Moser Baer: Fiscal 3Q13 Financial Results

Moser Baer India Limited (MBIL) released its financial results for the third quarter of FY’13.

Commenting on the quarter’s performance, Bhaskar Sharma, CEO, storage media, MBIL, said: "We continue to realign our businesses to changing market dynamics with a focus on advanced formats and solid state media products. We are confident about the future prospects as improved liquidity post financial restructuring would enable us to consolidate our position and increase our market shares and volumes. On the other hand, stable raw material prices would allow us to protect our margins."

K.N Subramaniam, CEO, Moser Baer PV Systems, said: "Solar PV business is likely to show rapid signs of growth in the next three years due to announcements by JNNSM and the state government projects totaling to over 8000 MW. All these augurs well for the systems business which is shaping itself to deliver projects both in solar farms and rooftop installations at record times. Our recent track record of executing projects of 20MW+ size within 8 weeks demonstrates our robust business delivery capabilities. With systems costs falling sharply due to modules and improved engineering with focus on cost reduction, solarising India in the next few years is becoming a certainty."

Commenting on the results, Yogesh Mathur, group CFO, MBIL, said: "We are happy to note that the definitive documents are being executed with banks, thus crystallizing our debt restructuring package and we are proceeding towards implementation. This is expected to provide the necessary liquidity to support our business priorities."

He further added: "All efforts are being made to conclude the company’s financial restructuring and repositioning the businesses to leverage future opportunities."

Storage Media

• As per industry sources, key global optical media players are likely to witness a turnaround with strong price increases expected in 2013
• Blu-ray discs continued to gain momentum in 2012 (Digital Entertainment Group – Jan 2013) offerings of leading global optical media manufacturers are increasingly finding traction in the market
• Storage media business reflects healthy order pipeline for Q4 FY’13
• Shipments and revenue expected to improve post completion of the debt restructuring program resulting in enhanced liquidity
• Prices of key raw materials expected to remain stable in the near term

Solar photovoltaic

• Global PV installations reached 32 GW in 2012, up from 28 GW in 2011 (IHS iSuppli) growth supported by strong demand in Germany, China, USA, Japan and India
• Global PV industry revenue that reached $77 billion in 2012 is forecast to increase to $115 billion in 2016 (IHS iSuppli)
• Increasing competitiveness of solar power along with its green attributes and installation ease promises strong potential in the long term
• In India, over 266 MW of Solar PV projects commissioned under Phase I Batch I of JNNSM by end of Dec 2012 (MNRE) another 340 MW of Phase I Batch II projects targeted by March 2013
• The Indian Government has released the Draft guidelines for JNNSM Phase II in December 2012 several state governments has also announced policies/intent for rapid development of solar power in their respective states announcements by states to develop over 8,000 MW of capacity were made by end of 2012
• The Indian Solar REC market continued to develop strongly with prices for solar RECs holding firm as demand outstripped supply till end of 2012
• In November 2012, Ministry of Commerce (Government of India) initiated anti-dumping investigation concerning imports of solar cells and modules into India from China, Taiwan, USA and Malaysia
• Ramp up of Moser Baer’s moduling operations targeted post disbursement of funds by banks recent uptick in prices across value chain promising for the company’s PV business