|
Fag Bearings in India
23. Oct, 2010 Shandong Obetter Bearing Co., Ltd
PAT rises 90% In the quarter ended Sep 10, Fag Bearings India's net profit grew by whopping 90% to Rs. 31.44 crore on robust operating performance and impressive non operating performance. The topline grew by healthy 31% to Rs. 272.39 crore. Increase in OPM by 380 bps boosted the operating profit by whopping 68% to Rs. 48.09 crore. Impressive growth in other income and fall in depreciation cost and effective tax rate; lifted the net profit by significant 90% to Rs. 31.44 crore.
FAG India is a member company of FAG group of Germany - is a leading player in the Indian Bearing industry. It is a leading OEM supplier to the automotive industry, mechanical and electrical engineering industry, besides the Railways.
Quarter Performance
The company's operating income grew by healthy 31% to Rs. 272.39 crore in Sep 2010 quarter. Increase in operating profit margin (OPM) by 380 bps boosted the operating profit by impressive 68% to Rs. 48.09 crore. In terms of cost, as % to sales net stock adjusted, the raw material cost increased by 190 bps to 32%. Also the other expenditure increased by 130 bps to 18%. But it was offset by crash in purchase of traded goods by 630 bps to 26% and fall in staff cost by 60 bps to 7%.
The company's PBT grew by impressive 88% to Rs. 47.19 crore on fall in depreciation cost and impressive other income. The other income grew by whopping 136% to Rs. 4.34 crore while the depreciation cost slipped by 3% to Rs. 5 crore. Further net profit increased by whopping 90% to Rs. 31.44 crore on 80 bps fall in effective tax rate.
Nine Month Performance
In the nine month ended Sep 2010, the topline grew by 31% to Rs. 782.39 crore. Increase in OPM by 130 bps to 17.4% lifted the operating profit by robust 41% to Rs. 136.46 crore. Impressive growth in other income (by 109% to Rs. 11.09 crore), flat depreciation cost growth (by 1% to Rs. 15.05 crore) and nil EO expense (against Rs. 11.52 crore in nine month ended Sep 09) resulted in whopping growth of 75% in the PBT after EO to Rs. 131.88 crore. Further fall in effective tax rate by 130 bps boosted the net profit by impressive 79% to Rs. 87.75 crore.
The promoters' share in the total shareholding remains unchanged at 51.3% in Sep 10 quarter. The promoters' have pledged 'nil' shares of the company.
Currently the scrip is trading at Rs. 875 on BSE.
Fag Bearings India: Company Results
| Particulars |
1009(3) |
0909 (3) |
Var (%) |
1009(9) |
0909 (9) |
Var (%) |
0912 (12) |
| Total Operating Income |
272.39 |
207.18 |
31 |
782.39 |
599.31 |
31 |
818.65 |
| OPM (%) |
17.7 |
13.8 |
|
17.4 |
16.2 |
|
15.2 |
| OP |
48.09 |
28.69 |
68 |
136.46 |
96.89 |
41 |
124.11 |
| Other Income |
4.34 |
1.84 |
136 |
11.09 |
5.31 |
109 |
7.77 |
| PBDIT |
52.43 |
30.53 |
72 |
147.55 |
102.20 |
44 |
131.88 |
| Interest |
0.24 |
0.22 |
9 |
0.62 |
0.49 |
27 |
0.70 |
| PBDT |
52.19 |
30.31 |
72 |
146.93 |
101.71 |
44 |
131.18 |
| Depreciation / Amortization |
5.00 |
5.18 |
-3 |
15.05 |
14.95 |
1 |
20.08 |
| PBT Before EO |
47.19 |
25.13 |
88 |
131.88 |
86.76 |
52 |
111.10 |
| EO |
0.00 |
0.00 |
0 |
0.00 |
-11.52 |
-100 |
-11.52 |
| PBT |
47.19 |
25.13 |
88 |
131.88 |
75.24 |
75 |
99.58 |
| Tax^ |
15.75 |
8.59 |
83 |
44.13 |
26.15 |
69 |
34.04 |
| PAT Before EO |
31.44 |
16.54 |
90 |
87.75 |
49.09 |
79 |
65.54 |
| EO expense |
0.00 |
0.00 |
0 |
0.00 |
0.00 |
0 |
0.00 |
| Net profit |
31.44 |
16.54 |
90 |
87.75 |
49.09 |
79 |
65.54 |
| EPS * |
75.7 |
39.8 |
|
70.4 |
45.4 |
|
44.0 |
Annualized on current equity of Rs. 16.62 crore.
Face Value: Rs. 10
Var. (%) exceeding 999 has been truncated to 999
LP: Loss to Profit PL: Profit to Loss
EO: Extraordinary items
EPS is calculated after excluding EO and relevant tax
Figures in Rs. crore
Source: Capitaline Corporate Database
Shandong Obetter bearing Company is a leading global supplier in the areas of bearings, mechatronics, services. OBT Group as a high-tech enterprise and professional manufacturer specicalized in ball bearing and roller bearing. we can produce inch bearing and machine parts as our customers request. we always follows the principles of "Good Faith, Equality, Cooperation and Win-Win" to cooperate with our customers.
For additional information, please contact:
Company brand: OBT Bearing
Company Name: Shandong Obetter Bearing Co., Ltd
WebSite: www.obtbearing.com
Tel/FAX:86-635-8511972
E-mail: obtbearing@163.com |
