ENGINEERS INDIA LIMITE = Q2 FY 2011 (SEPT 2010) = RESULTS = MODERATE PERFORMANCE

Engineers India limited

NSE Symbol   ENGINERSIN

Q2 FY 2011 RESULTS

Engineers India has declared moderate results in Q2 FY2011.

Net Sales is Rs.593.61 cr – against Rs.606.04 cr in previous qtr (less by 2.05%) and  against Rs.468.20 Cr ( up by 26.79%) in corresponding qtr of last year.

Total Expenditure is Rs.450.18 Cr – down by 2.87% compared to previous Qtr – and up by 19.92% in corresponding Qtr.

Profit from Operations is Rs.143.43 cr -  up by 0.62% from previous Qtr and UP by a huge 54.54% from corresponding Qtr.

Net Profit        is Rs. 119.94 Cr -  up by 4.7% from previous Qtr and up by 13.83% only from corresponding Qtr. This is mainly due to a huge reduction in other Income in current quarter compared to corresponding qtr by 41.31%.

Paid Up Equity Share Capital  has gone up to Rs.168.47 cr in current qtr from Rs.  56.16 cr in previous qtrs – due to an FPO in July this year.

On the enhanced equity, the Basic EPS on a Face value of Rs.5/- is Rs.3.56       compared to Rs.3.4 in previous qtr and Rs.18.76 in corresponding qtr. On enhanced equity, the EPS in corresponding qtr would have been Rs.6.19 approximately. Thus, there is a reduction in EPS compared to last year’s corresponding qtr – mainly due to reduction in other income.

Currently the Rs.5 FV share of EIL is trading at Rs.350/-. The annual EPS is likely to be in the region of Rs.14. Thus, PE Ratio is around 25. 

RESULTS IN FIGURES :

ENGINEERS INDIA	30-Sep-10	30-Jun-10	DIF% 1	30-Sep-09	DIF%2
Net Sales	59361.3	60603.73	-2.05	46819.7	26.79
Employees Cost	11812.95	11858.4	-0.38	13130.41	-10.03
Depreciation	328.59	281.47	16.74	315.16	4.26
Other Expenditure	32876.88	34209.51	-3.9	24093.39	36.46
Total Expenditure	45018.42	46349.38	-2.87	37538.96	19.92
Profit from Operations	14342.88	14254.35	0.62	9280.74	54.54
Other Income	3486.37	2897.12	20.34	5940.79	-41.31
Interest	0.2	0.07	185.71	17.05	-98.83
Profit  before tax	17829.05	17151.4	3.95	15204.48	17.26
Tax expense	5835.01	5695.52	2.45	4667.81	25.01
Net Profit	11994.04	11455.88	4.7	10536.67	13.83
Face Value.Rs	5	5	0	10	-50
Basic EPS	3.56	3.4	4.71	18.76	-81.02
Public Shareholding (%)	19.59	9.6	104.06	9.59	104.28

ANNOUNCEMENTS

TO THE EXCHANGE

04-11-2010          Engineers India Limited has informed the Exchange regarding the standalone Results for the quarter ended on 30-SEP-2010 as follows: Net Sales of Rs. 59361.3 lacs for quarter ending on 30-SEP-2010 against Rs. 46819.7 lacs for the quarter ending on 30-SEP-2009. Net Profit / (Loss) of Rs. 11994.04 lacs for the quarter ending on 30-SEP-2010 against Rs. 10536.67 lacs for the quarter ending on 30-SEP-2009.

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ANDHRA BANK = Q2 FY 2011 (SEPT 2010) RESULTS = HIGHER INCOME = PROFITS LOWER DUE TO HIGHER PROVISIONING = FUTURE BRIGHT =

ANDHRA BANK

RESULTS FOR

Q/E SEPT 2010

Andhra Bank has declared reasonably good results for q/e Sep 2010.

Interest/Discount on Advances/Bills is Rs. 1560 cr – up by 4     4.06% from previous Qtr and by 23.02% from corresponding Qtr. This reflects robust business improvement for the bank.

Income on Investments is Rs.373 cr – up by 4.51% from previous Qtr and by 33.41% from corresponding tr of last year.

Total Income is Rs.2132 Cr – up by 2.85% from previous Qtr and by 19.06% from corresponding Qtr.

Interest Expended       is Rs.1157.89 cr – up by 2.58% from previous Qtr and by 11.01% from corresponding Qtr.

Net Profit  is Rs.302.97 Cr – down by 5.44% from previous Qtr and UP BY 10.59% from corresponding Qtr.

Capital Adequacy Ratio is reasonable at 12.19.

Provisions  is higher at Rs.119.58 cr compared to Rs.51.99 cr in previous Qtr and Rs.57.83 Cr in corresponding Qtr. The provisions have increased by over 100% in this Qtr. This has reduced the net profit and the EPS in this qtr. Hopefully, it is a one time measure for the bank.

Because of the higher provisioning - Basic EPS is restricted to  Rs.6.25 – compared to Rs.6.61 in previous Qtr and Rs.5.65 in corresponding Qtr.

% of Gross/Net NPA is reasonable at 0.49 compared to 0.3       in previous qtr and 0.16 in corresponding Qtr.

Return on Assets  is 1.37    compared to 1.47  in previous Qtr and 1.53 in corresponding qtr.

