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IDBI: FY01 profits down 27% - Views on News from Equitymaster
 
 
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  • May 28, 2001

    IDBI: FY01 profits down 27%

    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) FY00 FY01 Change
    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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