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Tata Finance: Net profits down 25%

Feb 1, 2001

Tata Finance' operating margins improved for the second consecutive quarter in 3QFY01 on the back of lower interest cost. However, higher depreciation charge and other expenses apart from a drop of 50% in other income hit the bottomline of the company. The company's net profits during the quarter declined by 25%.

(Rs m) 2QFY00 2QFY01 Change
Operating Income 1,242 1,433 15.4%
Other Income 204 88 -57.0%
Interest Expenses 862 932 8.1%
Operating Profit (EBDIT) 380 502 31.9%
Operating Profit Margin (%) 30.6% 35.0%
Other expenses 157 210 33.8%
Depreciation 182 192 5.8%
Profit before Tax 246 188 -23.7%
Provisions & write offs 69 64 -6.8%
Tax 40 20 -48.9%
Profit after Tax/(Loss) 137 103 -24.9%
Net profit margin (%) 11.0% 7.2%
No. of Shares (eoy) (m) 40.82 45.48
Diluted Earnings per share* 12.0 9.0
P/E (at current price) 4 6
*(annualised)

At the current market price of Rs 50 Tata Finance is trading at a P/E of 6 times its 3QFY01 annualised earnings with a Price/Book value ratio of 0.5 times.

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