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					                                                                                               Regd off: Mumbai-Pune Road, Dapodi, Pune - 411 012
ALFA-LAVAL (INDIA) LIMITED                                                                     E-Mail:    chandrasekhar.v@alfalaval.com
                                                                                               Web site: www.alfalaval.com
                                                                                               Telephone: (020) 2710 7181 Fax: (020) 2710 7188
CAPITAL GOODS                                                                        MNC       Tr agent: Link Intime India, Block 202, Akshay Complx, Dhole Patil Rd., Pune - 1
Chairman: Giuseppe Falciola                                                       SEC: V. Chandrasekhar                                  AUD: S. R. Batliboi & Associates
Yr of Inc   B. Code       BL. Code     F.V.         Price        % ch 1-m         % ch 12-m      P/E       P/CF           Yield         Mkt cap               Vol.            ISIN
 1937   505885             ALFA:IN     10           970.8          7.6              22.3         19.5      17.6            2.6          17,629.7              1.1        INE427A01017
SHAREHOLDING                                                      FX Transaction    (CY08)                            ADJUSTED DAILY SHARE PRICE DATA
Indian Promoters            :  0.0%               Exports (fob)           Rs m       2,799              (Rs)
Foreign collaborators       : 88.8%               Imports (cif)           Rs m       2,312
Indian inst/Mut Fund        :  0.1%               Fx inflow               Rs m       2,809       1600
FIIs/GDR                    :  0.0%               Fx outflow              Rs m       2,868                                                                    DAILY
Free float                  : 11.2%               Net fx                  Rs m         -59
Shareholders                : 10,156                                                                                                                          100 DMA
                                                                                                 1300
                           No. of months                   12            12              12
                             Year ending             31/12/06      31/12/07        31/12/08
EQUITY SHARE DATA
                                                                                                 1000
High                                   Rs               1,280          1,380          1,222
Low                                    Rs                 740            790            641
Sales per share                        Rs               323.4          378.1          436.0
Earnings per share                     Rs                38.3           50.4           49.7       700
Cash flow per share                    Rs                42.2           54.5           55.1
Dividends per share                    Rs               25.00          25.00          25.00
Dividend yield (eoy)                   %                  2.5            2.3             2.7
                                                                                                  400
Book value per share                   Rs               127.6          148.8          169.2
Shares outstanding (eoy)               m                18.16          18.16          18.16        Aug-06              Jun-07           Feb-08               Nov-08           Aug-09
Bonus/Rights/Conversions                                     -              -              -
Price / Sales ratio                    x                   3.1            2.9            2.1                               No. of months                 12           12            12
Avg P/E ratio                          x                 26.4           21.5           18.8                                  Year ending           31/12/06     31/12/07      31/12/08
                                                                                                CASH FLOW
P/CF ratio (eoy)                       x                 23.9           19.9           16.9
Price / Book Value ratio               x                   7.9            7.3            5.5    From Operations                         Rs   m         430             540       1,223
Dividend payout                        %                 65.2           49.6           50.3     From Investments                        Rs   m          48            -118        -439
Avg Mkt Cap                            Rs m            18,342         19,704         16,916     From Financial Activity                 Rs   m        -524            -402        -668
No. of employees                       `000                  1              1              1    Net Cashflow                            Rs   m         -46              19         115
Total wages/salary                     Rs m               427            515            640
Avg. sales/employee                    Rs Th          5,002.6        6,076.1        6,349.6                                       INTERIM RESULTS
Avg. wages/employee                    Rs Th            363.7          455.8          513.2                                          3QCY08 4QCY08               1QCY09        2QCY09
Avg. net profit/employee               Rs Th            592.8          809.7          723.3     Net sales                   Rs    m     2,021   2,370              1,990         2,077
                                                                                                Gross profit                Rs    m       335      292               386           455
INCOME DATA                                                                                     Gross profit margin         %            16.6     12.3              19.4          21.9
Net Sales                              Rs     m         5,873            6,866        7,918     Net profit                  Rs    m       214      207               241           295
Other income                           Rs     m           189              267          191     Net profit margin           %            10.6      8.7              12.1          14.2
