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Sterlite Ind: Strong performance… - Views on News from Equitymaster
 
 
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  • Apr 26, 2001

    Sterlite Ind: Strong performance…

    Sterlite Industries, the controversial suitor of Bharat Aluminium, has reported its third quarter results for FY01.

    (Rs m) 3QFY00 3QFY01 Change 9m FY00 9m FY01 Change
    Net Sales 5,279 6,662 26.2% 13,993 21,665 54.8%
    Other Income 48 50 4.1% 166 193 16.3%
    Expenditure 4,561 5,869 28.7% 12,050 19,158 59.0%
    Operating Profit (EBDIT) 718 793 10.4% 1,943 2,507 29.0%
    Operating Profit Margin (%) 13.6% 11.9%   13.9% 11.6%  
    Interest 370 265 -28.4% 892 884 -0.9%
    Depreciation 185 221 19.3% 554 661 19.4%
    Profit before Tax 211 358 69.2% 663 1,155 74.1%
    Tax - 37   - 103  
    Profit after Tax/(Loss) 211 321 51.9% 663 1,052 58.7%
    Net profit margin (%) 4.0% 4.8%   4.7% 4.9%  
    No. of Shares (eoy) (m) 44.5 55.9   44.5 55.9  
    Diluted earnings per share* 15.1 23.0   15.8 25.0  
    P / E ratio   4.6     4.3  
    *annualised            

    The sales of the company have increased substantially for 9m FY01, which is mainly due to copper prices remaining firm in the first half of the company's financial year. Also, the company initiated a two phase de-bottlenecking programme in FY01 to increase capacity by 50,000 tonnes per year. The increased capacity was scheduled to be completed by March '01. The added capacity could have also contributed to the topline growth. However, over the last three quarters sales have been sliding.

    The rise in operating profits seem to be driven largely by increased sales as OPM have declined by 170 basis points in 3QFY01. However, over the last three quarters of FY01 the OPM has increased by 110 basis points from 10.8% to 11.9%.

    Interest costs QoQ have also been declining. In the past two quarters the interest costs have declined YoY. The effective tax rate for the company works out to 9%.

    At Rs 106.5 the company trades on a multiple of 4.6x 3QFY01 annualised earnings and 4.3x 9m FY01 annualised earnings.

     

     

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