SBCH: 22% topline growth in FY01 - Views on News from Equitymaster

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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)FY00FY01Change
Sales Turnover7,0578,58321.6%
Other Income23928920.9%
Total Income7,2968,87321.6%
Profit after Tax/(Loss)9761,12014.8%
Net profit margin (%)13.8%13.1% 
No. of Shares (eoy) (m)45.445.4 
Diluted Earnings per share*21.524.7 
*(annualised)   
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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