New Delhi, February 28, 2014 Moser Baer India Limited (MBIL) today released its audited financial results for the third quarter and financial period (9 months) ending December 31, 2013 approved by its Board of Directors, at its meeting in New Delhi.
Talking about the Company's Storage Media business and strategy, Bhaskar Sharma, CEO, Storage Media, MBIL, said, Given the need to transition in the Optical Media industry, our focus continued to be on rationalization of operating costs in manufacturing and consolidation of operations to generate cost efficiencies. We anticipate future growth in the business driven by increase in sales of Solid State Media segment. However, our ability to ramp up the Solid State Media operations further to cater to the burgeoning demand in the segment is currently constrained on account of short term liquidity issues.
Trends in Storage Media Business
- Net Sales stood at INR 2,847.6 million during the quarter constrained by liquidity position.
- The ongoing reshuffle in the global Optical Media industry affected the demand and ASPs for players.
- Drop in ASPs and Production Volumes adversely impacted the margins and profitability.
- Key raw material costs remained soft.
- Given the liquidity constrained manufacturing environment, Moser Baer was able to reduce inventory levels to meet part of the demand.
K N Subramaniam, CEO, Moser Baer Solar Limited, said, The recent announcement of four Ultra Mega Power Projects (UMPP) of 500 MWs each in solar, excites us from the perspective of solar manufacturing and providing EPC services. This visibility of 2,000 MW along with recent bids for 750 MW under National Solar Mission has put the spot light on the solar sector. Considering our technology lineage in manufacturing along with our leadership position as the largest solar EPC player, these developments augur well for us and the industry.
Trends in the Solar Photovoltaic business
- Global PV installations continued to remain strong during 2H CY 2013 due to high demand from China, Japan & USA global PV industry is forecast to grow by over 35% to reach 49 GW in CY 2014 (Solarbuzz)
- In October 2013, MNRE announced Phase II Batch I of the National Solar Mission, to be implemented within 13 months from execution of PPAs. Under this, 375 MW out of the total 750MW target installations had a mandatory requirement of domestic content.
- Tremendous response on bid of 2X on DCR category and 4X on open category was received from developers amid an overall receipt of bids of 2,170MW.
- During the 9 month period Apr-Dec‘13, Moser Baer Solar (MBSL) exported over 30 MW of Modules to the highly competitive and quality conscious Japanese market.
Summing up the financial results, Yogesh Mathur, Group Chief Financial Officer MBIL said, During the quarter, the company continued to face short term liquidity challenges affecting the income generated. Continuous operating losses during the period of revival have led to erosion of our reserves. The company continues to be in discussions with lenders to address the issues and ramp up operations.
About Moser Baer India
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 content replication, home entertainment and is a market leader in the high growth photovoltaic space. It is the only company worldwide to receive the prestigious 5-star rating from TUV Rheinland for 3 years in a row (2009 - 2012) maintaining highest standards of quality in manufacturing PV modules. 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. Website: www.moserbaer.in