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Moser Baer Q3 of FY07 PBT rises 529% YoY

Published on Sat, Jan 27, 2007 at 13:46 | Source : Moneycontrol.com

Updated at Sat, Jan 27, 2007 at 15:24

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Highlights :Quarter Ended 31 December 2006

�Gross revenue in Q3 of FY '07 at INR 5233.3 million shows an increase of 19.1% over Q3 of FY '06. The gross revenues are stable on a sequential basis.

�EBITDA at INR 1633.7 million grew 47.5% over Q3 of FY '06 and 12.3% on a sequential basis, indicating a sharp improvement in operating efficiencies during the quarter.

�EBITDA margin (excluding other income) at 30% in Q3 of FY '07 rose over 722 basis points over the corresponding quarter last year and by 332 basis points on a sequential basis, driven by improving product mix, firming ASPs and higher efficiencies.

�Profit before tax at INR 420.4 million represents a sharp 529% and 59.9% growth over Q3 of FY '06 and Q2 of FY '07 respectively.

�Net profit after tax at INR 376.2 million represents a sharp 188.4% growth over Q3 of FY '06, despite higher tax provisioning. The net profit grew 44.9% on a sequential basis, clearly indicating the strength in recovery of operating parameters.

�The company's optical media business is expected to emerge as a free cash business driven by improving operating parameters and release of cash from working capital.

Management Comments

According to Mr. Yogesh Mathur - Group Chief Financial Officer, Moser Baer India Limited, "FY07 is clearly a year of recovery. We are set to revert to sustainable returns from optical business by 4QFY07. We are very excited as we are set to enter the next year with the following positives:

� Base optical media business is now reaching stabilization and is free cash accretive; growth and returns remain attractive from long term perspective

� Content distribution / Entertainment business leverages existing core competencies and should add significant value apart from further strengthening Moserbaer brand in India.

� PV business is set for a sharp growth curve and should significantly improve overall capital efficiencies given its inherent advantages and high returns on invested capital."

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