Total revenues                         Rs     m         6,062            7,133        8,109
Gross profit                           Rs     m           963            1,177        1,270                                          KEY DATA
Depreciation                           Rs     m             71              75           99     Parameters                          Unit              CY06            CY07       CY08
Interest                               Rs     m              7               5            3     Equipment sales                     % of sales         40.9            49.0       49.0
Profit before tax                      Rs     m         1,074            1,364        1,359     Process technology sales            % of sales         59.1            51.0       51.0
Minority Interest                      Rs     m              0               0            0     Raw material costs                  % of sales         55.7            60.2       61.9
Prior Period Items                     Rs     m            -11              -4           10     Exports                             % of sales         30.1            35.4       35.1
Extraordinary Inc (Exp)                Rs     m              0               0            0
Tax                                    Rs     m           367              445          467
                                                                                                                                       NOTES
Profit after tax                       Rs     m           696              915          902
Gross profit margin                    %                 16.4             17.1         16.0    Alfa Laval India Ltd. (ALIL) is subsidiary of Sweden based Alfa Laval AB, which holds
Effective tax rate                     %                 34.2             32.6         34.4    an 89% stake in the former. ALIL is based out of Pune and is a provider of machinery
                                                                                               and turnkey projects to industries like marine and diesel, nuclear and thermal power,
Net profit margin                      %                 11.9             13.3         11.4
                                                                                               breweries, distilleries, biotech and fermentation processes, vegetable oil processing
BALANCE SHEET DATA                                                                             and chemicals. Apart from this diverse business in the domestic market, the company
                                                                                               is a major exporter to its parent, Alfa Laval AB. It exports equipments like decanters,
Current assets                         Rs m             3,655            4,304        4,672    separators and flow equipments to its parent and is betting big on a superior growth
Current liabilities                    Rs m             2,257            2,481        2,958    in the same going forward.
Net working cap to sales               %                 23.8             26.6         21.6
Current ratio                          x                   1.6              1.7          1.6   ALIL recorded a 15% YoY growth in revenues during CY08. A key reason for the
Inventory Turnover                     Days                80               97           93    same was a 23% YoY increase in order inflows during the year. The revenues were
Debtors Turnover                       Days               107               92           78    equally contributed by its equipment and process technology (projects) segments.
Net fixed assets                       Rs m               622              831        1,050    ALIL's operating margins contracted by 1.1% YoY to 16% during the year. As such,
Share capital                          Rs m               182              182          182    the company's operating profits grew at a slower pace of 8% YoY. A key reason for
"Free" reserves                        Rs m             2,137            2,520        2,891    the same was the change in accounting policies (inventory valuation method) and
                                                                                               forex fluctuations. At the net profit level, the company reported a marginal decline.
Net worth                              Rs m             2,318            2,702        3,072
                                                                                               This was on the back of average operating performance and a higher tax outgo.
Long term debt                         Rs m                 59              54           46
Total assets                           Rs m             4,619            5,344        6,076    ALIL managed to book orders worth Rs 9.5 bn during CY08. While this was a strong
Interest coverage                      x                154.4            273.8        454.0    order intake, it may be noted that it was largely aided by one single big order. In
Debt to equity ratio                   x                   0.0              0.0          0.0   addition, with the economic activity slowing down, it would be a difficult take for the
Sales to assets ratio                  x                   1.3              1.3          1.3   company to perform in the similar manner this year. However, all said and done, the
Return on assets                       %                 29.6             33.4         29.0    fact that ALIL has one of the highest margins as compared to its peers does augur
Return on equity                       %                 30.0             33.9         29.4    well for the company. Also, considering that ALIL has diversified revenues coupled
Return on capital                      %                 45.0             49.5         44.0    with a strong parent support is likely to work in its favour going forward.
Exports to sales                       %                 30.7             38.4         35.3
Imports to sales                       %                 22.5             29.3         29.2
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posted:11/6/2010
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