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Aditya Birla Nuvo Releases 4Q and Annual Results

Aditya Birla Nuvo, parent company of Hi Tech Carbon, released its fourth quarter and annual results on Wednesday, April 30. The company reported consolidated income of Rs. 12,134 crore for the full year ended March 31, 2008, up 45% year-on-year compared with the year ended March 31, 2007. Net profit, however, fell by 46% to Rs. 150.8 crore, down from Rs. 280.9 crore.

The Carbon Black business had its highest ever revenues and profitability. Full year revenues of Rs. 863.8 crore were up 17% compared to FY2006/07, while operating profit (PBDIT) of Rs. 152.6 crore was up 15%.

Here are the results. Here is a link to the results presentation.

The presentation suggests that the new greenfield plant in Western India is still under review: “Carbon black business, though received environmental clearance for greenfield expansion by 120K MT in Western India, will decide after examining other sites.” (Slide 7). This blog reported a few months ago that Hi Tech may be considering a site in Sri Lanka instead of India for its new greenfield plant. Previous posts here and here.

In a discussion of the Carbon Black business results, Aditya Birla Nuvo highlighted key challenges along with solutions:

Challenge: Tap buoyant domestic industry growth Solution: Expediting greenfield expansion of 120 KT to achieve domestic leadership

Challenge: Volatile CBFS prices Solution: Optimising market – product – logistic mix & managing CBFS procurements

Slide 28 details the company’s Capex and Investment Plans. According to the slide, the Carbon Black business plans to spend Rs. 16.6 crore ($41 million) in Project-based expenditures, and Rs. 22.1 crore ($55 million) in Modernization and Maintenance expenditures in FY 2008/09.

Slide 47 details the Carbon Black business results. According to the slide, the business produced 215,103 tonnes of carbon black in FY 2007/08, which is 102.4% of its installed capacity. This is up 18% from 182,669 tonnes in FY 2006/07, or 107.5% of capacity. Exports represented 25% of production, up from 18% in FY 2006/07.

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