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Rhone Poulenc: Net down 10% - Views on News from Equitymaster
 
 
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  • May 2, 2001

    Rhone Poulenc: Net down 10%

    Rhone Poulenc (I) Ltd. has declared a drop in net profit to Rs 332 m for the year ended March 2001 as against 369 m in the corresponding previous period. Though sales increased by 11.6%, operating margins were drastically down to 16.0% from 20.5% in the previous year. But for an extraordinary gains of Rs 14 m, net profits were down 14%.

    (Rs m) FY00 FY01 Change
    Sales 2,357 2,629 11.6%
    Other Income 96 128 32.8%
    Expenditure 1,874 2,209 17.9%
    Operating Profit (EBDIT) 483 420 -13.0%
    Operating Profit Margin (%) 20.5% 16.0% -22.0%
    Interest 5 4 -20.0%
    Depreciation 28 28 0.0%
    Profit before Tax 546 516 -5.5%
    Extraordinary Income - 14 -
    Tax 177 198 11.9%
    Profit after Tax/(Loss) 369 332 -10.1%
    Net profit margin (%) 15.7% 12.6%  
    No. of Shares (eoy) (m) 4.5 4.5  
    Diluted Earnings per share* 82.0 73.7  
    P/E (at current price) 5.6 6.3  
    (*- annualised)      

    At the current market price of Rs 462, the stock is trading at P/e of 6.3 times its FY01 earnings. Recently, the company merged with Nicholas Piramal in the ratio of 7:4. Currently, Nicholas Piramal is trading at Rs 295. Thus, the current market price of Rhone is at a discount to 10%, considering the merger ratio.

     

     

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