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Indian Rayon: Not impressive

Feb 9, 2004

AV Birla Group Company, Indian Rayon, reported a reported a lack luster results for the 3QFY04. Though the topline of the company grew by 11% YoY in 3QFY04, due to extraordinary income in the same quarter last year i.e. 3QFY03, the bottomline has declined by 29%. However, excluding extraordinary earning effect, the bottomline of the company is marginally higher in 3QFY04.

(Rs m) 3QFY03 3QFY04 Change 9mFY03 9mFY04 Change
Net sales 3,705 4,112 11.0% 11,082 11,766 6.2%
Other income 105 53 -49.5% 216 192 -11.1%
Expenditure 3,094 3,491 12.8% 9,260 9,894 6.8%
Operating profit (EBDITA) 611 621 1.6% 1,822 1,872 2.7%
Operating profit margin (%) 16.5% 15.1%   16.4% 15.9%  
Interest 106 47 -55.7% 360 187 -48.1%
Depreciation 206 202 -1.6% 613 667 8.8%
Profit before tax 405 425 5.0% 1,065 1,210 13.6%
Extraordinary items 115 -   115 200 73.9%
Tax 119 139 16.5% 306 372 21.6%
Profit after tax/(loss) 401 286 -28.6% 874 1,038 18.8%
Net profit margin (%) 10.8% 7.0%   7.9% 8.8%  
No. of shares (m) 59.9 59.9   59.9 59.9  
Diluted earnings per share (Rs)* 26.7 19.1   19.5 23.1  
P/E ratio (x)   11.1     9.2  
(* annualised)            

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