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Unedited press release follows:
Moser Baer announces July-September’16 Results
New Delhi, November 10, 2016
Moser Baer India Limited (MBIL) today released its financial results for the July-September’16 quarter. The financial results for the period ended September’16 were approved by the company’s Board of Directors, at its meeting in New Delhi today.
• Total standalone income remained stable at INR 1,541 million for July-September’16 quarter.
• Contribution margins holding up well, underscoring strong market standing and ability to scale up volumes and EBITDA.
• Production and sales volumes of optical media during the quarter continue to be impacted by liquidity constraints.
• Solid State Media (SSM) segment recorded 9% increase in the turnover Y-o-Y on the back of enhanced market share through key customers in India.Company is working closely with major OEM partners for the Indian market. Product mix during the quarter was skewed towards higher capacities resulting in higher overall ASPs.
• The Company continues to build on its product range and sales and distribution network addressing both the B2C and B2B segments in order to tap the massive opportunities in LED Lighting for which the Company is well positioned.
Yogesh Mathur, Group President and Group CFO, Moser Baer India Ltd., commented “The overall quarterly performance was also adversely impacted by increased tagging imposed by lenders. Post CDR exit, the Company continues to engage with its lenders on various issues including debt resolution plan as well as other liquidity measures which allow the company to tap opportunities in the market.”
Trends in Storage Media:
• Net Sales stood at INR 1,387 million.
• Product mix and contracted ASPs are expected to be stable in the coming quarters while energy costs are declining
• Sustainable reduction in fixed costs being done in order to reduce energy cost and overheads
• The Company has made progress in several respects in the preparatory process for restructuring the terms of the outstanding FCCBs and continues to urge the secured lenders to expedite approval.
• The Company is actively engaged in a dialogue with the secured lenders to address liquidity and debt issues to support business recovery and has submitted a debt resolution proposal.
Trends in the Solar Photovoltaic business:
• Total solar PV installations reached capacity of 8.7GW as on 31 October 2016. Expected commissioning in 2016-17 at 11GW as per MNRE to reach the target of 100GW by 2022.
• However, volatility in DCR orders and delay in disbursement of approved government subsidy under SIPS continues to impact the manufacturing operations.
• PV Business is in the process of executing a 45 MW DCR cells order for a leading EPC company. The Business further expects to additionally convert 20MW of these cells into modules for the same customer.
• Additionally, the business is at an advanced stage for contracting the supply of another 18MW DCR modules to a leading solar developer.
• The Solar Subsidiaries continue to engage with their secured lenders to seek support for their revival. Despite the lender consortium (under CDR) withdrawing support to one solar subsidiary, the subsidiary continues operations based on customer support and management’s efforts at optimizing cash flows.
Commenting on the solar business of the company, K N Subramaniam, CEO, Moser Baer Solar Limited said: “We are happy to report that the solar business has started taking benefit of the huge DCR opportunity and currently in the process of executing DCR cell and module orders. Towards this end, the company continues to garner active customer support.”
About Moser Baer India Ltd.
Moser Baer India Limited headquartered in New Delhi, is a leading global tech manufacturing company. Established in 1983, the company has successfully developed cutting edge technologies to become one of the world’s largest manufacturers of Optical Storage Media like CDs and DVDs and Solid State Media. The Company has also entered into the emerging energy efficiency lighting segment. Over the years the company has entered into exciting areas of technology manufacturing and is a market leader in the high growth photovoltaic space. It is the only company worldwide to receive the prestigious 5-star rating from TÜV Rheinland for 3 years in a row (2009 – 2012) maintaining highest standards of quality in manufacturing PV modules. Moser Baer India has emerged as one of the most credible brands focused on hi-tech manufacturing and R & D activities. It is continuing to unfold the next generation innovative technologies that will catapult India into a respectable manufacturing hub.