Docstoc

HAVL

Document Sample
HAVL Powered By Docstoc
					                                                                                             Regd off: 1/7, Ram Kishore Road, Civil Lines, Delhi - 110 054
HAVELLS INDIA LIMTED                                                                         E-Mail:    investors@havells.com
                                                                                             Web site: www.havells.com
                                                                                             Telephone: (0120) 4771 000 Fax: (0120) 4772 000
CAPITAL GOODS                                                      MISCELLANEOUS             Tr agent: MCS, Sri Venkatesh Bhawan, W-40, Okhla Indl. Area, New Delhi - 20
Chairman: Qimat Rai Gupta                                                      SEC: Sanjay Johri                                        AUD: V. P. Bansal & 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
 1958   517354            HAVL:IN      5           296.0          -2.9            -16.1        NM        NM              0.8           17,810.3              37.5       INE176B01026
SHAREHOLDING                                                     FX Transaction   (FY09)                            ADJUSTED DAILY SHARE PRICE DATA
Indian Promoters           : 60.1%               Exports (fob)          Rs m       2,068             (Rs)
Foreign collaborators      :  0.0%               Imports (cif)          Rs m       1,311
Indian inst/Mut Fund       :  2.5%               Fx inflow              Rs m       2,167       800
FIIs/GDR                   : 17.8%               Fx outflow             Rs m       1,376                                                                      DAILY
Free float                 : 19.6%               Net fx                 Rs m         791
Shareholders               : 26,812                                                                                                                           100 DMA
                                                                                               600
                           No. of months                  12            12            12
                             Year ending            31/03/07      31/03/08      31/03/09
EQUITY SHARE DATA
                                                                                               400
High                                  Rs                 784           747            525
Low                                   Rs                 256           355            100
Sales per share                       Rs               285.6         860.6         908.5
Earnings per share                    Rs                19.0          27.8         -26.6       200
Cash flow per share                   Rs                20.8          39.8          -11.6
Dividends per share                   Rs                2.50          2.50           2.50
Dividend yield (eoy)                  %                  0.5           0.5            0.8
                                                                                                 0
Book value per share                  Rs                48.4         116.1         101.8
Shares outstanding (eoy)              m                53.76         57.92         60.17         Aug-06             Jun-07            Feb-08             Nov-08              Aug-09
Bonus/Rights/Conversions                             B1:1,OI            PP            WC
Price / Sales ratio                   x                   1.8           0.6            0.3                               No. of months                  12           12            12
Avg P/E ratio                         x                 27.4          19.8          -11.7                                  Year ending            31/03/07     31/03/08      31/03/09
                                                                                              CASH FLOW
P/CF ratio (eoy)                      x                 25.0          13.9         -27.0
Price / Book Value ratio              x                 10.7            4.7            3.1    From Operations                          Rs   m       2,070             -239      2,199
Dividend payout                       %                 13.2           9.0           -9.4     From Investments                         Rs   m        -988           -7,693     -1,626
Avg Mkt Cap                           Rs m            27,955        31,914        18,803      From Financial Activity                  Rs   m        -787            9,192       -515
No. of employees                      `000                  3           NA             NA     Net Cashflow                             Rs   m         294            1,260         57
Total wages/salary                    Rs m               895         8,274         9,025
Avg. sales/employee                   Rs Th          5,686.3            NA             NA                                       INTERIM RESULTS
Avg. wages/employee                   Rs Th            331.5            NA             NA                                           2QFY09   3QFY09             4QFY09        1QFY10
Avg. net profit/employee              Rs Th            378.1            NA             NA     Net sales                   Rs    m    14,042   14,376             13,088        13,329
                                                                                              Gross profit                Rs    m     1,016      552                309           843
INCOME DATA                                                                                   Gross profit margin         %              7.2      3.8                2.4           6.3
Net Sales                             Rs     m        15,353        49,845        54,662      Net profit                  Rs    m       496       -79              -255           223
Other income                          Rs     m           175           435           199      Net profit margin           %              3.5     -0.5               -1.9           1.7
Total revenues                        Rs     m        15,528        50,280        54,861
