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Tata Chem: Waiting for policy clarity

Jun 9, 2004

Tata Chemicals reported its 4QFY04 and FY04 results yesterday. Though growth in revenues is significantly higher, the numbers are not comparable on account of merger with Hind Lever Chemicals. Nevertheless, the company has faced significant cost pressures on account of the increase in raw material prices. As a result, even on a standalone basis, the performance was muted.

(Rs m) 4QFY03 4QFY04 Change FY03 FY04 Change
Net sales 3,537 5,542 56.7% 15,353 25,442 65.7%
Other income 249 118 -52.5% 779 771 -1.0%
Expenditure 2,770 4,799 73.3% 11,207 20,844 86.0%
Operating profit (EBDITA) 767 743 -3.1% 4,146 4,598 10.9%
Operating profit margin (%) 21.7% 13.4%   27.0% 18.1%  
Interest 195 80 -59.2% 903 509 -43.6%
Depreciation 350 363 3.7% 1,369 1,442 5.3%
Profit before tax 471 419 -10.9% 2,652 3,418 28.9%
Extraordinary items 78 (9) - (31) (158) -
Tax (52) 114 - 654 1,056 61.3%
Profit after tax/(loss) 600 297 -50.6% 1,966 2,205 12.2%
Net profit margin (%) 17.0% 5.4%   12.8% 8.7%  
No. of shares (m) 180.7 215.2   180.7 215.2  
Diluted earnings per share (Rs)* 2.8 1.4   36.5 41.0  
P/E ratio (x)         3.1  
(* annualised)            

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