Moser Baer India (BSE: MOSERBAER) today released its financial results for the second quarter of FY 2008-09.
Highlights for Q2 include the following:
- Total revenues of Rs. 7,308.6 million for Moser Baer and its PV subsidiaries, a growth of 48.2 per cent over the same quarter last year
- Revenues for Moser Baer India Limited on standalone basis of Rs. 5,923.1 million
- EBITDA for Moser Baer on a standalone basis for the quarter is Rs. 1,363.5 million, translating into an EBITDA margin of 21.4 per cent.
Commenting on the results, Director, Moser Baer India, said: “The optical media business is showing signs of a turnaround with market dynamics improving significantly, while the difficult environment in which the business has operated over the last one year has consolidated supply. The cost of raw materials in the petrochemicals chain and fuels had increased substantially over the last one year. However, the prices have now started to correct. The improving demand-supply conditions and substantial cost reduction should drive the business to a significantly improved position over the next few quarters.”
Yogesh Mathur, Group Chief Financial Officer, said: “Our photovoltaic business has substantially grown and achieved revenues of Rs. 1,385.5 million this quarter. The business raised significant equity funding from global investors during the quarter and we have also announced firm sales orders from European customers.”
Following are Q2 Highlights:
- The optical media industry is showing signs of a turnaround with improving demand-supply position
- There are positive indications of the industry licensing issue being resolved and that will have a positive impact on the remaining FY09 quarters
- Share of high value added media and Blu-ray formats rose to 7.5 per cent of revenues.
The second quarter of the year saw the PV business stride along rapidly:
- Revenues for the photovoltaic business grew to Rs. 1,385.5 million from Rs. 432.5 million in the preceding quarter
- The business raised capital in excess of Rs. 415 crore from a consortium of global investors to fund capacity expansion of crystalline silicon and thin film solar verticals. In all, the PV business has raised more than Rs. 800 crore of private funding
- The wholly owned PV subsidiary signed firm take or pay customer orders worth over $500 million with large European solar system integrators.
- Orders placed for next generation high efficiency crystalline silicon line of 100 MW.
Moser Baer’s entertainment business continues to consolidate and grow the home video landscape in India and establishing itself as a home video specialist. The business continues to show robust growth with the deepening of distribution network and the release of catalogue titles. Alternative channels of distribution are growing rapidly.
Note: During the quarter, Moser Baer has adopted AS-30 (Accounting Standard 30 titled ‘Financial Instruments: Recognition and Measurement’) as a sound corporate governance measure to mitigate the volatility in exchange fluctuation on the company’s financial statements.
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 8,500 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
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