Schaeffler India

 
 
 
 
 
 
Quarterly Financial Results 2015

Quarter II, 2015

STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND SIX MONTHS ENDED JUNE 30, 2015

 
PART I Rupees in Million
    1 2 3 4 5 6
Sr. No. Particulars THREE MONTHS ENDED YEAR TO DATE FIGURE YEAR ENDED

30-6-2015
(Unaudited)

31-3-2015
(Unaudited)

30-6-2014
(Unaudited)

30-6-2015
(Unaudited)

30-6-2014
(Unaudited)

31-12-2014
(Audited)
1 Income from Operations            
a) Net sales / Income from Operations (Net of excise duty) 4,287.7 4,052.6 3,880.4 8,340.3 7,857.1 16,176.1
b) Other Operating Income 33.5 37.8 37.3 71.3 67.6 145.4
  Total income from operations (Net) 4,321.2 4,090.4 3,917.7 8,411.6 7,924.7 16,321.5
2 Expenses            
a) Cost of materials consumed 1,507.0 1,455.6 1,584.5 2,962.6 3,033.8 6,020.8
b) Purchase of Stock-in-trade 995.1 818.1 889.4 1,813.2 1,881.1 3,973.5
c) Changes in inventories of finished goods, Work-in-Progress and stock-in-trade (64.4) 84.7 (102.4) 20.3 (46.7) (21.1)
d) Employees benefit expense 329.2 339.7 337.7 668.9 712.5 1,379.4
e) Depreciation and amortisation expense
124.2 120.5 122.9 248.7 243.4 493.5
f) Other expenses 805.3 758.8 572.3 1,564.1 1,150.7 2,551.5
  Total expenses 3,696.4 3,581.4 3,404.4 7,277.8 6,974.8 14,397.6
3 Profit from Operations before Other Income, finance costs and Exceptional Items (1-2) 624.8 509.0 513.3 1,133.8 949.9 1,923.9
4 Other Income 147.1 128.2 107.4 275.3 198.3 409.5
5 Profit from ordinary activities before finance costs and exceptional items (3+4) 771.9 637.2 620.7 1,409.1 1,148.2 2,333.4
6 Finance cost 10.4 4.8 2.3 15.2 4.0 9.7
7 Profit from ordinary activities after finance costs but before exceptional items (5-6) 761.5 632.4 618.4 1,393.9 1,144.2 2,323.7
8 Exceptional Items - - - - - -
9 Profit from Ordinary Activities before tax (7-8) 761.5 632.4 618.4 1,393.9 1,144.2 2,323.7
10 Tax expense 268.8 218.4 210.7 487.2 389.7 794.9
11 Net Profit from Ordinary Activities after tax (9-10) 492.7 414.0 407.7 906.7 754.5 1,528.8
12 Extraordinary Items (Net of tax expense) - - - - - -
13 Net Profit for the period (11-12) 492.7 414.0 407.7 906.7 754.5 1,528.8
14 Paid-up equity share capital
(Face value of Rs.10/- per share)
166.2 166.2 166.2 166.2 166.2 166.2
15 Reserves excluding Revaluation Reserves as per balance sheet of previous accounting year - - - - - 10,888.9
16i Earnings per share (before extraordinary items)
(of Rs. 10 each) (not annualised)
           
a) Basic 29.65 24.91 24.53 54.55 45.40 92.00
b) Diluted 29.65 24.91 24.53 54.55 45.40 92.00
16ii Earnings per share (After extraordinary items)
(of Rs. 10 each) (not annualised)
           
a) Basic 29.65 24.91 24.53 54.55 45.40 92.00
b) Diluted 29.65 24.91 24.53 54.55 45.40 92.00
 
PART II
SELECT INFORMATION FOR THE QUARTER AND SIX MONTHS ENDED
    1 2 3 4 5 6
Sr. No. Particulars THREE MONTHS ENDED YEAR TO DATE FIGURE YEAR ENDED

30-6-2015
(Unaudited)

31-3-2015
(Unaudited)

30-6-2014
(Unaudited)

