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Birla Sunlife disclosed embedded value of Rs41.1bn as of March 2011 compared to Rs38.2bn as
of March 2010. The VNB margin reported was 27.5% in FY11 (+500bps yoy). As regards
manufacturing businesses, the sales momentum continued but margins came under some
pressure.
Manufacturing businesses
Net sales increased 42% yoy to Rs18.6bn in 1QFY12 (+5% qoq).
EBITDA margin was down 220bps yoy (-44bps qoq) to 13.1% in 1QFY12 and EBIT margin
down 145bps yoy (-24bps qoq) to about 10.5%.
EBITDA was Rs2.5bn in 1QFY12 (our FY12F EBITDA is Rs10.9bn) and EBIT was about
Rs2bn in 1QFY12 (our FY12F EBIT is Rs 8.6bn).
The standalone net profit was Rs942m in 1QFY12 (+45% yoy, flat qoq).
The standalone net debt was about Rs31.2bn as of June 2011 (largely flat qoq). Of this, about
Rs13bn were working capital loans.
Insurance business - Birla Sunlife Insurance (BSLI)
According to the management, the growing size of in force book, lower new business strain,
balanced product mix and better expense management have strengthened the bottom line in
1QFY12. The company posted a net profit of Rs1.4bn in 1QFY12 compared to Rs90m in
1QFY11.
The non-ULIP policies contributed to 47% of new business in 1QFY12. Further, the 13
months persistency ratio was 83% as of 30 June 2011, which contributed to higher renewal
premium (+29% yoy in 1QFY12).
The embedded value (EV) disclosed by the company was Rs41.1bn as of March 2011
(Rs38.2bn as of March 2010). Further, the VNB margin reported was 27.5% in FY11 (22.5%
in FY10). The capital base remained unchanged at Rs24.5bn as of June 2011.
New business premium income was down 32% yoy in 1QFY12 to Rs3.2bn, due to subdued
ULIP sales.
Assets under management were about Rs200bn as of June 2011 (+19% yoy).
AMC business- Birla Sunlife Asset management
The total assets under management (AUM) on an average were Rs714bn in 1QFY12 (+6%
qoq; flat yoy). Of this, equity assets were about Rs140bn (flat qoq; +2% yoy), debt assets
were Rs560bn (+7% qoq; down 2% yoy) and the balance in PMS and real estate fund.
Revenues declined 15% yoy to Rs850m (+29% qoq) in 1QFY12 and the net profit was
Rs180m in 1QFY12 (-44% yoy).
Consolidated performance
On a consolidated basis, the company posted a net profit of Rs2.5bn in 1QFY12 vs net profit
of Rs1.5bn in 1QFY11
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Birla Sunlife disclosed embedded value of Rs41.1bn as of March 2011 compared to Rs38.2bn as
of March 2010. The VNB margin reported was 27.5% in FY11 (+500bps yoy). As regards
manufacturing businesses, the sales momentum continued but margins came under some
pressure.
Manufacturing businesses
Net sales increased 42% yoy to Rs18.6bn in 1QFY12 (+5% qoq).
EBITDA margin was down 220bps yoy (-44bps qoq) to 13.1% in 1QFY12 and EBIT margin
down 145bps yoy (-24bps qoq) to about 10.5%.
EBITDA was Rs2.5bn in 1QFY12 (our FY12F EBITDA is Rs10.9bn) and EBIT was about
Rs2bn in 1QFY12 (our FY12F EBIT is Rs 8.6bn).
The standalone net profit was Rs942m in 1QFY12 (+45% yoy, flat qoq).
The standalone net debt was about Rs31.2bn as of June 2011 (largely flat qoq). Of this, about
Rs13bn were working capital loans.
Insurance business - Birla Sunlife Insurance (BSLI)
According to the management, the growing size of in force book, lower new business strain,
balanced product mix and better expense management have strengthened the bottom line in
1QFY12. The company posted a net profit of Rs1.4bn in 1QFY12 compared to Rs90m in
1QFY11.
The non-ULIP policies contributed to 47% of new business in 1QFY12. Further, the 13
months persistency ratio was 83% as of 30 June 2011, which contributed to higher renewal
premium (+29% yoy in 1QFY12).
The embedded value (EV) disclosed by the company was Rs41.1bn as of March 2011
(Rs38.2bn as of March 2010). Further, the VNB margin reported was 27.5% in FY11 (22.5%
in FY10). The capital base remained unchanged at Rs24.5bn as of June 2011.
New business premium income was down 32% yoy in 1QFY12 to Rs3.2bn, due to subdued
ULIP sales.
Assets under management were about Rs200bn as of June 2011 (+19% yoy).
AMC business- Birla Sunlife Asset management
The total assets under management (AUM) on an average were Rs714bn in 1QFY12 (+6%
qoq; flat yoy). Of this, equity assets were about Rs140bn (flat qoq; +2% yoy), debt assets
were Rs560bn (+7% qoq; down 2% yoy) and the balance in PMS and real estate fund.
Revenues declined 15% yoy to Rs850m (+29% qoq) in 1QFY12 and the net profit was
Rs180m in 1QFY12 (-44% yoy).
Consolidated performance
On a consolidated basis, the company posted a net profit of Rs2.5bn in 1QFY12 vs net profit
of Rs1.5bn in 1QFY11
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