ABB India - First Cut
Rajesh Desai
Dear Sir/Madam,
ABB India Ltd. came out with its Q4FY13 results on 18th February 2014. The year ending of the company is on December. The company gives standalone results only.
The company gave good results beating the consensus estimates at all levels besides PAT & EPS. The revenue of the company grew by 5.85% YoY to INR 2204 crore. EBITDA rose by 125% YoY on efficient cost control measures exercised by the company. EBITDA margin for the quarter was at 6.8% up by 358bps on YoY basis. PAT increased by 250% YoY to INR 59 crore despite a fall in other income, higher interest costs, depreciation charges & tax expenses. PAT margin for the quarter was at 2.66% up by 185bps on YoY basis. On Annual performance scale; revenue increased by 2% YoY to INR 7722 crore followed by EBITDA which increased by 40% YoY to INR 470 crore & Pat which increased by 27% YoY to INR 174 crore. EBITDA & PAT margin for the year stood at 6.09% & 2.26% respectively. The same were up by 164bps & 44bps respectively on YoY basis.
On Segment scale; for the full year period, low voltage products followed by power systems generated the most revenue for the company where as process automation saw the decline. At PBT front, for the annual period, power systems & process automations turned profitable from losses in the last year & power products registered good growth where as low voltage products & discrete automation & motion registered de-growth for the period for the company.
|
Particulars |
Consensus |
Actual |
Var (%) |
|
Revenues |
2078 |
2204 |
6.06% |
|
EBITDA |
132 |
149 |
12.88% |
|
PAT |
59 |
59 |
0.00% |
|
EPS |
2.80 |
2.76 |
-1.43% |
|
ABB India Ltd. Q3FY14 Results |
Annual Performance (FY13) | |||||||
|
Description |
Q4 FY13 |
Q3 FY13 |
Q4 FY12 |
QoQ (%) |
YoY (%) |
FY13 |
FY12 |
YoY(%) |
|
|
|
|
|
|
|
|
|
|
|
Revenues |
2204 |
1786 |
2082 |
23.40% |
5.84% |
7722 |
7565 |
2.08% |
|
Total Expenditure |
2054 |
1680 |
2016 |
22.25% |
1.92% |
7252 |
7229 |
0.33% |
|
EBITDA |
149 |
105 |
67 |
41.78% |
124.45% |
470 |
336 |
39.65% |
|
EBITDA Margins |
6.78% |
5.90% |
3.20% |
88 BPS |
358 BPS |
6.09% |
4.45% |
164 BPS |
|
Other Income |
1 |
1 |
3 |
|
|
7 |
7 |
|
|
Operating Profit |
150 |
106 |
69 |
|
|
477 |
344 |
|
|
Interest |
29 |
27 |
18 |
|
|
101 |
43 |
|
|
PBDT |
121 |
79 |
51 |
|
|
376 |
300 |
|
|
Depreciation |
27 |
26 |
25 |
|
|
103 |
94 |
|
|
PBT |
94 |
54 |
26 |
|
|
272 |
206 |
|
|
Tax |
36 |
18 |
10 |
|
|
96 |
69 |
|
|
Profit After Tax |
59 |
36 |
17 |
|
|
177 |
137 |
|
|
Exceptional Items |
0 |
0 |
0 |
|
|
0 |
0 |
|
|
Impact of amalgamation related to previous year |
0 |
2 |
0 |
|
|
2 |
0 |
|
|
PAT |
59 |
33 |
17 |
76.53% |
249.37% |
174 |
138 |
26.88% |
|
PAT Margins |
2.66% |
1.86% |
0.81% |
80 BPS |
185 BPS |
2.26% |
1.82% |
44 BPS |
|
|
|
|
|
|
|
|
|
|
|
Equity Capital |
42.38 |
42.38 |
42.38 |
|
|
42.38 |
42.38 |
|
|
Face Value (In Rs.) |
2 |
2 |
2 |
|
|
2 |
2 |
|
|
No. of shares (in Crores) |
