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MIRC: Decline in sales suppresses profits - Views on News from Equitymaster
 
 
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  • Jan 31, 2001

    MIRC: Decline in sales suppresses profits

    Here is yet another proof that the consumer durable industry is facing a miserable year in terms of sales growth. MIRC Electronics has reported a 13.1% decline in sales to Rs 2,163 m in 3QFY01. The slowdown in the economy and unseasonal rainfall has clearly affected volume growth for the industry.

    (Rs m) 3QFY00 3QFY01 Change
    Sales 2,488 2,163 -13.1%
    Other Income 6 32 489.1%
    Expenditure 2,215 1,941 -12.4%
    Operating Profit (EBDIT) 273 221 -18.8%
    Operating Profit Margin (%) 11.0% 10.2%  
    Interest 50 67 35.3%
    Depreciation 15 24 63.3%
    Profit before Tax 214 163 -24.0%
    Tax 41 27 -34.6%
    Profit after Tax/(Loss) 173 136 -21.5%
    Net profit margin (%) 6.9% 6.3%  
    No. of Shares (eoy) (m) 7.0 7.0  
    Diluted number of shares 7.0 7.0  
    Earnings per share* 98.5 77.4  
    *(annualised)      

    Sales for the first nine months of the current year has also declined by 11.3% to Rs 5,448 m. The highly competitive Indian consumer durable industry and rising colour picture tube prices have lowered operating margins. Operating margins declined from 11.0% in 3QFY00 to 10.2% in 3QFY01.

    The stock is trading at Rs 502 at a P/E multiple of 9.7x the annualised nine months earnings.

     

     

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