Moser Baer Q2 loss widens to Rs. 87.62 crore

Computer disk maker Moser Baer reported an increase in its standalone net loss at Rs. 87.62 crore for the quarter ended September 30, 2012.

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 percent 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 percent 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 percent on quarterly basis during the reported quarter.

"We are shipping most of our product to international market. Most of our business, around 70 percent, 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.