Moser Baer Q2 loss widens to Rs 87.62 cr
The company had posted a net loss of Rs 62.06 crore in the year-ago period.
"Loss is higher by around Rs 25 crore. Most of that in fact is because we are operating at less than optimal capacity utilisation," Moser Baer' Group Chief Financial Officer Yogesh Mathur said. He attributed completion of debt restructuring as the reason for the loss.
"I expect to avail liquidity so that we can move up both in terms of optical disc manufacturing and solid state media to move to optimal capacity utilisation," Mathur said.
Moser Baer CFO said the company has a capacity to generate an annual business turnover of its solid state media, like pen drives and flash drives, of around Rs 800 crore to 1,000 crore. However, only quarter of this capacity is being utilised, he said. Similarly, company is holding on its capacity of Blu-ray optical disc which are more attractive from cash flow point of view, Mathur added.
The total income of the company also declined by 21.36 per cent at Rs 421.72 crore during the reported quarter from Rs 536.28 crore during the same period of last fiscal.
The company also declared consolidated figures for the last fiscal year ended March 31, 2012.
The consolidated net loss of the company narrowed at Rs 768.65 crore for FY12 from Rs 848.75 crore at the end of FY11.
The total income of the company dipped marginally by 1.24 per cent at Rs 2,649.31 crore at the end of FY'12 from Rs 2682.63 during FY13.
Mathur said the company has seen increased shipments of its high margin Blu-ray products by over 50 per cent on quarterly basis during the reported quarter.
"We are shipping most of our product to international market. Most of our business, around 70 per cent, is coming from international market. For Blu-ray it is Japan, Western Europe and US. Solid State Media market is strong both in domestic and international market," Mathur said.
Mathur said with evolving of products in advanced technology format, the company expects growth in market share as well.
The Moser Baer CFO said the company is making efforts to reduce operational cost in power and other overheads.
The company has completed restructuring of its solar energy business arm – Moser Baer Photovoltaic – and has finalised scheme for restructuring of its another solar business firm Moser Baer Solar.
Among slew of measures for restructuring, the company is looking at technology upgradation of its solar business subsidiaries, he said.
Mathur expects some relief to come for domestic players from government by way of being given a level-playing field from imports through anti-dumping duty and domestic content regulation.
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