Subsequent to the end of the quarter and approval of shareholders through postal ballot, the Company has allotted 5052000 bonus shares at 1:1. The new share capital is Rs 10.1 crore.

The company has begun solar energy project - generation and manufacturing. As of now, the company has begun to execute orders for solar power generation as the company has knowledge on assembling and installing power panels as it has done at all its facilities (rooftop panels). It plans to set up assembly line in Coimbatore, Tamil Nadu. The company's initial investment was Rs 25 crore. It would venture into on ground solar power generation soon.

Quarterly Performance (Standalone)

Numeric Power Systems has reported 14% rise in net sales at Rs 117.35 crore for the quarter ended September 2009. The operating margins improved 360bps at 11.5%. As a % of sales (net of stock adjustments), purchase of traded goods dipped 390bps at 27% and other expenditure was down 260bps at 10.3%. Whereas, consumption of raw material consumed increased 10bps at 41.3% and employee cost increased 180bps at 9.3%.

Operating profits grew 67% at Rs 13.50 crore. The other income for the quarter increased 180% at Rs 1.35 crore. The interest cost decreased 39% at Rs 0.83 crore and depreciation charge increased 42% at Rs 1.22 crore. The resultant PBT increased 102% at Rs 12.80 crore.

Tax provision for the quarter increased 96% at Rs 2.91 crore with effective tax rate down 70bps at 22.7%. The resultant PAT more than doubled at Rs 9.89 crore up 103%.

Half Yearly Performance (Standalone)

For the half year ended September 2009, net sales grew 8% at Rs 208.47 crore. The operating margins improved 170bps at 11.7%. As a % of sales (net of stock adjustments), purchase of traded goods dipped 440bps at 24.3% and other expenditure dipped 330bps at 10.1% whereas consumption of raw material increased 430bps at 44.5% and employee costs was up 130bps at 9.3%.

The resultant operating profits grew 28% at Rs 24.41 crore. Other income increased 295% at Rs 3.24 crore. Interest outgo was down 43% at Rs 1.44 crore and 34% increase in depreciation charge at Rs 2.30 crore, the resultant PBT grew 52% at Rs 23.91 crore. EO income of Rs 6.44 crore for the corresponding period previous year pertains to gain on transfer of share in the to the other partner Socomec SA, France. PBT after EO was up 8% at Rs 23.91 crore. Tax provision increased 35% at Rs 5.96 crore. The resultant PAT stood at Rs 17.95 crore up 1%. PAT before EO was up 59% at Rs 17.95 crore.

Shareholding Pattern

As of September 30, 2009, total foreign investors hold 0.63% (0.81% at the end of sequential quarter), Promoters hold 63.19% (63.18% at the end of sequential quarter), MFs/FIs & Banks hold 6.24% (8.04% at the end of sequential quarter), and others hold 29.96% (27.98% at the end of sequential quarter). None of the shares of promoter/promoters group are pledged.

The shares of the Company are trading at Rs 225.30 which discounts the standalone TTM EPS of Rs 33.4 by 6.8 times.