AC Choksi Share Brokers Private Limited

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A C ChoksiShare Brokers Private LimitedA C Choksi Institutional Research | Initiation Report|MININGMOILApril 26, 2011QuarterHighlightsExhibit 13.3QFY11 Income StatementBottom Line & Operating levelsStable:During the 3QFY11, its PAT grew by~2.9% y-o-y to `1.25 bn as compared to`1.21 bn in Q3FY10. On a nine monthbasis it registered a healthy growth of~41.7% from `3.21 bn (9MFY10) to`4.56 bn (9MFY11) in PAT .3QFY11 EBITDA increased marginallyover 3QFY10 (on y-o-y basis) to `1.61bn, an increase of ~4.0% from `1.55 bn.Whereas; the EBITDA jumped by~50.5% y-o-y from `4.04 bn for9MFY10 to `6.08 bn for nine monthsending 31-Dec-10.Margins showed an improvement forthe quarter:The PAT Margins for Q3FY11 were~49.4%; it marginally improved by~48 basis points (bps) over Q3FY10.The margins however increased by~384 bps on a nine month basis to~51.3%.Q3 FY 11 (31st Dec 10) Result Highlights(` in (` mn in except mn except per share per share data) data)MOIL LTD Q3FY11 Q3FY10 Growth 9MFY11 9MFY10 GrowthParticulars 31-Dec-10 31-Dec-09 YoY 31-Dec-10 31-Dec-09 YoYNet Sales 2532.0 2485.1 1.9% 8882.4 6776.7 31.1%(Increase)/decrease in stock in trade -230.7 19.2 -1301.6% -191.5 226.7 -184.5%Employee cost 552.8 491.2 12.5% 1474.5 1403.5 5.1%% of Net Sales 21.83% 19.77% 207bps 16.60% 20.71% -411bpsConsumption of raw materials 24.6 38.7 -36.4% 115.9 116.4 -0.4%% of Net Sales 0.97% 1.56% -59bps 1.30% 1.72% -41bpsRoyalty & Cess 101.5 95.4 6.4% 339.8 234.2 45.1%% of Net Sales 4.01% 3.84% 17bps 3.83% 3.46% 37bpsOther Expenditure 475.6 294.0 61.8% 1068.5 759.4 40.7%% of Net Sales 18.78% 11.83% 695bps 12.03% 11.21% 82bpsTotal Expenditure 923.8 938.5 -1.6% 2807.2 2740.2 2.4%% of Net Sales 36.48% 37.77% -128bps 31.60% 40.44% -883bpsEBITDA 1608.2 1546.6 4.0% 6075.2 4036.5 50.5%EBITDA Margin 63.52% 62.23% 128bps 68.40% 59.56% 883bpsDepreciation 73.8 63.9 15.5% 206.9 186.7 10.8%EBIT 1534.4 1482.7 3.5% 5868.3 3849.8 52.4%EBIT Margin 60.60% 59.66% 94bps 66.07% 56.81% 926bpsOther income including provisions w/back 337 352.7 -4.5% 950.7 995.5 -4.5%EBIT(including Other Income) 1871.4 1835.4 2.0% 6819.0 4845.3 40.7%Interest Expense 0.0 0.0 - 0.0 0.0 -Profit from ordinary activities before tax 1871.4 1835.4 2.0% 6819.0 4845.3 40.7%% of Net Sales 73.91% 73.86% 5bps 76.77% 71.50% 527bpsTax 621.5 620.7 0.1% 2262.1 1629 38.9%% of Net Sales 24.55% 24.98% -43bps 25.47% 24.04% 143bpsProfit after tax 1249.9 1214.7 2.9% 4556.9 3216.3 41.7%PAT Margin 49.36% 48.88% 48bps 51.30% 47.46% 384bpsPaid up equity capital (Face value ` 10) 1680 1680 - 1680 1680 -EPS(Basic and Diluted) 7.44 7.23 2.9% 27.12 19.14 41.7%( in ` )Source: MOIL Ltd, A C Choksi Institutional ResearchThe EBITDA margins showed a decentincrease of ~128 bps and ~883 bps over3 month y-o-y and 9 month y-o-y to~63.5% and ~68.4%.Sales growth of 31.1% on 9 monthbasis:The nine month ending 31-Dec-2010 net sales showed a growth of ~31.1% to `8.88 bn from `6.78 bn over thecorresponding period of previous year. The top line was flat during the quarter ending 31-Dec-10; growing by 1.9%over the same quarter for previous year. MOIL registered net sales of `2.53 bn as compared to `2.49 bn in Q3FY10._____________________________________________________________________________________ A C Choksi Institutional Researchresearch@acchoksi.com 12
A C ChoksiShare Brokers Private LimitedA C Choksi Institutional Research |Initiation Report|MINING MOILAbout MOILApril 26, 2011“MOIL BHAVAN”,1-A, Katol Road,Nagpur 440 013,MaharashtraExhibit 14.MOIL HQAwards & AchievementsMOIL is a Miniratna Category-I PSU under the Ministry of Steelhas signed a Memorandum of Understanding with the Government for theyear 2009-10.This is the 18th consecutive year that MOIL signed MoU.MOIL has been rated Excellent under MoU for the last 12 consecutive years.MOIL has been selected for the award in Mining and Metals Sector for itsexcellent performance under MoU for the year 2006-07.MOIL has been awarded the Prime Minister's Merit Certificate forExcellence in the archievements of MOU for the year2006-07.Winner ofNational Energy Conservation Award-1st prize in Mining Sector.It has bagged 2 Awards in National Safety by Min. of Labour.The financial performance during 2008-09 is highest eversince inception of MOIL.The company was incorporatedin the year 1962 as ManganeseOre (India) Limited. 80% of itsshares are held by the Govt. ofIndia, Maharashtra & MP.The company is the largestproducer of manganese ore inIndia(about 50%) and isamongst the top globally.In addition to medium grademanganese ore, It produceshigh carbon ferro manganeseHCFN and electrolyticmanganese dioxide EMD, bothare value added productsSource: MOIL Ltd, RHP, A C Choksi Institutional Research_____________________________________________________________________________________A C Choksi Institutional Researchresearch@acchoksi.com 13
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