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BSES: Net margins improve in FY00 - Views on News from Equitymaster
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  • May 31, 2000

    BSES: Net margins improve in FY00

    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) FY1999 FY2000 Change
    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 share 18.9 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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