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SBCH: 22% topline growth in FY01

Feb 2, 2001

Malted beverages major, Smithkline Beecham Consumer Healthcare Limited (SBCH), has posted a net profit of Rs 317 m in its fourth quarter ended December 31, 2000. This is only 5% up as compared to a net profit of Rs 301 m in the quarter ended December 31, 1999.

(Rs m) FY00 FY01 Change
Sales Turnover 7,057 8,583 21.6%
Other Income 239 289 20.9%
Total Income 7,296 8,873 21.6%
Profit after Tax/(Loss) 976 1,120 14.8%
Net profit margin (%) 13.8% 13.1%  
No. of Shares (eoy) (m) 45.4 45.4  
Diluted Earnings per share* 21.5 24.7  
Current P/e ratio   15.8  

However, the company's total income was higher by 31% to Rs 2.5 bn in 4QFY01. The company's annual performance was however, much better. In FY01, SBCH showed a 15% growth in bottomline and a 22% growth in topline.

SBCH is one of the few FMCG companies to show double digit growth in turnover on an annualised basis. The company's performance would have been much better but for its relatively poor 4QFY01 performance.

The poor performance in 4QFY01 also signals that the slowdown in consumption has started nagging SBCH. At the current levels, the SBCH stock quotes at a P/e multiple of 15.8 times its FY01 earnings. However, the bourses will now keenly watch the performance of SBCH in the coming months, so as to determine whether the poor performance in 4QFY01 was a freak incident, or such performances are likely to recur.

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