Kochi Refineries: Northward shift - Views on News from Equitymaster

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Kochi Refineries: Northward shift

May 3, 2004

Kochi Refineries declared robust results for FY04 with the topline showing an improvement of 7%, while the bottomline for the full year has grown by 22% as compared to the last fiscal. On a quarterly basis, the topline has grown by a decent 10%, while the bottomline has declined by a huge 28% YoY as compared to the corresponding period previous fiscal.

(Rs m) 4QFY03 4QFY04 Change FY03 FY04 Change
Net sales 27,483 30,123 9.6% 92,336 98,921 7.1%
Other income 168 350 108.3% 319 594 86.2%
Expenditure 22,673 26,083 15.0% 83,587 88,854 6.3%
Operating profit (EBDITA) 4,810 4,040 -16.0% 8,749 10,067 15.1%
Operating profit margin (%) 17.5% 13.4%   9.5% 10.2%  
Interest 291 90 -69.1% 949 398 -58.1%
Depreciation 291 290 -0.3% 1,154 1,165 1.0%
Profit before tax 4,396 4,010 -8.8% 6,965 9,098 30.6%
Extraordinary items - - #DIV/0! - - #DIV/0!
Tax 1,490 1,906 27.9% 2,405 3,547 47.5%
Profit after tax/(loss) 2,906 2,104 -27.6% 4,560 5,551 21.7%
Net profit margin (%) 10.6% 7.0%   4.9% 5.6%  
No. of shares (m) 138.5 138.5   138.5 138.5  
Diluted earnings per share (Rs)* 83.9 60.8   32.9 40.1  
P/E ratio (x)         5.0  
(* annualised)            

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