The company reported a Net Sales of Rs 454.73 Crs in FY 09 as against Rs 265.72 Crs in FY 08 an increase of 71.1%. The results were in line with our expectation. We had projected Net Sales of Rs 491.4 Crs in FY 09.

The growth in revenue was mainly backed by strong order book. The company had an opening order book of Rs 450 Crs during FY 09 and booked Rs 608.7 Crs of fresh order during the year.

The company reported an EBIDTA of Rs 33.93 Crs in FY09 as against Rs 19.39 Crs in FY08 an increase of 75%. We had projected an EBIDTA of Rs 37.02 Crs.

The company reported an EBIDTA margin of 7.46% in FY 09 as against 7.30% in FY 08 an increase of 16 bps. The margin was more or less stagnant as a large number of pending orders that the UBE executed during FY 09 was job work with low margin. During FY 09 the company stopped taking job work order and started taking direct order which will in turn improve the margin during FY 10.

The company reported other income of Rs 1.52 Crs in FY 09 as against Rs 0.65 Crs in FY 08 an increase of 133.8%.

The Interest and Bank Charges was down 23.5% at Rs 4.83 Crs in FY 09 as against Rs 6.31 Crs in FY 08. Rs 4.8 Crs Interest and Bank Charges mainly comprising of Bank Charges on Bank Guarantees and bank limit processing fees. The interest component is smaller as the total loan outstanding is only Rs 5 Crs.

The depreciation was up 182.4% at Rs 2.09 Crs in FY 09 as against Rs 0.74 Crs in FY 08. During the year UBE merged its wholly owned subsidiary and restated the fair value of fixed assets of the company and subsidiary. This has resulted into increase in value of fixed assets and general reserve by Rs 24.43 Crs and as such depreciation has increased by 182% during the year.\

The Company reported a PAT of Rs 21.15 Crs in FY 09 as against Rs 12.64 Crs in FY 08 an increase of 67.3%.\

The company reported a PAT margin of 4.65% in FY09 as against 4.76% in FY08 a decline of 11bps.

The company reported an EPS of Rs 12.37 for FY 09 as against Rs 7.39 in FY 08 an increase of 67.3%.

The company has an order book of Rs 604 Crs as of 31st Mar 2009. The company is also expecting another order of Rs 100 Crs in the near term.

Due to the merger of wholly owned subsidiary the Net Worth of the company has increased by Rs 24.43 Crs. This will help the company in bidding for bigger orders.