Company’s gross revenues over Rs. 4950 million
August 01, 2008, New Delhi: Moser Baer India (BSE: MOSERBAER) today released its financial results for the first quarter of FY 2008-09.
Highlights for Q1 include the following:
Gross revenue of Rs. 4957.9 million, as against Rs. 4,866.3 million in the preceding quarter
EBITDA for the quarter is Rs. 534.6 million translating into an EBITDA margin of 10.8 per cent
Net loss of Rs. 1039.8 million, as against a net loss of Rs. 717.2 million in the last quarter of 2007-08. The net loss includes a loss of Rs. 282.7 million on account of the adverse movement of foreign exchange
The company has reported a continued impetus in the Blu-ray format in the optical media business, with advanced formats, including Blu-ray, accounting for nearly six per cent of revenues
Shipments grew by 9.3 per cent over the preceding quarter—a likely precursor to an early revival of pricing.
Commenting on the results, Director, Moser Baer India, said: “The global economic environment in which we operated was challenging and we had to deal with a number of one-time costs during the quarter. Pricing for optical media after falling for a number of quarters has finally bottomed out. We stand to benefit from our lead technology positioning in Blu-ray, which is emerging as a dominant optical format. Our photovoltaic and entertainment businesses are poised to deliver significant growth during the current year and our goal is to emerge as a leading global player in both industries.”
Yogesh Mathur, Group Chief Financial Officer, said: “Our cash flow situation continues to be positive with efficient management of working capital aimed at
optimising productivity and efficiency. Capex intensity has fallen significantly while productivity has gone up.”
The first quarter of the year saw the PV business complete capacity expansion:
From 40MW to 80MW for the crystalline silicon line
From 20MW to 40MW for the module production line.
The photovoltaic subsidiary has received TUV certification for crystalline silicon modules, which significantly benefits the company’s market position and should result in enhanced revenues. The company signed a long-term contract with the Hamburgbased Colexon Energy AG, a leading system integrator for turnkey solar power plants for the delivery of solar modules of a total of over 130MW until the year 2012.
The photovoltaic subsidiary also successfully commenced production of panels using thin film technology. It is the largest module of its kind in the world manufacturing state-of-the-art Generation 8.5 panels.
Moser Baer’s entertainment business continues to grow at a robust pace. The business continues to acquire home video rights to film content, in the process both growing and consolidating the home video landscape in the country.
The entertainment business has released about 60 per cent 10,000 home video titles it has acquired across multiple languages
Acquisition of Sony BMG’s home video catalogue
Currently the entertainment business has two Hindi and five Tamil films under production. All seven are to be released over the next two quarters.
Q1 saw the entertainment business consolidating its pan-India distribution presence and increased focus on content aggregation.
About the Company
Moser Baer, headquartered in New Delhi, is a leading global technology company. Established in 1983, the company successfully developed cutting edge technologies to become the world’s second largest manufacturer 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 and HD DVD. Recently, the company has transformed itself from a single business into a multi-technology organisation, diversifying into exciting areas of Solar Energy, Home Entertainment and IT Peripherals & Consumer Electronics.
Through its wholly owned subsidiaries, the company manufactures photovoltaic cells and modules by straddling multiple technologies including crystalline silicon,
concentrator, nano technologies and thin films. Moser Baer Entertainment offers home video titles in various Indian languages at unmatched prices and is also engaged in film production and theatrical distribution. The company has also initiated marketing of a series of IT Peripherals and Consumer Electronics gadgets.
Moser Baer has over 7,500 full-time employees and multiple manufacturing facilities in the suburbs of New Delhi.
Certain statements in this release concerning future growth prospects involve risks and uncertainties, especially those relating to future industry outlook and our ability to manage growth and intense competition within the Industry. Actual market conditions and our performance may differ from our guidance. This estimate is based on current market trends. Among other factors, a sharp and sustained strengthening of the Indian Rupee and a significant weakening in global demand could adversely impact the company’s earnings.
For further information contact
Corporate Voice, Weber Shandwick
Moser Baer’s Unaudited Standalone Financial Results for the quarter ended
June 30, 2008