VAMP

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					                                                                                              Regd off: Makarpura, Vadodara, Gujarat - 390 014
VOLTAMP TRANSFORMERS LIMITED                                                                  E-Mail:    vnm_ipo@voltamptransformers.com
                                                                                              Web site: www.voltamptransformers.com
                                                                                              Telephone: (0265) 264 2011 Fax: (0265) 264 6774
CAPITAL GOODS                                                      MISCELLANEOUS              Tr agent: Link Intime India, 308, Jaldhara Compd, Vasana Road, Vadodara - 015
Chairman: Lalitkumar H. Patel                                                    SEC: V. N. Madhani                                     AUD: Chandulal M. Shah & 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
 1963   532757            VAMP:IN     10           840.2          3.1               0.8         7.4          7.1          1.5          8,502.3               22.0       INE540H01012
SHAREHOLDING                                                     FX Transaction (FY09)                               ADJUSTED DAILY SHARE PRICE DATA
Indian Promoters           : 51.7%               Exports (fob)          Rs m        11                (Rs)
Foreign collaborators      :  0.0%               Imports (cif)          Rs m        23
Indian inst/Mut Fund       : 14.2%               Fx inflow              Rs m        11          2000
FIIs/GDR                   : 11.8%               Fx outflow             Rs m        23                                                                        DAILY
Free float                 : 22.3%               Net fx                 Rs m       -12
Shareholders               : 16,477
                                                                                                1600                                                          100 DMA

                           No. of months                  12            12              12
                             Year ending            31/03/07      31/03/08        31/03/09      1200
EQUITY SHARE DATA
High                                  Rs                 735          1,940          1,379
Low                                   Rs                 375            563            265       800
Sales per share                       Rs               401.0          548.7          635.4
Earnings per share                    Rs                39.1           79.0          113.4
Cash flow per share                   Rs                41.3           82.0          117.9
                                                                                                 400
Dividends per share                   Rs                8.00          12.50          12.50
Dividend yield (eoy)                  %                  1.4            1.0             1.5
                                                                                                      0
Book value per share                  Rs                98.4          162.7          261.6
Shares outstanding (eoy)              m                10.12          10.12          10.12            Sep-06          Jun-07           Feb-08              Nov-08            Aug-09
Bonus/Rights/Conversions                                    -              -              -
Price / Sales ratio                   x                   1.4            2.3            1.3                               No. of months                12            12            12
Avg P/E ratio                         x                 14.2           15.9             7.2                                 Year ending          31/03/07      31/03/08      31/03/09
                                                                                               CASH FLOW
P/CF ratio (eoy)                      x                 13.4           15.3             7.0
Price / Book Value ratio              x                   5.6            7.7            3.1    From Operations                         Rs   m        553               456      1,059
Dividend payout                       %                 20.4           15.8           11.0     From Investments                        Rs   m       -287              -406       -881
Avg Mkt Cap                           Rs m             5,617         12,665          8,319     From Financial Activity                 Rs   m       -199               -98       -163
No. of employees                      `000             <500           <500              NA     Net Cashflow                            Rs   m         67               -49         15
Total wages/salary                    Rs m               107            168            178
Avg. sales/employee                   Rs Th         26,350.6       31,913.8             NA                                       INTERIM RESULTS
Avg. wages/employee                   Rs Th            694.8          965.5             NA                                           2QFY09  3QFY09             4QFY09        1QFY10
Avg. net profit/employee              Rs Th          2,571.4        4,592.0             NA     Net sales                   Rs    m     1,700   1,364              1,666         1,042
                                                                                               Gross profit                Rs    m       381      413               362           163
INCOME DATA                                                                                    Gross profit margin         %            22.4     30.3              21.7          15.6
Net Sales                             Rs     m         4,058            5,553        6,430     Net profit                  Rs    m       274      341               302           149
Other income                          Rs     m             50             111          242     Net profit margin           %            16.1     25.0              18.1          14.3
Total revenues                        Rs     m         4,108            5,664        6,672
Gross profit                          Rs     m           602            1,170        1,492                                           KEY DATA
Depreciation                          Rs     m            22               31           45     Parameters                          Unit             FY07            FY08        FY09
Interest                              Rs     m              2               0            0     Installed Capacity                  MVA              7,200           9,000      13,000
Profit before tax                     Rs     m           628            1,250        1,689     Capacity utilization                %                 85.9            87.7        73.4
Minority Interest                     Rs     m              0               0            0     Raw material costs (% of sales)     %                 76.3            70.5        69.1
Prior Period Items                    Rs     m              2               0           16     Employee costs (% of sales)         %                   2.6             3.0         2.8
Extraordinary Inc (Exp)               Rs     m              0               0            0
Tax                                   Rs     m           234              451          557
                                                                                                                                      NOTES
Profit after tax                      Rs     m           396              799        1,148
Gross profit margin                   %                 14.8             21.1         23.2    Established in 1963, Voltamp Transformers Limited (VTL) is a Vadodara based
Effective tax rate                    %                 37.3             36.1         33.0    company involved in the manufacturing of power and distribution transformers. It has
                                                                                              four independent units each for oil filled power transformer, oil filled distribution
Net profit margin                     %                   9.8            14.4         17.9
                                                                                              transformer, resin impregnated dry type transformer and cast resin type transformers
BALANCE SHEET DATA                                                                            (in technical collaboration with HTT, Germany). The company's total installed capacity
                                                                                              is now around 13,000 MVA per annum and its customers include refineries, various
Current assets                        Rs m             1,339            1,773        1,664    government and semi-government projects, fertiliser plants, various other industries,
Current liabilities                   Rs m               703              894          699    state electricity boards. Many of these transformers are also specified by consulting
Net working cap to sales              %                 15.7             15.8         15.0    engineering companies.
Current ratio                         x                   1.9              2.0          2.4
Inventory Turnover                    Days                68               53           30    VTL achieved a growth of 16% YoY in its topline during FY09. This was on the back
Debtors Turnover                      Days                34               54           58    of volume growth, a good product mix and higher realisations. Further, an increase in
Net fixed assets                      Rs m               126              194          324    operating margins from 21.1% in FY08 to 23.2% in FY09 due to lower operating costs
Share capital                         Rs m               101              101          101    as a percentage of sales led to a commendable 44% YoY growth in the bottomline of
"Free" reserves                       Rs m               894            1,546        2,546    the company. VLT started FY10 with an order backlog of Rs 2,927 m, which stood at
                                                                                              0.46 times the company's FY09 sales.
Net worth                             Rs m               996            1,647        2,647
Long term debt                        Rs m                  0                0            0   The Indian government is aggressively pressing for accelerated development of
Total assets                          Rs m             1,697            2,548        3,341    power generation, transmission and distribution capacities. Due to the slowdown and
Interest coverage                     x                315.0              NM           NM     increased competition in the T&D industry, the company will have to execute new
Debt to equity ratio                  x                   0.0              0.0          0.0   orders at lower prices, thus taking a hit on margins. Even then, the management
Sales to assets ratio                 x                   2.4              2.2          1.9   expects business to pick up once again towards the last to quarter of FY10. The long
Return on assets                      %                 40.0             48.5         43.4    term demand for T&D equipment remains strong as there is a large scope for
Return on equity                      %                 39.8             48.5         43.4    replacing the both; replacing the country's old, run down and inefficient electricity
Return on capital                     %                 63.5             75.9         64.4    distribution equipment and also for new equipment to increase existing capacity.
Exports to sales                      %                   0.4              0.1          0.2
Imports to sales                      %                   3.4              1.9          0.4
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posted:11/6/2010
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