11,512.00	-15,751.00
Raw Materials	445,279.00	314,592.00	258,645.00
Traded goods	84,958.00	41,215.00	34,957.00
Employees Cost	39,736.00	27,785.00	23,645.00
Depreciation	3,511.00	6,069.00	4,235.00
Other Expenditure	74,241.00	56,039.00	51,379.00
Total Expenditure	597,860.00	434,188.00	357,110.00
Profit from Opera.	55,535.00	33,600.00	26,245.00
Other Income	5,609.00	1,201.00	440
Profit before Int & EI	61,144.00	34,801.00	26,685.00
Interest	823	2,540.00	2,879.00
Profit after Int BB EI	60,321.00	32,261.00	23,806.00
Profit before tax	60,321.00	32,261.00	23,806.00
Tax Expense	17,009.00	7,131.00	7,414.00
Net Profit	43,312.00	25,130.00	16,392.00
Dividend (%)	250	150	100
Face Value (in Rs.)	10	10	10
Paid-up Equity	4,439.00	4,439.00	4,439.00
Reserves	99,123.00	68,752.00	51,348.00
Basic EPS(in Rs.)	97.57	56.61	36.93
Public holding (%)	46.5	46.9	46.9

ANNOUNCEMENTS TO NSE

24-06-2011          Titan Industries Register of Members and Share Transfer Books will remain closed from July 26, 2011 to July 28, 2011 (Both days inclusive) for the purpose of determining eligibility for payment of dividend on equity shares for the year ended March 31, 2011. Further, the Annual General Meeting of the Company is scheduled to be held on July 28, 2011.

14-06-2011          Titan Industries Board of Directors have fixed June 24, 2011 as the Record Date for the issue of Bonus Shares in the ratio of 1 equity share for every equity share held and sub-division of the equity share of the face value of Rs.10 each in to 10 (ten) equity shares of Re.1 each.

01-06-2011          The Company's wholly-owned subsidiary, Titan Properties Ltd. proposes to merge with the Holding Company, Titan Industries Ltd pursuant to a Scheme of Amalgamation to be filed with the Hon'ble Madras High Court. Titan Properties Ltd was incorporated to develop a Titan Township near Hosur, for the employees of Titan Industries Ltd. It has achieved the objectives for which it was formed and has decided not to undertake any further developmental activities and hence felt it expedient to amalgamate with the holding company, Titan Industries Ltd. It may be noted that the Company's subsidiary, Titan Properties Ltd shall file the requisite petition with the Hon'ble Madras High Court.

29-04-2011          Titan Industries Limited has informed the Exchange that the Board of Directors of the Company at its meeting held on April 29, 2011, have decided subject to approval by the Shareholders of the Company and other applicable approvals, if any the following: (1) Issue of bonus shares to the shareholders of the Company in the ratio of one (1) equity share for every existing one (1) equity share; and (2) Sub-division of the equity share of the Company of the face value of Rs. 10 (ten) each in to 10 (ten) equity shares of a face value of Rs. 1 (one) each.

29-04-2011          press release dated April 29, 2011, titled "Titan Industries announces results beyond expectations of all - announces bonus issue of equity shares".

29-04-2011          Board of Directors have recommended a dividend on equity shares of 250%, free of tax, viz Rs.25/- per equity share. (Previous year: 150%, free of tax, Rs.15 per equity share).

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