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Tisco: Momentum continues

Jan 23, 2004

Tisco, the largest private sector steel company in the country has reported strong December quarter results. The company has reported a strong topline growth of 19%, while its bottomline growth has been 61% in the December quarter on a YoY basis. There has been a strong improvement in the company's operating margins also. This is mainly on account of better topline performance, a result ofimprovement in realisations.

(Rs m) 3QFY03 3QFY04 Change 9mFY03 9mFY04 Change
Net sales 22,128 26,320 18.9% 60,566 75,021 23.9%
Other income 121 262 117.8% 374 1,007 169.1%
Expenditure 15,820 17,516 10.7% 45,529 51,902 14.0%
Operating profit (EBDIT) 6,308 8,805 39.6% 15,036 23,120 53.8%
Operating profit margin (%) 28.5% 33.5%   24.8% 30.8%  
Interest 804 597 -25.7% 2,470 1,932 -21.8%
Depreciation 1,437 1,479 2.9% 4,227 4,395 4.0%
Profit before tax 4,188 6,991 66.9% 8,713 17,800 104.3%
Extraordinary items (670) (116)   (2,151) (842)  
Tax 734 2,404 227.4% 1,130 5,784 411.7%
Profit after tax/(Loss) 2,784 4,472 60.6% 5,432 11,173 105.7%
Net profit margin (%) 12.6% 17.0%   9.0% 14.9%  
No. of shares 368.0 369.2   368.0 369.2  
Diluted earnings per share* 30.3 48.5   19.7 40.4  
P/E Ratio         10.2  
(* annualised)            

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