Pfizer: FY02 net rises 20% - Views on News from Equitymaster

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Pfizer: FY02 net rises 20%

Jan 29, 2002

Pfizer has declared a net profit growth of 20% for the year ended November'01 as against 11% growth in sales. There is has been a marginal rise in operating margins of the company to 7.2% from 6.3% last year. Equity captial has gone up due to bonus issue last year.

(Rs m) FY01 FY02 % Change
Sales 2,878 3,206 11.4%
Other Income 516 615 19.1%
Expenditure 2,696 2,977 10.4%
Operating Profit (EBDIT) 182 230 26.1%
Operating Profit Margin (%) 6.3% 7.2% 13.1%
Interest 4 3 -29.7%
Depreciation 68 72 5.9%
Profit before Tax 627 770 22.8%
Tax 232.5 295.3 27.0%
Profit after Tax/(Loss) 395 475 20.3%
Net profit margin (%) 13.7% 14.8%  
No. of Shares (eoy) (m) 11.7 23.4  
Diluted Earnings per share* 33.7 20.3  
P/E (at current price) 21.1  
(*- annualised)    

Other Income includes service income of Rs 483 m a rise of 14% over previous year. The marginal rise in margins seems to be on the back of new products, especially Magnex and Hepashield. However, even in new product launches the company is facing stiff price competition. The rise in margins has also been helped by presence of VRS cost in last year to the tune of Rs 23.9 m.

At the current market price of Rs 458, the stock is trading at a P/e of 21x FY02 earnings. The company has declared 50% dividend for the year.


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