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CMC: Slow and steady

May 3, 2001

CMC has recored a 17% growth in topline for FY01. While the growth in the topline has not be so signficant the net profit has jumped by an impressive 92%. The company has managed to improve its operating margins by 200 basis points for FY01. This is mainly due to the staff costs of the company coming down from 23% of revenues in FY00 to 18% in FY01.

(Rs m) FY00 FY01 Change
Net Sales (Gross - Excise) 4,571 5,342 16.9%
Other income 117 180 54.2%
Expenditure 4,388 5,020 14.4%
Operating Profit (EBDIT) 182 322 76.9%
Operating Margin (%) 4.0% 6.0%  
Interest 31 29 -8.0%
Depreciation 61 83 36.5%
Profit before tax 207 391 36.5%
Tax 80 146 82.8%
Profit after tax 127 245 92.6%
Net profit margin (%) 10.9% 4.6%  
No of shares 15.2 15.2  
FDEPS 10.7 16.1 50.9%
P/E (X)   15.7  

At a current market price of Rs 253, the stock is trading at a P/E multiple of 16 times its FY01 earnings.


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