Kotak Mahindra's profit jumps 5 times in FY2000 - Views on News from Equitymaster

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Kotak Mahindra's profit jumps 5 times in FY2000

May 30, 2000

Kotak Mahindra Finance Limited (KMFL) has reported 400% jump in its net profits to Rs 611 m in FY2000 over the previous year. Profit margins of the company shot up to 21.7% from 4.9% in the previous period.

(Rs m)FY99FY00Change
Total Income 2,484 2,814 13.3%
Interest Expenses 910 840 -7.7%
Operating Profit (EBDIT) 1,575 1,974 25.4%
Operating Profit Margin (%) 63.4% 70.2%  
Other Expenses 493 502 1.9%
Depreciation 736 566 -23.1%
Profit before Tax 346 906 162.0%
Provision for Tax 224 295 31.7%
Profit after Tax/(Loss) 122 611 401.6%
Net profit margin (%)4.9%21.7% 
Earnings per share (Rs)3.32 16.62 400.6%

There has been significant improvement in the performance of the company over the previous year due to buoyant capital market, growth in the retail financing business and aggressive recovery of the non performing assets.

KMFL is planning to foray into insurance business after satisfying the norms laid down by RBI. In the current year the company has added asset reconstruction division (ARD) which will be assigned to recover the defaulted amount of other corporates. This business will help the company to see growth in its business considering the huge non performing assets in the banking system.

The company's subsidiaries Kotak Mahindra Capital Company (KMCC), Kotak Mahindra Primus (KMP). Kotak Mahindra Asset Management Company (KMAMC) and Matrix Information Services have also performed well during the year.

At the current market price of Rs 72.8, KMFL is trading at Price/Book value ratio of 0.7 times. In the past, the company has enjoyed Price/Book value ratio in the range of 1-3 times. Recently the company has also declared rights in the ratio of 1:4.

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