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					                                                                                              Regd off: N-104, MIDC Area, Jalgoan, Maharashtra - 425 003
EMCO LIMITED                                                                                  E-Mail:    investorgrievance@emcoindia.com
                                                                                              Web site: www.emcoindia.com
                                                                                              Telephone: (022) 4040 4500 Fax: (022) 2582 0571
CAPITAL GOODS                                                      MISCELLANEOUS              Tr agent: Link Intime India, C13, Pannalal Silk Mills Cmpd., LBS Marg, Mumbai - 78
Chairman: Rajesh S. Jain (M.D)                                                   SEC: Nithish Bangera                                   AUD: P. Raj & Co.
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
 1964   504008            EMCO:IN      2            97.2          8.5              -10.5        11.1          8.4         1.4          5,719.2              281.8        INE078A01026
SHAREHOLDING                                                     FX Transaction    (FY09)                            ADJUSTED DAILY SHARE PRICE DATA
Indian Promoters           : 33.4%               Exports (fob)          Rs m        1,359              (Rs)
Foreign collaborators      :  0.0%               Imports (cif)          Rs m        1,003
Indian inst/Mut Fund       : 15.0%               Fx inflow              Rs m        1,608       400
FIIs/GDR                   :  4.7%               Fx outflow             Rs m        1,051                                                                     DAILY
Free float                 : 46.9%               Net fx                 Rs m          557
Shareholders               : 15,095                                                                                                                           100 DMA
                                                                                                300
                           No. of months                  12            12              12
                             Year ending            31/03/07      31/03/08        31/03/09
EQUITY SHARE DATA
                                                                                                200
High                                  Rs                 903            330            234
Low                                   Rs                 320            150              26
Sales per share                       Rs               642.4          160.5          169.3
Earnings per share                    Rs                39.8           10.9             8.7     100
Cash flow per share                   Rs                45.6           12.6           11.5
Dividends per share                   Rs                5.00           1.40           1.40
Dividend yield (eoy)                  %                  0.8            0.6             1.1
                                                                                                  0
Book value per share                  Rs               293.0           67.3           74.6
Shares outstanding (eoy)              m                10.21          58.84          58.84        Aug-06             Jun-07           Feb-08            Nov-08                Aug-09
Bonus/Rights/Conversions                                  PP           FV2                -
Price / Sales ratio                   x                   1.0            1.5            0.8                               No. of months                12            12             12
Avg P/E ratio                         x                 15.4           22.0           14.9                                  Year ending          31/03/07      31/03/08       31/03/09
                                                                                               CASH FLOW
P/CF ratio (eoy)                      x                 13.4           19.1           11.3
Price / Book Value ratio              x                   2.1            3.6            1.7    From Operations                         Rs   m       -335               620            496
Dividend payout                       %                 12.6           12.8           16.1     From Investments                        Rs   m       -604            -1,556           -450
Avg Mkt Cap                           Rs m             6,243         14,122          7,649     From Financial Activity                 Rs   m      1,858             1,213            -30
No. of employees                      `000                  1              2              2    Net Cashflow                            Rs   m        919               277             17
Total wages/salary                    Rs m               202            304            414
Avg. sales/employee                   Rs Th          5,061.0        5,554.1        5,860.6                                       INTERIM RESULTS
Avg. wages/employee                   Rs Th            155.9          178.8          243.5                                           2QFY09  3QFY09             4QFY09         1QFY10
Avg. net profit/employee              Rs Th            313.3          378.2          301.8     Net sales                   Rs    m     2,306   2,079              3,743          1,926
                                                                                               Gross profit                Rs    m       307      278               561            252
INCOME DATA                                                                                    Gross profit margin         %            13.3     13.4              15.0           13.1
Net Sales                             Rs     m         6,559            9,442        9,963     Net profit                  Rs    m       113       83               237             81
Other income                          Rs     m             47              91           57     Net profit margin           %             4.9      4.0                6.3            4.2
