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Shriram EPC results announcement - - FY10 Total Operating Income up 36% at Rs. 13,700 million Consolidated EPS (Basic) of Rs. 10.1 per share Board recommends a dividend of Rs. 1.20 per share

Shriram EPC Limited (SEPC), one of the leading service providers of integrated design, engineering, procurement, construction and project management services for renewable energy projects, process and metallurgical plants and municipal service sector projects throughout India and overseas and leading manufacturer of wind turbine generators, has announced its audited financial results for the year ended March 31, 2010. Details are as under:

Chennai, Tamil Nadu, May 27, 2010 /India PRwire/ -- Shriram EPC Limited (SEPC), one of the leading service providers of integrated design, engineering, procurement, construction and project management services for renewable energy projects, process and metallurgical plants and municipal service sector projects throughout India and overseas and leading manufacturer of wind turbine generators, has announced its audited financial results for the year ended March 31, 2010. Details are as under:

FY10 vs. FY09 (Standalone)

Net Sales at Rs. 11,105 million, up by 21%

EBITDA at Rs. 1,165 million

PAT at Rs. 447 million in FY10 as compared to Rs. 400 million in FY09

EPS (Basic) of Rs. 10.26 per share

Dividend of Rs. 1.20 per share announced

FY10 vs. FY09 (Consolidated)

Net Sales at Rs. 13,624 million, up by 35.4%

EBITDA at Rs. 1,325 million

PAT at Rs. 444 million in FY10 as compared to Rs. 475 million in FY09

EPS (Basic) of Rs. 10.09 per share

Dividend of Rs. 1.20 per share announced

Commenting on the performance, Mr. T. Shivaraman, Managing Director & CEO of Shriram EPC Limited, said:

"While the financial year gone by was challenging we have been able to maintain steady revenue growth and improve our profitability. As the economic recovery became more visible we positioned ourselves to capitalize on potential opportunities by increasing the scope of offerings through our partnership with Roberts and Schaefer for material handling equipment and the MOU for joint bidding for power projects with NWEPDI of China.

We strongly believe in the opportunities available in our verticals of operations and are optimistic of our performance going forward as the environment becomes more conducive for investments in infrastructure, power and renewable energy."

Highlights & Order Book Update

The Standalone order book was at Rs. 11,918 million on March 31, 2010 and the Consolidated Order Book was Rs. 32,213 million on the same date. The Consolidated order book included the following orders:

‐ An order from M/s. PPS Enviro Power for installing WTGs of a capacity of 15 MW (1.5 MW * 10) in Tamil Nadu.

‐ An order from M/s. T.S. Wind Power developers, a private wind park developer based out of Satara, Maharashtra for the installation of 30 MW of wind turbines.

‐ The unexecuted portion of the order amounting to Rs. 17,300 million from Bharat Wind Farms Ltd., a subsidiary of SEPC's Associate Company - Orient Green Power Ltd.

Ÿ The Board of Directors have recommended a dividend of Rs. 1.20 per share. This translates into a payout of Rs. 61.5 million including Rs. 8.8 as Dividend Distribution Tax.

Ÿ Shriram EPC associate company Orient Green Power Company Limited (OGPL) filed a Draft Red Herring Prospectus (DRHP) in April 2010 with SEBI, for its proposed IPO. As on date Shriram EPC holds a 35.8% stake in OGPL. The rest of the stake is held by two PE investors - Bessemer Venture Partners (BVP) and Olympus Capital.

FY10 v/s FY09 (Consolidated)

  • Net Sales at Rs. 13,624 million in FY10 compared to Rs. 10,058 million in FY09.
  • EBITDA was at Rs. 1,325 million in FY10 compared to Rs. 812 million in FY09.
  • PAT dips marginally to Rs. 444 million in FY10 from Rs. 475 million in FY09.
  • Basic EPS increased from Rs. 9.55 per share in FY09 to Rs. 10.09 per share in FY10.

FY10 v/s FY09 (Standalone)

  • Net Sales at Rs. 11,105 million in FY10 compared to Rs. 9,188 million in FY10.
  • EBITDA was at Rs. 1,165 million in FY10 compared to Rs. 780 million in FY09.
  • PAT increases from Rs. 400 million in FY09 to Rs. 447 million in FY10.
  • Basic EPS increased from Rs. 9.25 per share in FY09 to Rs. 10.26 per share in FY10.

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