ICI India operating margin decline marginally - Views on News from Equitymaster

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ICI India operating margin decline marginally

May 2, 2000

ICI India Limited has posted a marginal increase of 4.2% rise in turnover during the year ended 31st March 2000. But the operating profit margin has come down from 10.6% to 10.3% in FY2000 due to the increase in raw material cost.Lower interest outflow prevented the company's bottomline from declining sharply. The exceptional items include the sale of its explosives business for Rs 223.6 m, disposal of surplus properties for Rs 841.9 m. This is offset by the provision for VRS and stamp duty payable. With the company's plan to sell its fertiliser business on cards, the lengthy restructuring exercise is in its final stages.

The stock is currently trading at Rs 119 at a P/E multiple of 75.6 compared to the previous year's P/E of 140 times.

(Rs m) FY99 FY00 Change
Sales 8,635 8,999 4.2%
Other Income 68 56 -17.3%
Expenditure 7,715 8,076 4.7%
Operating Profit (EBDIT) 920 923 0.4%
Operating Profit Margin (%) 10.6% 10.3%  
Interest 276 155 -43.7%
Depreciation 242 233 -3.6%
Profit before Tax 470 591 25.8%
Other Adjustments 289 52 -82.0%
Tax 145 - -100.0%
Profit after Tax/(Loss) 614 643 4.8%
Net profit margin (%) 7.1% 7.1%  
Earnings per share* 1.50 1.57  
(annualised)      

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