Punjab Tractors: Further stepdown - Views on News from Equitymaster

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Punjab Tractors: Further stepdown

Jan 31, 2003

Punjab tractors (PtrA) has posted a sharp fall both in revenues and profitability for the third quarter ended December 2002. The decline in sales has to be viewed in the context of destocking exercise that the company has undertaken over the last nine months.

(Rs m) 3QFY02 3QFY03 Change 9mFY02 9mFY03 Change
Net sales 2,325 1,374 -40.9% 6,915 4,320 -37.5%
Other Income - - - 37 41 10.8%
Expenditure 1,874 1,148 -38.7% 5,572 3,607 -35.3%
Operating Profit (EBDIT) 451 226 -49.9% 1,343 713 -46.9%
Operating Profit Margin (%) 19.4% 16.4%   19.4% 16.5%  
Interest 30 40 33.3% 68 110 61.8%
Depreciation 43 36 -16.3% 131 126 -3.8%
Profit before Tax 378 150 -60.3% 1,181 518 -56.1%
Tax 112 50 -55.4% 351 170 -51.6%
Profit after Tax/(Loss) 266 100 -62.4% 830 348 -58.1%
Net profit margin (%) 11.4% 7.3%   12.0% 8.1%  
No. of Shares (m) 60.8 60.8   60.8 60.8  
Diluted Earnings per share (Rs)* 17.5 6.6   18.2 7.6  
P/E ratio (x)         18.7  
(*annualised)            

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