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Punjab Tractors: Stretched valuations

Feb 6, 2004

Punjab Tractors recently reported its third quarter results for the period ending December 2003. As against the trend in the last few quarters, topline grew at a faster clip aided by the recovery in tractor demand. However, considering the low base in the same period last year, the recovery is yet to gather strong momentum to warrant optimism.

(Rs m) 3QFY03 3QFY04 Change 9mFY03 9mFY04 Change
Net sales 1,374 1,665 21.2% 4,320 4,135 -4.3%
Other income - - - 41 32 -22.0%
Expenditure 1,148 1,420 23.7% 3,607 3,622 0.4%
Operating profit (EBDITA) 226 245 8.4% 713 513 -28.1%
Operating profit margin (%) 16.4% 14.7%   16.5% 12.4%  
Interest (net) 40 15 -62.5% 110 79 -28.2%
Depreciation 36 40 11.1% 126 120 -4.8%
Profit before tax 150 190 26.7% 518 346 -33.2%
Extraordinary items - - - - - -
Tax 50 55 10.0% 170 93 -45.3%
Profit after tax/(loss) 100 135 35.0% 348 253 -27.3%
Net profit margin (%) 7.3% 8.1%   8.1% 6.1%  
No. of shares (m) 60.8 60.8   60.8 60.8  
Diluted earnings per share (Rs)* 6.6 8.9   7.6 5.6  
P/E ratio (x)         38.2  
(* annualised)            

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