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Nalco's remarkable performance

Feb 1, 2001

Aluminium PSU, Nalco has recorded a 22% growth in bottomline during the third quarter of the current fiscal year. The company has benefited largely from the growth in realisations, higher value addition in output and cost savings.

(Rs m) 3QFY00 3QFY01 Change 9m FY00 9m FY01 Change
Sales 5,031 6,069 20.6% 14,552 17,331 19.1%
Other Income 304 455 49.6% 862 1,174 36.2%
Expenditure 2,684 3,130 16.6% 8,458 9,113 7.8%
Operating Profit (EBDIT) 2,347 2,939 25.3% 6,095 8,218 34.8%
Operating Profit Margin (%) 46.6% 48.4%   41.9% 47.4%  
Interest (76) 243   390 732 87.5%
Depreciation 705 719 2.0% 2,109 2,165 2.7%
Profit before Tax 2,022 2,432 20.3% 4,457 6,494 45.7%
Tax 444 512 15.2% 1,099 1,546 40.7%
Profit after Tax/(Loss) 1,578 1,920 21.7% 3,358 4,949 47.4%
Net profit margin (%) 31.4% 31.6%   23.1% 28.6%  
No. of Shares (eoy) 644.3 644.3   644.3 644.3  
Diluted Earnings per share* 9.79 11.92   6.93 10.21  
P/E ratio 4.6 3.8   6.6 4.5  
*(annualised)            

Nalco's operating margins improved sharply by 180 basis points to 48% during the quarter. The company enjoys the highest profit margins amongst the aluminium majors. Its 9 months performance was equally good.

At Rs 46 Nalco is trading at a P/E multiple of 5 times its 9 months annualised earnings. Its valuations are amongst the lowest in the industry owing to its PSU status.

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