30-6-2015
(Unaudited)

30-6-2014
(Unaudited)

31-12-2014
(Audited)
A PARTICULARS OF SHAREHOLDING            
1 Public Shareholding            
- Number of shares 8088087 8088087 8088087 8088087 8088087 8088087
- Percentage of shareholding 48.7 48.7 48.7 48.7 48.7 48.7
2 Promoters and promoter group Shareholding            
a) Pledged / Encumbered            
- Number of Shares - - - - - -
- Percentage of shares (as a % of the total shareholding of promoter and promoter group) - - - - - -
- Percentage of shares (as a % of the total share capital of the company) - - - - - -
b) Non-encumbered            
- Number of Shares 8529183 8529183 8529183 8529183 8529183 8529183
- Percentage of shares (as a % of the total shareholding of promoter and promoter group) 100 100 100 100 100 100
- Percentage of shares (as a % of the total share capital of the company) 51.3 51.3 51.3 51.3 51.3 51.3
  Particulars 30-6-2015
3 MONTHS ENDED
B INVESTOR COMPLAINTS      
  Pending at the beginning of the quarter     -
  Received during the quarter     1
  Disposed of during the quarter     1
  Remaining unresolved at the end of the quarter     -
STANDALONE STATEMENT OF ASSETS AND LIABILITIES
  Particulars AS AT 30-6-2015
(Unaudited)
AS AT 31-12-2014
(Audited
)
A EQUITY AND LIABILITIES    
1 Shareholders' funds    
  a) Share Capital 166.2 166.2
  b) Reserves & Surplus 11,917.9 10,908.7
  Shareholders' Funds 12,084.1 11,074.9
3 Non-current liabilities    
  a) Deferred tax liabilities 106.2 154.0
  b) Other long-term liabilities 14.9 15.2
  c) Long-term Provisions 266.9 329.0
  Non-Current Liabilities 388.0 498.2
4 Current Liabilities    
  a) Trade payables 2,369.7 2,160.6
  b) Other current liabilities 692.5 420.0
  c) Short-term provisions 219.5 188.2
  Current Liabilities 3,281.7 2,768.8
  TOTAL-EQUITY AND LIABILITIES 15,753.8 14,341.9
B ASSETS    
1 Non-current assets    
  a) Fixed assets 3,902.2 3,903.6
  b) Non-current investments 168.8 43.5
  c) Long-term loans and advances 1,349.8 999.4
  Non-current assets 4,882.8 5,936.4
2 Current assets    
  a) Inventories 1,929.7 1,908.9
  b) Trade receivables 3,316.3 2,900.5
  c) Cash and cash equivalents 4,081.9 3,294.5
  d) Short-term loans and advances 848.7 1,201.9
  e) Other current assets 156.4 89.6
  Current assets 10,333.0 9,395.4
  TOTAL-ASSETS 15,753.8 14,341.9
 

Notes:

1) The business of the Company falls under a single primary segment i.e. " Ball / Roller Bearings and related components" for the purpose of Accounting Standard AS - 17.

2) The above financial results were reviewed by the Audit Committee and approved by the Board of Directors at the meeting held on July 16, 2015.

3) The Company has adopted and applied the principles of hedge accounting set out in Accounting Standard (AS) - 30, 'Financial Instruments: Recognition and measurement' issued by ICAI to forward contracts in respect of highly probable forecasted transactions or firm commitments which were previously accounted following the principles of prudence as per AS - 1. Consequently, the Company has recorded Rs. 95.3 million representing mark to market loss in the Cash flow hedge reserve as at June 30, 2015.

4) The Statutory Auditors have performed a "Limited Review" of the above financial results for the period ended June 30, 2015.

 

Per our report attached of even date
B S R & Co. LLP
Chartered Accountants
Firm Reg. No. 101248W/ W-100022

Vijay Mathur
Partner
Membership No. 046476

For FAG BEARINGS INDIA LIMITED

Rajendra Anandpara
Managing Director
DIN: 02461259

Place: Mumbai
Date: July 16, 2015