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Our Bureau

New Delhi , April 30

MOSER BAER India Ltd on Friday reported a 36.73 per cent rise in net profit at Rs 324.43 crore for the financial year ended March 2004.

The company's revenues grew 46 per cent from Rs 1,085.5 crore in 2002-03 to Rs 1,585.7 crore in the recently concluded financial year.

But pricing pressure on the global optical storage media industry saw Moser Baer's net profit for the fourth quarter of 2003-04 drop 13.6 per cent to Rs 73.44 crore compared with Rs 84.99 crore in the previous quarter. "During the fourth quarter of 2003-04, the global optical storage media industry started to experience pricing pressure for its products, mainly caused by major original equipment manufacturer customers reducing their purchase volume," the Moser Baer Executive Director, Mr Ratul Puri, said in a statement.

Total income during the quarter increased marginally to Rs 369.97 crore from Rs 356.25 crore previously.

The company announced that it would no longer provide annual earnings guidance and instead provide a medium-term (three-year) revenue growth guidance.

Over the next three years, Moser Baer expects to grow its revenue at an annual compounded growth rate (CAGR) of 25-35 per cent on the back of expected growth in sales from the DVD segment.

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