Gross profit                          Rs     m         1,288         3,184         2,604                                           KEY DATA
Depreciation                          Rs     m            97           694           905      Parameters                          Unit               FY07            FY08       FY09
Interest                              Rs     m           161           939         1,084      Switchgears                         % of sales          25.4            10.9       11.7
Profit before tax                     Rs     m         1,205         1,986           814      Cable & wire                        % of sales          46.1            20.5       20.8
Minority Interest                     Rs     m              0             0             0     Electrical consumer durables        % of sales          10.1             4.6        5.2
Prior Period Items                    Rs     m              0             0             0     Lighting & Fixtures                 % of sales          14.2            62.4       66.9
Extraordinary Inc (Exp)               Rs     m              0             0       -1,986      Raw material costs                  % of sales          63.7            54.2       54.9
Tax                                   Rs     m           184           377           429
                                                                                                                                     NOTES
Profit after tax                      Rs     m         1,021         1,609        -1,601
Gross profit margin                   %                   8.4           6.4           4.8    Havells India is one of the largest electrical and power distribution equipment
Effective tax rate                    %                 15.3          19.0          52.7     company, manufacturing products ranging from building circuit protection, industrial &
                                                                                             domestic switchgear, cables & wires, energy meters, fans, CFL lamps, luminaires for
Net profit margin                     %                   6.7           3.2          -2.9
                                                                                             domestic, commercial & industrial application and modular switches. Havells owns
BALANCE SHEET DATA                                                                           some of the prestigious global brands like Crabtree, Sylvania, Concord, Lumiance,
                                                                                             and Claude. During FY08, Havells' acquired SLI Sylvania's lighting business for a
Current assets                        Rs m             3,646        23,229        20,408     consideration of US$ 300 m. Sylvania is one of the largest lighting companies
Current liabilities                   Rs m             2,818        15,142        14,501     globally. Havells recently also set up its motor plant in Rajasthan, with capabilities to
Net working cap to sales              %                   5.4         16.2          10.8     manufacture energy efficient motors, ranging from 0.12 HP (horse power) to 300 HP.
Current ratio                         x                   1.3           1.5           1.4    This facility is likely to have an installed capacity of 15,000 motors per month.
Inventory Turnover                    Days                 57           76             53
Debtors Turnover                      Days                  7           60             51    Havells managed to report a 10% YoY growth in revenues during FY09. This was led
Net fixed assets                      Rs m             2,423         8,323         8,842     by both the domestic and international (US) markets. However, the company's
Share capital                         Rs m               269           290           301     operating profits dropped by 18% YoY on the back of a 10% YoY increase in
"Free" reserves                       Rs m             2,303         6,340         6,104     expenses. Further, Havells registered a loss at the net level. Apart from operating
                                                                                             pressures, it was also impacted by an exceptional charge at the subsidiary level.
Net worth                             Rs m             2,603         6,722         6,123
                                                                                             These exceptional items included onetime costs such as Sylvania's restructuring,
Long term debt                        Rs m               324        11,489         9,122
                                                                                             severance and actuarial losses on retirement benefit obligations, amongst others.
Total assets                          Rs m             6,100        34,930        32,829
Interest coverage                     x                   8.5           3.1           1.8    While the company may have recorded a major loss during the year, the Havells-
Debt to equity ratio                  x                   0.1           1.7           1.5    Sylvania combination is likely to benefit the company in the long run. However, at
Sales to assets ratio                 x                   2.5           1.4           1.7    present the subsidiary is under pressure following the slowdown in the European and
Return on assets                      %                 40.4          14.0           -3.4    American regions. On the other hand, Havells' domestic operations remained
Return on equity                      %                 39.2          23.9         -26.1     profitable at all levels and are expected to do well on the back of likely recovery in the
Return on capital                     %                 46.7          16.1           -0.6    domestic economy.
Exports to sales                      %                   6.2           2.8           3.8
Imports to sales                      %                   7.8           6.0           2.4
                                                                         GET MORE INFO AT WWW.EQUITYMASTER.COM

				
DOCUMENT INFO
Shared By:
Categories:
Tags:
Stats:
views:38
posted:11/6/2010
language:English
pages:1