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Tisco beats expectations

Jun 1, 2001

Tisco has reported an encouraging performance for the year ended March 01. The company's earnings excluding adjustments on account of VRS, soared by 89%, higher than market expectations.

(Rs m) FY00 FY01 Change
Sales 68,909 77,594 12.6%
Other Income 809 551 -31.8%
Expenditure 56,578 60,574 7.1%
Operating Profit (EBDIT) 12,331 17,020 38.0%
Operating Profit Margin (%) 17.9% 21.9%  
Interest 3,884 3,766 -3.0%
Depreciation 4,265 4,923 15.4%
Profit before Tax 4,991 8,883 78.0%
Other Adjustments 225 2,858 1170.4%
Tax 540 490 -9.3%
Profit after Tax/(Loss) 4,226 5,534 31.0%
Net profit margin (%) 6.1% 7.1%  
No. of Shares (eoy) (m) 368.4 368.0  
Diluted Earnings per share 11.5 15.0  
P/E (at current price)   9  

Its operating margins too improved sharply by 400 basis points fueling the bottomline growth. Excellent working capital management, by reduction in interest cost and inventory added to the profit growth.

At the current market price of Rs 140 Tisco is trading at a P/E of 9 times FY01 earnings.


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