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Disappointing results from Hitech Drilling - Views on News from Equitymaster

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Disappointing results from Hitech Drilling

Jan 28, 2000

Hi–Tech Drilling has reported disappoiting results with a 43.6% reduction in the topline accompanied by a 75% decline in the bottomline. The company had only two drilling rigs in operations as against three in the last quarter. Even of the two rigs the contract for one expired on October 22nd, 1999. This is expected to restart in January.

(Rs m) 3QFY2000 3QFY1999 Change
Income from operations 210.2 372.8 -43.6%
Other Income 12.3 13.4 -8.2%
Total Expenditure 127.4 184.5 -30.9%
Interest 5.4 7.1 -23.9%
Depreciation 43.4 43.3 0.2%
Profit before Tax 46.3 151.3 -69.4%
Tax 23.3 57.0 -59.1%
Profit after Tax/(Loss) 23.0 94.3 -75.6%
Net profit margin (%) 10.9% 25.3%  

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