Asian Electronics (BSE code 503940) is currently trading close to its 52 week iow at Rs 51.55 (52 week high/low Rs 976.00/43.10). AEL is involved in design, manufacturing and marketing of energy efficient products and specialises in lighting solutions. On the financial front, the company hasn’t provided the results for year ended FY08 as well as Q4FYO8. However, during Q1FYO9, the company has recorded a topline of Rs 42.87 crore (Ks 83.85). This is a drastic YoY fall of 48.87 per cent. ‘While for the same period, the bottomline stood at Rs 1.77 crore (Ks 28.44 crore), giving a YoY decline of 93.78 per cent.
One has to also note that the company’s topline and bottomline from QIFYO8 has seen a radical dedine on sequential QoQ basis, as the company has presently discontinued the business of plant and machines. The company still hasn’t filed its results for FY08 with any of the stock exchanges and has sought extension of time up to November 30, 2008 in this regard. We even tried to contact the management to get the reasons for the sharp fall in the company’s topline as well as bottomline in recent years as well as other issues. But the management wasn’t available for any comments on the same. The company has even recorded a sharp fall in its margins on YoY basis. The scrip touched its 52 week low of Ks 43.10 on September 30, 2008 and is currently trading at a P/E of 2. 16x of its nine months ended FY08 earnings and P/BV of 0.44. Due to non -availability of FY 2008 numbers and fact that company saw substantial dedine in sales & net profit, we would suggest booking losses.
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