Clariant's perfomance stagnates - Views on News from Equitymaster

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Clariant's perfomance stagnates

Jul 8, 2000

Clariant's top line recorded a growth of 7.5% to Rs 2,528 m. The growth has primarily come from greater market penetration by focusing on new products and developments in the specialty segment.

(Rs m) FY1999 FY2000 Change
Sales 2,352 2,528 7.5%
Other Income 70 86 23.3%
Expenditure 2,152 2,330 8.3%
Operating Profit (EBDIT) 200 197 -1.4%
Operating Profit Margin (%) 8.5% 7.8%  
Interest 12 14 15.1%
Depreciation 23 26 14.9%
Profit before Tax 235 244 3.5%
Tax 79 89 12.6%
Profit after Tax/(Loss) 156 155 -1.1%
Net profit margin (%) 6.7% 6.1%  
Earnings per share* 20 13  
(annualised)      

Despite its focus on new products and markets, its operating profit margins have come under pressure with increased competition from China. The anti - leather; prevention of cruelty to animals movement is also picking up momentum in the western markets.

Clariant is trading close to its 5 year low at a P/E multiple of 9.7. Historically, the three year avg P/E multiple is 30. The stock has been beaten due to the lack of growth.

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