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Transformers & Rectifiers – Result analysis

April 24, 2008

Net sales grew at 38.9% YoY (Vs estimate of 26.3%) to Rs3,014 MM, as the realization per MVA remained stable at Rs0.5 MM. The net sales for Q4FY08 stood at Rs1,066 MM (YoY not comparable, as the company got listed recently).

EBITDA increased by an impressive 69.3% YoY (Vs 53.3% YoY) to Rs552 MM. The EBITDA margins stood at 18.3% (improvement of 70 bps YoY). For Q4FY08 the EBITDA margins stood at 17.6%.

PAT grew by 98% YoY (Vs 70% YoY) to Rs331 MM owing to higher EBITDA margins, thereby leading to net margins being higher at 11.0% (Vs 10.3%) compared to 7.7% in FY07. The net margins for Q4FY08 were at 10.3%.

The management for FY09, has guided for revenues of Rs5 Bn with an EBITDA and net profit margins of 20% and 10% respectively. They expect similar realizations in FY09 and some moderation in FY10, as they are planning to enter in higher MVA transformer segment.

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