Neyveli: What went wrong in 3QFY04 - Views on News from Equitymaster

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Neyveli: What went wrong in 3QFY04

Feb 25, 2004

Like other private power companies, Neyveli Lignite, has also laid out big expansion plans. The company intends to more than double its power generation capacity over the next 3 to 5 years. The stock has given good returns in 2003. However, due to lacklustre results in 3QFY04 the stock has lost around 35% in the past one month. The topline of the company declined by around 14% during the quarter. However, the bottomline of the company dipped by around 34% in the December quarter. Let's have a detailed look at the results of the company.

(Rs m) 3QFY03 3QFY04 Change 9mFY03 9mFY04 Change
Net sales 6,698 5,758 -14.0% 17,575 18,228 3.7%
Other income 329 896 172.0% 1,219 5,290 333.8%
Expenditure 3,243 3,224 -0.6% 8,245 11,309 37.2%
Operating profit (EBDITA) 3,455 2,534 -26.7% 9,330 6,919 -25.8%
Operating profit margin (%) 51.6% 44.0%   53.1% 38.0%  
Interest 4 224 5507.5% 20 546 2701.0%
Depreciation 543 1,077 98.5% 1,774 3,485 96.5%
Profit before tax 3,238 2,128 -34.3% 8,756 8,177 -6.6%
Tax 1,377 905 -34.2% 3,270 1,335 -59.2%
Profit after tax/(loss) 1,861 1,223 -34.3% 5,486 6,842 24.7%
Net profit margin (%) 27.8% 21.2%   31.2% 37.5%  
No. of shares (m) 1,677.7 1,677.7   1,677.7 1,677.7  
Diluted earnings per share (Rs)* 4.4 2.9   4.4 5.4  
P/E ratio (x)         9.7  
(* annualised)            

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