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- Jan 30, 2001 - BSES 3QFY01 net dips 5%
BSES 3QFY01 net dips 5%
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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