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Tisco: Realisations 'sans' volumes growth

May 20, 2004

TISCO, the largest domestic private sector steel company, has continued its splendid financial performance by reporting a robust growth in topline as well as bottomline for the March 2004 quarter as well as for the full year (FY04). For the full year, TISCO's topline has increased by 23% while its bottomline has grown by a strong 73%. What is commendable about the performance is the continuous improvement in operating margins of the company, which have improved by 630 basis points in FY04 to almost 33%. The company has declared a 100% dividend for FY04.

(Rs m) 4QFY03 4QFY04 Change FY03 FY04 Change
Net Sales 26,648 32,003 20.1% 87,213 107,024 22.7%
Other Income 130 398 206.9% 504 1,405 178.8%
Expenditure 18,664 20,168 8.1% 64,193 72,070 12.3%
Operating Profit (EBDIT) 7,984 11,834 48.2% 23,020 34,954 51.8%
Operating Profit Margin (%) 30.0% 37.0%   26.4% 32.7%  
Interest 578 (710) -222.8% 3,048 1,222 -59.9%
Depreciation 1,328 1,856 39.8% 5,555 6,251 12.5%
Profit before Tax 6,207 11,087 78.6% 14,921 28,886 93.6%
Extraordinary items (145) (1,384)   (2,296) (2,227)  
Tax 1,372 3,413 148.9% 2,502 9,197 267.6%
Profit after Tax/(Loss) 4,691 6,289 34.1% 10,123 17,462 72.5%
Net profit margin (%) 17.6% 19.7%   11.6% 16.3%  
No. of Shares 368.0 369.2   368.0 369.2  
Diluted Earnings per share*   68.1     47.3  
P/E Ratio         6.8  
(* annualised)            

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