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BSES 3QFY01 net dips 5%

Jan 30, 2001

BSES Limited, India's leading power generation and distribution company, has recorded a 5% decline in its 3QFY01 bottomline to Rs 769 m. The company's turnover growth was a marginal 7% during the period. A 36% jump in its expenditure pruned its bottomline.

(Rs m) 3QFY00 3QFY01 Change 9m FY00 9m FY01 Change
Sale of electrical energy 5,103 5,466 7.1% 14,558 16,735 15.0%
EPC, Contracts, Computer Service Income 426 1,336 213.8% 3,202 3,592 12.2%
Other Income 180 210 16.8% 589 581 -1.2%
Expenditure 4,070 5,544 36.2% 13,424 16,395 22.1%
Operating Profit (EBDIT) 1,459 1,257 -13.8% 4,336 3,933 -9.3%
Operating Profit Margin (%) 28.6% 23.0%   29.8% 23.5%  
Interest 198 145 -26.7% 666 507 -23.8%
Depreciation 472 494 4.6% 1,416 1,444 1.9%
Profit before Tax 969 829 -14.5% 2,842 2,563 -9.8%
Tax 160 60 -62.5% 640 330 -48.4%
Profit after Tax/(Loss) 809 769 -5.0% 2,202 2,233 1.4%
Net profit margin (%) 15.9% 14.1%   15.1% 13.3%  
No. of Shares (eoy) (m) 137.9 137.9   137.9 137.9  
Earnings per share*       21.3 21.6  
*(annualised)            
Current P/e ratio         10.5  

The company's increasing cost of electrical energy purchased continued to be its bane. The cost of electrical energy jumped 40% during the quarter to Rs 2,627 m.

On the operational front however, the company managed to prune its interest costs by 27% in 3QFY01, and by 24% on a nine month consolidated basis. Another redeeming factor in its 3QFY01 results was a whopping 214% jump in the income from EPC, contracts and the computer division.

On a nine month consolidated basis, the company's sale of electricity revenues improved by 15%, and its bottomline showed a small improvement of 1% YoY.

At the current price of Rs 226, the stock trades at a P/e multiple of 10.5 times its nine month annualised FY01 earnings.

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