Tata Finance 3Q profits down 77% - Views on News from Equitymaster

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Tata Finance 3Q profits down 77%

Jul 4, 2001

Tata Finance reported a drop of 77% in profits for the third quarter ended March '01. This was largely due to a 89% decline in other income and 52% rise in depreciation charge.

(Rs m) 3QFY00 3QFY01 Change
Operating Income 1,119 1,402 25.4%
Other Income 512 56 -89.1%
Interest Expenses 998 944 -5.4%
Operating Profit (EBDIT) 121 458 278.8%
Operating Profit Margin (%) 10.8% 32.7%  
Other expenses 283 262 -7.4%
Depreciation 130 198 52.1%
Profit before Tax 220 53 -75.6%
Tax 30 9 -69.3%
Profit after Tax/(Loss) 190 44 -76.6%
Net profit margin (%) 16.9% 3.2%  
No. of Shares (eoy) (m) 45.48 45.48  
Diluted Earnings per share* 16.7 3.9  
P/E (at current price)   7  
*(annualised)      

The company's operating margins however improved to 33% compared to 11% in the corresponding quarter in the previous quarter.

The fall in other income was due to a substantial reduction in dividend from the subsidiaries.

At the current market price of Rs 28 Tata Finance is trading at a P/E of 7 times its 3QFY01 annualised earnings.

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