Financial Daily from THE HINDU group of publications
Wednesday, Jan 28, 2004
Corporate Results - Hardware
Moser Baer sells more DVDs; net up 65 pc in Q3
New Delhi , Jan. 27
MOSER Baer India Ltd (MBIL), maker of compact discs and other optical storage media, on Tuesday said its net profit in the third quarter rose by 65 per cent on increased sales of digital versatile disks (DVDs).
Net profit of MBIL in the quarter ended December 31, 2003 stood at Rs 107 crore as compared to Rs 64.8 crore in the corresponding quarter last year, the company said in a statement here.
Net sales during the quarter were Rs 476.7 crore (Rs 294.4 crore).
For the nine-month period, MBIL recorded a net profit of Rs 250.9 crore on net sales of Rs 1,141.9 crore.
Earnings per share (on expanded equity post bonus issue and not annualised) for the quarter was Rs 11.1 as compared to Rs 6.7 in the same period last year.
MBIL said in line with the robust performance in the third quarter, it was increasing its forecast on growth of net earnings to 45-50 per cent for the fiscal 2004 from earlier guidance of 30-35 per cent.
Shipment volumes in the third quarter grew by 24 per cent sequentially, while sales of DVD media grew by 154 per cent, accounting for 18 per cent of the company's optical media revenues.
"The robust performance in the third quarter of FY04 is a result of the strong demand conditions prevailing in the industry for both CD & DVD formats and the fast ramp up of our capacities over the past few quarters," said Mr Ratul Puri, Executive Director of MBIL.
He said MBIL was currently ramping up its DVD-R capacity to address the sharp expansion in demand.
"We expect to increase our market share in the DVD-R segment to about 20 per cent over the medium term. DVD-R is emerging as the key growth driver for our revenues in the near term. We expect the momentum to continue into the fourth quarter, and consequentially we have increased our earnings guidance significantly", Mr Puri said.
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