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Hindalco Limited posts 15% growth in topline

Apr 27, 2000

Hindalco Limited has posted a 15% growth in topline during the year ended 31st March 2000. The company's bottomline, which has grown by 8%, has benefited largely from the improvement in operating margins. However, the sharp rise in taxation expenditure has moderated the rise in the profits. As a consequence the company's net profit margins have posted a decline of 1%. The company’s performance would have been still better had it not absorbed a one time expenditure of Rs 227.8 m in the current year. The company’s stock trades at a price to earnings (p/e) ratio of 8.8x, which is at a discount to the overall market p/e. The current p/e is also the lowest as compared to the closing p/es of the company the end of FY97, FY98 and FY99. This is despite the fact that aluminium prices and demand have recovered significantly and the prospects of the sector look much better.

(Rs m) FY1999 FY2000 Change
Sales 17,670 20,312 15.0%
Other Income 1,445 1,387 -4.0%
Expenditure 9,895 11,140 12.6%
Operating Profit (EBDIT) 7,775 9,172 18.0%
Operating Profit Margin (%) 44.0% 45.2%  
Interest 836 597 -28.6%
Depreciation 1,246 1,354 8.7%
Profit before Tax 7,138 8,608 20.6%
Tax 1,470 2,485 69.0%
Profit after Tax/(Loss) 5,668 6,123 8.0%
Net profit margin (%) 32.1% 30.1%  
Earnings per share* 76 82 7.9%
(annualised)      

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