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BSES: Net margins improve in FY00

May 31, 2000

BSES, one of India's largest power generation and retail distribution company has recorded a net profit growth of 13.5% to Rs 3,068 m in FY2000. An 18% reduction in its interest costs helped it post these results.

(Rs m)FY1999FY2000Change
Sales 22,602 23,384 3.5%
Other Income 893 912 2.2%
Expenditure 17,131 17,551 2.4%
Operating Profit (EBDIT) 5,470 5,834 6.6%
Operating Profit Margin (%)24.2%24.9% 
Interest 1,146 942 -17.8%
Depreciation 1,714 1,835 7.0%
Profit before Tax 3,503 3,969 13.3%
Tax 800 900 12.5%
Profit after Tax/(Loss) 2,702 3,068 13.5%
Net profit margin (%)12.0%13.1% 
Earnings per share18.9 21.4  

While the company's income from sale of energy surged 11% to Rs 19.5 bn, its income from EPC, contracts and computer services declined by a significant 22% over FY99. A 21% surge in the cost of fuel was also responsible for the company's staid performance.

The company's Dahanu power station improved its PLF (plant load factor) to 88.7% during the period under review (76.6% in FY99). BSES also managed to cut the distribution loss of its electricity supply division to 11.5%.

BSES was recently in the news as a result of Reliance's open offer of Rs 234 per share for 20% of the company's equity. Reliance already holds around 15% stake in BSES.

The stock currently trades at a P/E multiple of 13.3.

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