But for the higher provisioning in the Q2 – all the other parameters are very good for Andhra Bank.

 It is therefore quite on the cards – that Andhra Bank will rebound with great vigor in current quarter.

There was a change of guard in last quarter in the Bank  (also in some other PSBs) and the current CMD has taken over at the last Qtr end.

 The growth in number of branches was dismal in last quarter.

All this is obviously changing in AB – which is expanding its Branch network with double the normal speed.

It is therefore a good investment bet for medium to long term investors.

ANDHRA BANK

PRESS RELEASE DETAILS

Performance Highlights

Profitability:

• Operating Profit of the Bank for Q2 of FY ’11 stood at Rs.565 Crore as against Rs.453 crore in Q2 of FY ’10, recording a growth of 24.72%.

• Net Profit of the Bank improved to Rs.303 Crore as against Rs.274 crore, an increase of 10.58%.

• Net Interest Income improved to Rs. 783 crore from Rs.515 crore registering an increase of 52.04%.

• Net Interest Margin (NIM) moved up significantly to 3.91% for the current quarter vis-à-vis 3.14%.

• Core Operating Profit (Excluding trading profit on Investments of Q2) increased by 52.79% to Rs. 547 crore from Rs. 358 Crore.

• Core Non Interest Income of the Bank improved to Rs.173 Crore from Rs. 138 crore registering an increase of 25.36%.

Business Growth

• Total Business of the Bank rose to Rs. 1,39,604 crore, a growth of 26.38% from Rs. 1,10,461 crore in September 2009.

• Deposits of the Bank reached a level of Rs. 78,584 crore, a y-o-y growth of 26.18%, from Rs. 62,279 crore in September 2009.

• CASA Deposits of the Bank increased to Rs.23885 crore in September 2010 from Rs. 20140 crore in September 2009, registering an increase of

18.60%. The share of CASA deposits stood at 30.39% as at the end of September 2010.

• Advances of the Bank rose to Rs.61020 crore in September 2010,

recording a y-o-y growth of 26.64% from 48182 crore in September 2009.

• Priority Sector Advances improved to Rs.20567 crore as on 30.9.2010 from Rs.16466 crore as on 30.9.2009, reflecting a growth of 24.91%.

• Advances to Agriculture have gone up to Rs.9612 crore as on 30.9.2010, from Rs.7744 crore as on 30.9.2009, recording a growth of 24.12%.

• MSME Advances registered a significant growth of 35.01% and stood at Rs.9228 crore as at the end of September 2010 against Rs.6835 crore in Sep'09.

• Retail Credit significantly increased to Rs.9239 crore from Rs.7149 crore, with a growth of 29.23%.

• Corporate & Other Advances improved to Rs.31,983 crore from Rs.25,637 crore, registering a growth of 24.75%

Asset Quality & Recovery

• Gross NPAs to Gross Advances ratio stood at 1.26% and in absolute terms Gross NPAs stood at Rs. 770 Crore as on 30.09.2010.

• Net NPAs to Net Advances stood at 0.49% and in absolute terms the Net NPAs stood at Rs.299 crore as on 30.09.2010.

• Provision Coverage Ratio: The NPA Provision Coverage Ratio stood at 78.85% as on 30.9.2010,as against the regulatory stipulation of 70%.

ANDHRA BANK	30-Sep-10	30-Jun-10	dif% 1	30-Sep-09	Dif% 2
Interest/Discount on Advances/Bills	156004.84	149919.44	4.06	126810.35	23.02
Income on Investments	37312.73	35703.71	4.51	27969.34	33.41
Income on Balances With RBI	797.93	758.08	5.26	418	90.89
Others	-	123.52		575.19
Interest Earned	194115.5	186504.75	4.08	155772.88	24.61
Other Income	19117.03	20818.69	-8.17	23319.24	-18.02
Total Income	213232.53	207323.44	2.85	179092.12	19.06
Interest Expended	115789.13	112880.38	2.58	104307.1	11.01
Employees Cost	26010.18	28698.25	-9.37	17150.71	51.66
Other Operating Expenses	14977.71	14705.17	1.85	12353.68	21.24
Operating Expenses	40987.89	43403.42	-5.57	29504.39	38.92
Operating Profit	56455.51	51039.64	10.61	45280.63	24.68
Provisions	11958.11	5198.79	130	5783.39	106.77
Profit before tax	44497.4	45840.85	-2.93	39497.24	12.66
Tax Expense	14200	13800	2.9	12100	17.36
Net Profit After Tax	30297.4	32040.85	-5.44	27397.24	10.59
Net Profit	30297.4	32040.85	-5.44	27397.24	10.59
Face Value of Share (in Rs.)	10	10	0	10	0
Paid-up Equity Share Capital	48500	48500	0	48500	0
Capital Adequacy Ratio	12.19	12.9	-5.5	13.01	-6.3
Basic EPS	6.25	6.61	-5.45	5.65	10.62
a) Gross/Net NPA	29935.97	16976.48	76.34	7520	298.08
b) % of Gross/Net NPA	0.49	0.3	63.33	0.16	206.25
c) Return on Assets	1.37	1.47	-6.8	1.53	-10.46
Public Shareholding (%)	48.45	48.45	0	48.45	0

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