Hoechst reports net profit of Rs 239 m - Views on News from Equitymaster

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Hoechst reports net profit of Rs 239 m

Mar 7, 2001

Hoechst Marion Roussel (HMR) has reported a net profit of Rs 239 m in the nine month ended December 31, 2000. The company reported a net sales of Rs 3.8 bn during the same period.

(Rs m) FY01
Net sales 3,797
Other Income 57
Expenditure 3,234
Operating Profit (EBDIT) 563
Operating Profit Margin (%) 14.8%
Interest 28
Depreciation 90
Profit before Tax 502
Exceptional item 149
Tax 114
Profit after Tax/(Loss) 239
Net profit margin (%) 6.3%
No. of Shares (eoy) (m) 23.0
Earnings per share* 13.9
(annualised)  
Current P/e ratio 35.1
HMR is a 51% subsidiary of the $ 14.6 bn Aventis (formed with the merger of HMR AG and Rhone Poulenc). The company has been one of the respected multinational pharmaceutical companies operating in India being the fourth largest player in the domestic market with strong products and a diversified product mix. The company’s brands such as Combiflam, Daonil, Avil, Soframycin, Baralgan–M and Novalgin are household names.

Hoechst has changed its financial year from April-March to January-December. Hence its nine month results are not comparable with the figures of the previous financial year ended March 2000. In FY00, Hoechst had reported a net profit of Rs 275 m, on the back of net sales of Rs 4.8 bn.

The company had restructured its operations after the merger with Roussel. It sold two of its plants in high cost Mumbai and shifted to relatively low cost areas such as Goa (formulations plant) and Ankleshwar (bulk drugs production). The other income includes the proceeds from the sale of one of the plants in Mumbai. Besides, it also sold of its tailend brands such as Omnatax and Haemaccel to Nicholas Piramal last year.

The exceptional items include income from sale of land and surrender of tenancy rights. It also includes ammortisation expenses for VRS, and marketing and technical rights.

At the current price of Rs 486 the stock trades at a P/e multiple of 35 times its annualised nine month FY01 earnings.

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