MUSCO announces unaudited financial results of Q1-FY 2011-12
Mahindra Ugine Steel Company Limited announced the unaudited financial results of Q1-FY 2011-12.
- (1888PressRelease) July 29, 2011 - Mumbai - The Board of Directors of Mahindra Ugine Steel Company Limited (MUSCO) announced the unaudited financial results for the quarter ended 30th June, 2011 at its meeting held today.
Particulars (Rs. Crs) Q1 (2011-12) Q1 (2010-11) Q4 (2010-11) FY 2010-11
Revenue 371.54 303.76 370.42 1340.51
EBIDTA 20.75 22.55 5.24 61.84
PAT 0.50 2.84 (7.48) (5.97)
Revenue & EBITDA
* Revenues are similar to level of Q4FY11, the immediate preceding quarter.
* Posted 4 times EBIDTA growth in Q1FY12 as compared to immediately preceding quarter (Q4FY11). The growth in EBITDA is driven by better sales realization and product mix, besides lower costs.
Net Profit
* Net profit of Rs 0.50 crores for Q1FY12 as compared to net loss of Rs. 7.48 crores in the Q4FY11
EPS
* Quarterly diluted EPS is positive at Rs 0.16 for Q1FY12 per share as against negative EPS of Rs. (2.30) per share of Rs 10 each for Q4FY11.
Other Highlights
Steel & Ring Business:
* Performance of the business in Q1FY12 improved over Q4FY11 on account of ;
o Higher value added products
o Partial price recovery from commodity index movements in specific segments.
o Improvement in the efficiency parameters
* Improvement in the performance of Ring business in Q1FY12 as compared to the previous quarters due to enriched product mix. Going forward, the order position shows improvement for the business.
Stampings Business:
* Stamping Division continues to post good performance in Q1FY12 and achieved the net sales of Rs 160.34 Cr as against Rs 157.97 cr in the Q4FY11.
* Customers of Stampings division are growing and stamping Division is in sync with the growth of its major customers.
o Stamping Division has set up new Plant at Pantnagar Uttrakhand, for manufacturing of stamping components, welded assemblies and has commenced its commercial operations during the quarter which will further boost the performance of the Stamping Division.
o Stamping Division is going through with the expansion of pressing capacities at it's existing plants Nasik, Kanhe & Rudrapur, will be operational during this fiscal year.
Ongoing Activities
Steel & Ring Business:
* Focus on further improving operating efficiencies, and increase in sale of higher margin value added products in the domestic and export markets.
* Focus on sourcing raw material at long term contracts and increasingly enter into surcharge based price mechanism with customers to minimize effect of input price volatility.
Stampings Business:
* Expansion of pressing capacities at its existing plants is continuing.
* Focus on improving operational efficiencies at existing plants to improve capacity utilization.
* Focus on identifying value added new products to improve margins.
Q2 (FY 2011-12)
OUTLOOK
* Existing order book indicates that volumes are expected to increase both in the domestic non auto and export markets of the Steel division. Sales of Ring business unit is also expected to improve by strong order position.
* Supported by a robust auto demand and strong operation performance, Q1FY12's robust result for Stamping Division's is expected to continue in Q2FY12. Outlook for stampings division is positive for Q2-FY12.
ABOUT MAHINDRA UGINE STEEL CO.LTD (MUSCO)
Mahindra Ugine Steel Company Limited is the one of the leading manufacturers of alloy steel and special steel products in India and has its Steel Plant in Khopoli, Maharashtra. MUSCO is also in the business of Stampings (Pressed Sheet Metal & Components) and is the leading player in this segment in India. MUSCO Stampings operates from three plants, Kanhe (near Pune), Nashik and Rudrapur. MUSCO is part of Mahindra Group and is subsidiary of Mahindra and Mahindra Limited.
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