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Hoechst Marion : Profit Before Tax Zooms 69% - Views on News from Equitymaster
 
 
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  • Apr 27, 2001

    Hoechst Marion : Profit Before Tax Zooms 69%

    Hoechst Marion Roussel Ltd has posted a net profit of Rs 211m for the quarter ended March 31, 2001, as compared to Rs 132 m for the corresponding period last fiscal. Net sales increased by 10.8% to Rs 1,178 m in the quarter ended March 31, 2001.Profit Before Tax zoomed up 69.4%.

    (Rs m) 1Q00 1Q01 Change
    Sales 1,172 1,298 10.8%
    Other Income 9 40 344.4%
    Expenditure 1,025 1,105 7.8%
    Operating Profit (EBDIT) 147 193 31.3%
    Operating Profit Margin (%) 12.5% 14.9%  
    Interest 15 7 -53.3%
    Depreciation 30 38 26.7%
    Profit before Tax 111 188 69.4%
    Other Adjustments 79 110  
    Tax 58 87 50.0%
    Profit after Tax/(Loss) 132 211 59.8%
    Net profit margin (%) 11.3% 16.3%  
    No. of Shares (eoy) (m) 23 23  
    Diluted Earnings per share* 23.0 36.7  
    P/E (at current price)   11.7  
    (*- annualised)      

    While domestic net sales grew by 14.6% over the same quarter last year, exports registered a growth of 18%. The growth was on the back of strong performance of its brands led by Cardace (96 per cent), Allegra (61 per cent) and Amaryl (66 per cent). Other leading brands such as Rabipur and Daonil continued to grow well and remained market leaders.

    Besides, growth of strategic brands and product mix operating margins grew as a result of better allocation of marketing spend and rationalising of staff cost which declined by 15% over the same period last year. Manufacturing and supply chain efficiencies have also contributed significantly to the earnings growth.

    At the current market price of Rs 430, the stock is trading at 26 times its expected earnings for FY2001 (excl. extraordinary items)

     

     

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