Sri Adhikari: Write off of production costs hit net - Views on News from Equitymaster

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  • Jan 31, 2001 - Sri Adhikari: Write off of production costs hit net

Sri Adhikari: Write off of production costs hit net

Jan 31, 2001

Sri Adhikari has declared a 16% drop in net profits despite a 128% rise in its turnover for the third quarter. The hit to the bottomline is primarily due to the charge of the costs of production in the quarter to the income statement. Earlier, the company followed a deferred accounting policy for writing off its costs of production.

(Rs m) 3QFY00 3QFY01 Change
Sales 119 271 128.0%
Other Income   4  
Expenditure 60 224 271.2%
Operating Profit (EBDIT) 58 46 -20.3%
Operating Profit Margin (%) 49.1% 17.2%  
Interest 2 3  
Depreciation 2 3 39.9%
Profit before Tax 54 44 -18.7%
Other Adjustments      
Tax 4 2  
Profit after Tax/(Loss) 51 42 -16.4%
Net profit margin (%) 42.5% 15.6%  
Earnings per share* 24.03 20.09  

The stock quotes at a price of Rs 174, which implies an earnings multiple of 8.7 times FY01 annualised earnings.

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