GTL: Chugging along - Views on News from Equitymaster

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GTL: Chugging along

Jan 27, 2003

On the back of a small 3% sequential topline growth, GTL has posted a 24% growth in consolidated net profits. This is due to the fact the company had written off Rs 18 m from 2QFY03 net profits, consequently lowering earnings in the previous quarter. Excluding the write off, the net profits have grown by 11% QoQ. While the company's operating margins have not improved and have infact fallen, the bottomline growth has outpaced topline growth due to higher other income and lower depreciation.

(Rs m) 2QFY03 3QFY03 Change 9mFY02 9mFY03 Change
Net Sales 1,517 1,568 3.4% 4,084 4,515 10.5%
Other Income 10 22 108.7% 419 109 -73.9%
Expenditure 1,082 1,143 5.6% 3,012 3,233 7.3%
Operating Profit (EBDIT) 435 425 -2.2% 1,073 1,282 19.5%
Operating Profit Margin (%) 28.7% 27.1%   26.3% 28.4%  
Interest - -   - -  
Depreciation 262 220 -16.2% 670 735 9.6%
Profit before Tax 183 227 24.1% 822 657 -20.1%
Extraordinary items (18) -   74 (18)  
Tax 6 30   85 37 -56.3%
Profit after Tax/(Loss) 159 197 23.6% 810 601 -25.8%
Net profit margin (%) 10.5% 12.6%   19.8% 13.3%  
No. of Shares 70.7 70.7   70.7 70.7  
Diluted Earnings per share* 9.0 11.1   22.9 17.0  
P/E Ratio   6.4     4.2  
(* annualised)            

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