21.19 |
21.19 |
21.19 |
|
|
21.19 |
21.19 |
|
|
|
|
|
|
|
|
|
|
|
|
Basic EPS |
2.76 |
1.57 |
0.79 |
76.53% |
249.37% |
8.23 |
6.49 |
26.88% |
|
|
|
| ||||||
|
Source: Company Data. All figures are in INR Crores. |
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|
|
|
|
| |
Segmental Results |
Annual Performance (FY13) | |||||||
|
Description |
Q4 FY13 |
Q3 FY13 |
Q4 FY12 |
QoQ (%) |
YoY (%) |
FY13 |
FY12 |
YoY(%) |
|
|
|
|
|
|
|
| |
Segment Revenue |
|
|
|
|
|
|
|
|
|
Power Systems |
676 |
453 |
599 |
49.20% |
12.91% |
2385 |
2242 |
6.37% |
|
Power Products |
644 |
520 |
584 |
23.94% |
10.17% |
2130 |
2085 |
2.16% |
|
Process Automation |
346 |
301 |
410 |
14.94% |
-15.62% |
1248 |
1357 |
-8.01% |
|
Discrete Automation & Motion |
497 |
455 |
493 |
9.19% |
0.78% |
1824 |
1775 |
2.73% |
|
Low Voltage Products |
206 |
173 |
168 |
18.76% |
22.33% |
677 |
617 |
9.63% |
|
Total |
2369 |
1902 |
2255 |
24.54% |
5.07% |
8264 |
8077 |
2.32% |
|
Add: Unallocated |
11 |
12 |
13 |
|
|
43 |
36 |
|
|
Total |
2380 |
1914 |
2268 |
24.37% |
4.96% |
8307 |
8113 |
2.39% |
|
Less: Inter Segment Revenue |
176 |
128 |
186 |
|
|
585 |
548 |
|
|
Total Income from Operations |
2204 |
1786 |
2082 |
23.40% |
5.84% |
7722 |
7565 |
2.08% |
|
|
|
|
|
|
|
|
|
|
|
Segment Results |
|
|
|
|
|
|
|
|
|
Power Systems |
11 |
25 |
-63 |
-57.37% |
NA |
94 |
-15 |
NA |
|
Power Products |
60 |
43 |
55 |
40.59% |
9.90% |
170 |
138 |
22.90% |
|
Process Automation |
35.65 |
7.38 |
-0.86 |
383.06% |
NA |
71.12 |
-15.23 |
NA |
|
Discrete Automation & Motion |
39 |
28 |
65 |
39.25% |
-39.60% |
125 |
196 |
-35.98% |
|
Low Voltage Products |
9 |
8 |
11 |
10.04% |
-23.54% |
25 |
40 |
-36.08% |
|
Total |
154 |
111 |
67 |
38.80% |
130.00% |
486 |
344 |
41.23% |
|
Less: Interest |
29 |
27 |
18 |
|
|
101 |
43 |
|
|
Other Unallocable Expenses |
31 |
31 |
22 |
|
|
112 |
94 |
|
|
Profit before Tax |
94 |
54 |
26 |
75.98% |
258.10% |
272 |
206 |
32.13% |
|
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NOTE: The BoD of the company have recommended a dividend of Rs.3 per equity share of face value of Rs.2 each for the year 2013.
- The Mumbai HC vide its order dated 27/9/13 sanctioned the scheme of amalgamation of Baldor Electric India Pvt. Ltd. with ABB India Ltd. the scheme became effective on 1/11/13. Baldor was a wholly owned subsidiary of ABB & the financial results of ABB of current year incorporates the operating results of Baldor too.
- The company received orders worth INR 1666 crore for the quarter ending 31 December 2013 compared to the order worth INR 1579 crore in the corresponding period of the previous year. The order book for the whole year stood at INR 6717 crore. Besides, the company is currently with an order backlog of INR 7709 crore as on December 31,2013 providing necessary visibility to future revenues.
Regards,
Team Microsec Research
Microsec Capital Limited
Tel: 91 33 30512100
Fax: 91 33 30512020
CA. Rajesh Desai