Punjab Tractors: The 'extraordinary' effect! - Views on News from Equitymaster

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Punjab Tractors: The 'extraordinary' effect!

Jul 13, 2005

Punjab Tractors Limited, has announced its results for 1QFY06 reporting a decent growth in the topline with the bottomline growth being largely aided by an extraordinary income. Buoyancy in tractor demand and the leadership position of the company has aided growth in the quarter. However, higher raw material costs has deflated the company’s operating margins during the quarter.

(Rs m) 1QFY05** 1QFY06 Change
Net sales 1,820 2,380 30.8%
Expenditure 1,608 2,125 32.2%
Operating profit (EBDITA) 212 255 20.3%
Operating profit margin (%) 11.6% 10.7%  
Other income 0 -  
Interest 20 15 -25.0%
Depreciation 40 40 0.0%
Profit before tax 152 200 31.6%
Extraordinary items - 613  
Tax 52 106 103.8%
Profit after tax/(loss) 100 707 607.0%
Net profit margin (%) 5.5% 29.7%  
No. of shares (m) 60.8 60.8  
Diluted earnings per share (Rs)* 6.6 46.5  
P/E (x) 4.0  
(* annualised)      
** Net sales and operating expenses need
to be adjusted by Rs 180 m on account of removal of
excise duty on sale of tractors.

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