Dear all,
Forwarding you the Result Flash on Manganese Ore for 4QFY2011 with an Accumulate recommendation.
4QFY2011 Consolidated financial result highlights-
· Net sales decreased 13.7% yoy to Rs252cr below our estimate of Rs354cr which in our view would be mainly on account of lower-than-expected sales volumes.
· Other expenditure increased 49.5% yoy to Rs52cr (20.7% of 4QFY2011 net sales, compared to 11.9% of 4QFY2010 net sales).
· Hence, EBITDA decreased 19.6% yoy to RS160cr. EBITDA margin declined 461bp yoy to 63.4%.
· Other income increased 65.7% yoy to Rs50cr. Consequently, Profit after tax decreased only 8.5% yoy to Rs132cr, below our estimate of Rs180cr.
4QFY2011 Consolidated financial performance:
| Y/E March (Rs cr) | 4QFY11 | 4QFY10 | % yoy | FY11 | FY10 | % yoy |
| Net sales | 252 | 292 | (13.7) | 1,140 | 969 | 17.6 |
| Raw material | (24) | (6) | - | (32) | 29 | - |
| % of net sales | (9.6) | (1.9) | (2.8) | 3.0 | | |
| Staff cost | 55 | 53 | 3.4 | 202 | 193 | 4.6 |
| % of net sales | 21.7 | 18.1 | 17.7 | 19.9 | | |
| Royalty and Cess | 10 | 11 | (15.5) | 44 | 35 | 25.4 |
| % of net sales | 3.8 | 3.9 | 3.8 | 3.6 | | |
| Other expenditure | 52 | 35 | 49.5 | 159 | 111 | 43.5 |
| % of net sales | 20.7 | 11.9 | 13.9 | 11.4 | | |
| Total expenditure | 92 | 93 | (1.3) | 373 | 367 | 1.5 |
| % of net sales | 36.6 | 32.0 | 32.7 | 37.9 | | |
| Operating profit | 160 | 198 | (19.6) | 767 | 602 | 27.4 |
| OPM(%) | 63.4 | 68.0 | 67.3 | 62.1 | | |
| Other operating income | - | |||||
| EBIDTA | 160 | 198 | (19.6) | 767 | 602 | 27.4 |
| EBITDA margins (%) | 63.4 | 68.0 |
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