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Sri Adhikari Brothers: Other income boosts profit

Jun 13, 2000

A 29.6% growth in topline for Sri Adhikari Brothers has been accompanied by a Rs 40 m other income which amounts to a fourth of the company's pre–tax profit.This has arisen due to dividend income of Rs 36.59 m received from mutual funds.

(Rs m) FY99 FY00 Change
Sales 308.7 400.1 29.6%
Other Income 0.3 40.3 12097.0%
Expenditure 221.7 252.1 13.7%
Operating Profit (EBDIT) 87.0 148.0 70.1%
Operating Profit Margin (%) 28% 37%  
Interest 1.3 4.2 215.7%
Depreciation 1.9 4.5 136.0%
Profit before Tax 84.1 179.6 113.4%
Other Adjustments     #DIV/0!
Tax 13.8 5.2 -62.3%
Profit after Tax/(Loss) 70.3 174.4 147.9%
Net profit margin (%) 22.8% 43.6%  
Earnings per share 14.07 20.7  

Interestingly, the investments in these funds were made from the proceeds of the private placements made by the company at a price of Rs 1800.

The stock currently quotes at a price of Rs 460 (52 week range 2350/105) which implies an earning multiple of 22.2 times.

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