Total revenues                        Rs     m         6,606            9,533       10,020
Gross profit                          Rs     m           866            1,292        1,370                                           KEY DATA
Depreciation                          Rs     m            60               98          164     Parameters                          Unit             FY07             FY08        FY09
Interest                              Rs     m           244              331          471     Transformers                        % of sales        74.1             65.1        63.7
Profit before tax                     Rs     m           609              954          792     Electronic energy meters            % of sales          7.0              5.6         4.6
Minority Interest                     Rs     m              0                0           -5    Projects & services                 % of sales        18.0             24.5        26.8
Prior Period Items                    Rs     m             14               -5           -1    Number of employees                 Nos.             1,296            1,490       1,700
Extraordinary Inc (Exp)               Rs     m              0                0            0    Revenue per employee                Rs m               6.1               7.5         6.6
Tax                                   Rs     m           217              306          273
                                                                                                                                      NOTES
Profit after tax                      Rs     m           406              643          513
Gross profit margin                   %                 13.2             13.7         13.8    Emco is one of the leading domestic players in the Indian power transmission and
Effective tax rate                    %                 35.6             32.1         34.5    distribution business with a presence in the 132 KV to 400 KV transformers and
                                                                                              electronic meters businesses. It also undertakes turnkey projects of setting up sub-
Net profit margin                     %                   6.2              6.8          5.1
                                                                                              stations for state electricity boards. EMCO made its foray into the transmission line
BALANCE SHEET DATA                                                                            business by acquiring Urja Engineers Ltd. in 2008, a Baroda based transmission
                                                                                              tower manufacturing company with an installed capacity of 45,000 tonnes per annum.
Current assets                        Rs m             6,734         8,170           9,776    During FY09, the transformer business formed around 64% of the company's net
Current liabilities                   Rs m             3,006         3,365           4,299    sales, while the electronic meters and projects business (including transmission lines
Net working cap to sales              %                 56.8          50.9            55.0    division) contributed 5% and 30% respectively.
Current ratio                         x                   2.2           2.4             2.3
Inventory Turnover                    Days                87            52              64    During FY09, Emco's sales grew by 6% YoY, led by the projects business, which saw
Debtors Turnover                      Days               202           161             172    its sales grow by 12% YoY. The transformers and meters business saw a dull
Net fixed assets                      Rs m               856         2,188           2,468    performance during the year. Operating margins held up at 13.8% during the year.
Share capital                         Rs m               102           118             118    However, its bottomline saw a fall of 20% YoY during the fiscal due to higher
"Free" reserves                       Rs m             2,865         3,644           4,029    depreciation charges on the back of new capacities coming on stream, and much
                                                                                              higher interest costs that further pared its net profits during the period.
Net worth                             Rs m             2,992         3,960           4,387
Long term debt                        Rs m               257           566           1,085    The growth of power equipment manufacturers will continue to be based on the
Total assets                          Rs m             7,885        10,552          12,442    investment environment in the Indian T&D sector. Though the past 3-4 years before
Interest coverage                     x                   3.5           3.9             2.7   FY09 were extremely good for companies in this space, FY09 saw many of them
Debt to equity ratio                  x                   0.1           0.1             0.2   caught in a state of big expansion plans and slowing project execution and
Sales to assets ratio                 x                   0.8           0.9             0.8   investments, leading to pressure on margins and pricing. Though the long-term
Return on assets                      %                 20.0          21.5            18.0    demand remains stable, companies are expecting a rough first two quarters in FY10.
Return on equity                      %                 13.6          16.2            11.7    Additionally, Emco has been making forays into the power generation segment,
Return on capital                     %                 26.7          28.3            23.0    which will help it further stabilize its revenues going forward.
Exports to sales                      %                   8.0           8.6           13.6
Imports to sales                      %                 10.1            7.6           10.1
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posted:11/6/2010
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