IDBI: FY01 profits down 27% - Views on News from Equitymaster

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IDBI: FY01 profits down 27%

May 28, 2001

IDBI has reported a 27% drop in net profits to Rs 6.9 bn for the year ended March '01 on the back of a sharp decline in other income and operating margins.

(Rs m)FY00FY01Change
Income from Operations 76,191 76,713 0.7%
Other Income 2,405 1,635 -32.0%
Interest Expanded 63,700 65,949 3.5%
Operating Profit (EBDIT) 12,491 10,764 -13.8%
Operating Profit Margin (%)16.4%14.0% 
Other Expenses 2,494 2,761 10.7%
Depreciation 2,132 2,298 7.8%
Profit before Tax 10,270 7,340 -28.5%
Tax 800 430 -46.3%
Profit after Tax/(Loss) 9,470 6,910 -27.0%
Net profit margin (%)12.4%9.0% 
Number of shares (eoy) 660 653  
Diluted Earnings per share 14.5 10.6  
P/E (at current price)  2.4  

IDBI's interest income witnessed a marginal growth of 1% indicating the pressure on its business due to competitive scenario. However, operating expenses including depreciation increased by 9%. One of the reason could be attributed to 13% rise in staff cost in FY01.

During the year IDBI made capital gain of Rs 3.6 bn on sale of its 51% stake in SIDBI. It has announced a bonus in the ratio of 3:5 and declared a dividend of Rs 4.5 per share on the increased share capital.

At the current market price of Rs 24 IDBI is trading at a P/E of 2.4 times FY01 earnings. Its Price/Book value ratio of 0.2 times is indicative of its deteriorating financial health.

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