Sandvik improves y-o-y, disappoints q-o-q - Views on News from Equitymaster

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Sandvik improves y-o-y, disappoints q-o-q

Jul 14, 2000

Sandvik Asia is one of India's leading manufacturer of tungsten carbide products. The company has declared impressive results in its second quarter ended June 30, 2000. Its net profit has shot up by 187% to Rs 28 m during the quarter compared to 2QFY99. Its topline has also improved by 27% to Rs 501 m.

(Rs m) 2QFY99 2QFY00 Change
Sales 393 501 27.3%
Other Income 6 21 289.7%
Expenditure 357 437 22.4%
Operating Profit (EBDIT) 37 64 75.2%
Operating Profit Margin (%) 9.3% 12.8%  
Interest 15 15 3.6%
Depreciation 20 25 24.4%
Profit before Tax 7 45 549.9%
Tax (3) 17  
Profit after Tax/(Loss) 10 28 187.3%
Net profit margin (%) 2.4% 5.5%  
No. of Shares (eoy) (m) 1.9 1.9  
Earnings per share* 20.6 59.3  
*(annualised)      

However, the company's performance has actually shown a decline when compared to its first quarter results ending March 2000.

Compared to its previous quarter, Sandvik's turnover has improved from Rs 451 m in last quarter March 2000 to Rs 501 m in June 2000 (up 11%). But net profit has actually declined from Rs 40 m to Rs 28 m currently (down 30%). Net profit margin in 1QFY2000 was 8.9% compared to 5.5% this quarter.

The stock currently trades at Rs 835 and enjoys a P/E ratio of 14.1 on an EPS of 59.3 (annualised for the year 2000).

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