Bharat Forge - Net profit falls by 9.7% YoY - Views on News from Equitymaster

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Bharat Forge - Net profit falls by 9.7% YoY

Jul 13, 2000

Bharat Forge has reported a net profit of Rs 145 m for 1QFY01, a fall of 9.7% YoY.

(Rs m)1QFY001QFY01Change
Sales 1,398 1,520 8.7%
Other Income 5 3 -35.6%
Expenditure 1,065 1,142 7.2%
Operating Profit (EBDIT) 333 378 13.5%
Operating Profit Margin (%)23.8%24.9%
Interest 96 129 34.1%
Depreciation 80 107 32.6%
Profit before Tax161145-9.7%
Other Adjustments - -
Tax - - -
Profit after Tax/(Loss) 161 145 -9.7%
Net profit margin (%)11.5%9.5%
No. of Shares (eoy)37.737.7
Diluted number of shares
Diluted Earnings per share*17.115.4
*(annualised)

Inspite of an improvement in operating margins the net margins have declined due to higher interest and depreciation costs. These costs have gone up mainly on account of commercialisation of the company's second Forging Press Line in March'2000.

On the current price of Rs 151 the stock is trading at a price to earnings multiple of 8.8x FY2000 earnings.

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