Moser Baer announces Q4 results New Delhi
- Net sales of INR 446 crores during the quarter
- Sharp improvement in EBIDTA to INR 93 crores in Q4 FY’12 from INR 14 crores in Q4 FY’11; EBITDA margins increased to 20% from 3% during Q4 FY’11
- Continued improvement in ASPs driven by improving market dynamics ‐ over 8% QoQ increase witnessed during the quarter
- Key input costs stable during the quarter
- Cost reduction measures resulted in substantial savings during FY’12
- The company’s 5MW solar farm in Jodhpur, under the NVVN migration scheme, is operating at benchmark levels of energy output
Moser Baer India Limited (MBIL) today released its financial results for the fourth quarter of FY’12. The company’s Board of Directors, at its meeting in New Delhi, approved the financial results for the quarter ended March 31, 2012.
Commenting on the quarter’s performance, Bhaskar Sharma CEO, Storage Media, MBIL, said, “We expect the production and shipments of advanced formats to increase in the medium term. In addition, stabilizing ASPs and continuous improvements in the demand supply situation in the storage media industry are few of the optimistic triggers in the medium term for our business. Notably, we continue to adopt a number of cost processes and innovation to further improve our competitiveness.”
Highlighting the recent developments, K.N Subramaniam, CEO, Moser Baer PV Systems said, “In the last 12 months, MBSL commissioned multiple Solar
PV installations in the country, emerging as one of the largest EPC player in India, covering multiple technologies. All the Solar farms commissioned have posted energy yields beyond the benchmark levels for the past few months of its operation. The Indian market has emphatically demonstrated its potential and is poised to grow as one of the top solar markets in the world. ”
On global industry potentiality, McKinsey in one of its recent reports has indicated that the industry is still likely to install an additional 400‐600 GW of PV capacity between now and 2020 globally. (source: McKinsey report – Solar Power: Darkest before dawn, May 2012)
On the issue of strengthening the domestic manufacturing base further, Vivek Chaturvedi, CMO, Moser Baer Solar said, “In order to achieve the JNNSM objectives of having a 5GW manufacturing capacity in India by 2020, the industry needs to be provided with a level playing field. We are actively engaged with the government and expect a significant policy intervention which will pave the way to making India the solar capital of the world. ”
V C Agerwal, CEO Operations, Moser Baer Solar added, “We stay committed to the newly adopted manufacturing technology ‐ MIST (Metal and Intrinsic Layer Semiconductor Technology) to upgrade our PV cell efficiency to 21% for meeting the current industry challenges which will catapult us to become one of the top tier solar players. By leveraging our strong R&D capabilities, the MIST technology and the existing assets, we will be able to offer high efficiency, cost effective premium quality PV products in the international markets.”
Commenting on the results, Yogesh Mathur, Group Chief Financial Officer, MBIL, said, “Storage Media margins have remained stable and business continues to be cash accretive. The company continues to recover led by improving market conditions, growth in specific product lines, stable pricing and input costs.”
He further added, “Banks are positive about the company’s future plans and the company is looking forward to speedy completion of its debt restructuring and thereafter, to consolidate its business and cash flows.”
- Improved market dynamics expected to result in firm shipments in the next few quarters
- ASPs expected to remain stable
- EBITDA margins expected to remain firm
- Key input prices likely to remain stable in the short term
- The global PV market is forecast to witness substantial increase during 2012 on account of higher installations anticipated in key markets such as the US, Germany, China. The industry witnessed a 76% YoY growth in PV installations during 2011 (source – EPIA‐ Global Market Outlook 2016 – May 2012) and a 146% YoY increase in installations during Q1 CY 2012.
- Close to 1 GW of cumulative PV capacity installed in India by March 2012
- Over 230 MW of PV projects commissioned under Batch I Phase I of the National Solar Mission; another 350 MW of PV projects under Batch II Phase I of JNNSM targeted to be completed by February 2013 ( source – NVVN)
o In April 2012, the Gujarat government announced commissioning of 600 MW of PV capacity under the state solar policy
- Moser Baer PV project integration business (EPC) executed multiple grid connected projects during FY’12
- The company continues to work on MIST (Metal and Intrinsic layer Semiconductor Technology) for upgradation of PV cell efficiency to 21% by leveraging existing R&D and execution capabilities across multiple technologies.
About Moser Baer India Ltd
Moser Baer India Limited headquartered in New Delhi, is a leading global tech‐manufacturing company. Established in 1983, the company has successfully developed cutting edge technologies to become one of the world’s largest manufacturers of Optical Storage media like CDs and DVDs. The company also emerged as the first to market the next‐generation of storage formats like Blu‐Ray discs in India. Over the years the company has entered into exciting areas of consumer products, home entertainment and is set to lead the technology curve in tapping renewable energy resources in the high growth photovoltaic space. Moser Baer India has emerged as one of the most credible brands focused on hi‐tech manufacturing and R & D activities. It is continuing to unfold the next generation innovative technologies that will catapult India into a respectable manufacturing hub.
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