Schaeffler India

 
 
 
 
 
 
Quarterly Financial Results 2016

Quarter IV, 2016

STATEMENT OF AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED DECEMBER 31, 2016

 
PART I (Amount in MioINR except per share data)
    1 2 3 4 5
Sr. No. Particulars THREE MONTHS ENDED YEAR ENDED

31-12-2016
(Audited)

30-9-2016
(Unaudited)

31-12-2015
(Audited)

31-12-2016
(Audited)

31-12-2015
(Audited)
1 Income from Operations          
a) Net sales / Income from Operations
(Net of excise duty)
4,613.0 4,689.3 4,388.3 17,898.6 17,077.6
b) Other Operating Income 55.5 79.8 61.3 240.4 166.7
  Total income from operations (Net) 4,668.5 4,769.1 4,449.6 18,139.0 17,244.3
2 Expenses          
a) Cost of materials consumed 1,775.7 1,778.4 1,728.0 6,828.7 6,327.5
b) Purchase of Stock-in-trade 1151.5 1,190.0 890.3 4,588.4 3,714.2
c) Changes in inventories of finished goods, Work-in-Progress and stock-in-trade (172.3) (95.6) (70.6) (591.1) (135.0)
d) Employees benefits expense 419.5 369.1 310.4 1,512.9 1,321.0
e) Depreciation and amortisation expense
175.0 157.4 278.4 641.0 655.1
f) Other expenses 732.1 757.7 677.2 2,839.6 2,963.8
  Total expenses 4,081.5 4,157.0 3,813.7 15,819.5 14,846.6
3 Profit from Operations before Other Income, finance costs and Exceptional Items (1-2) 587.0 612.1 635.9 2,319.5 2,397.7
4 Other Income 192.2 170.5 136.2 682.6 561.6
5 Profit from ordinary activities before finance costs and exceptional items (3+4) 779.2 782.6 772.1 3,002.1 2,959.3
6 Finance cost 4.9 5.2 3.4 17.6 21.2
7 Profit from ordinary activities after finance costs but before exceptional items (5-6) 774.3 777.4 768.7 2,984.5 2,938.1
8 Exceptional Items - - - - -
9 Profit from Ordinary Activities before tax (7-8) 774.3 777.4 768.7 2,984.5 2,938.1
10 Tax expense 210.5 273.2 206.6 1039.5 963.3
11 Net Profit from Ordinary Activities after tax (9-10) 563.8 504.2 562.1 1,945.0 1,974.8
12 Extraordinary Items (Net of tax expense) - - - - -
13 Net Profit for the period (11-12) 563.8 504.2 562.1 1,945.0 1,974.8
14 Paid-up equity share capital
(Face value of Rs.10/- per share)
166.2 166.2 166.2 166.2 166.2
15 Reserves excluding Revaluation Reserves - - - 14,340.4 12,707.0
16i Earnings per share (before extraordinary items)
(of Rs. 10 each) (not annualised)
         
a) Basic 33.93 30.34 33.83 117.05 118.84
b) Diluted 33.93 30.34 33.83 117.05 118.84
16ii Earnings per share (After extraordinary items)
(of Rs. 10 each) (not annualised)
         
a) Basic 33.93 30.34 33.83 117.05 118.84
b) Diluted 33.93 30.34 33.83 117.05 118.84
 
STATEMENT OF ASSETS AND LIABILITIES
Sr. No. Particulars AS AT 31-12-2016
(Audited)
AS AT 31-12-2015
(Audited)
A EQUITY AND LIABILITIES    
1 Shareholders' funds    
  a) Share Capital 166.2 166.2
  b) Reserves & Surplus 14,359.0 12,726.2
  Shareholders' Funds 14,525.2 12,892.4
2 Non-current liabilities    
  a) Deferred tax liabilities (Net) 17.0 86.8
  b) Other long-term liabilities 12.7 14.5
  c) Long-term Provisions 259.6 220.8
  Non-Current Liabilities 289.3 322.1
3 Current Liabilities    
  a) Trade payables 2,803.1 2,404.8
  b) Other current liabilities 661.8 690.4
  c) Short-term provisions 289.4 244.1
  Current Liabilities 3,754.3 3,339.3
  TOTAL-EQUITY AND LIABILITIES 18,568.8 16,553.8
B ASSETS    
1 Non-current assets    
  a) Fixed assets 4,103.0 3,976.0
  b) Long-term loans and advances 1,416.7 1283.2
  Non-current assets 5,519.7 5,259.2
2 Current assets    
  a) Inventories 2,739.9 2,202.5
  b) Trade receivables 3,318.1 3364.4
  c) Cash and cash equivalents 6,405.5 4,704.1
  d) Short-term loans and advances 390.8 853.1
  e) Other current assets 194.8 170.5
  Current assets 13,049.1 11,294.6
  TOTAL-ASSETS 18,568.8 16,553.8
 

Notes:

1) The business of the Company mainly comprises of sale of “Ball/Roller Bearings and related components”, which has been identified as a single reportable segment for the purpose of Accounting Standard (AS) 17 on ‘Segment Reporting’.

2) The figures for the last quarter are the balancing figures between audited figures in respect of the full financial year and the published year to date figures up to the third quarter of the respective financial year. Also the figures up to the end of the third quarter were only reviewed and not subjected to audit.

3) The audited financial results for the year ended December 31, 2016 were reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings held on February 14, 2017. The statutory auditors have expressed an unqualified opinion.

4) The Company has adopted and applied the principles of hedge accounting as 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. Consequently, the Company has recorded Rs 62.5 million representing marked to market loss in the Hedging reserve as at December 31, 2016.

5) The Board of Directors of the Company has recommended a dividend for the year ended December 31, 2016 at the rate of Rs.12.0 per Share (2015:Rs.10 per Share).

6) The figures for the previous periods have been regrouped wherever necessary to conform to the current period's presentation.

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: February 14, 2017

 

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