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Century: Net zooms 340%

Feb 5, 2001

A doubling of operating margins helped Century Textiles post a 340% gain in net profits for the quarter ended 31st December 2000.

(Rs m) 3QFY00 3QFY01 Change
Sales 5,053 5,764 14.1%
Other Income 317 181 -43.0%
Expenditure 4,792 5,168 7.9%
Operating Profit (EBDIT) 261 596 128.7%
Operating Profit Margin (%) 5.2% 10.3%  
Interest 352 500 42.1%
Depreciation 216 188 -13.1%
Profit before Tax 9 89 875.8%
Other Adjustments 11 -  
Tax 0 0 -12.5%
Profit after Tax/(Loss) 20 89 341.9%
Net profit margin (%) 0.2% 1.5%  
No. of Shares (eoy) 93.1 93.1  
Diluted Earnings per share#* 0.86 3.81 341.9%
*(annualised)      

Century seems to have benefited significantly from an improvement in its cement operations. The company has also undertaken several cost cutting measures which seem to be paying off.

One aspect that needs to be highlighted here is that the company continues to claim exemption for providing for depreciation on several of its assets. Indeed, if the actual depreciation was provided, profitability would be lower.

The stock currently trades at Rs 56, implying a P/e multiple of 15x.


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