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Nalco: Bottomline grows 73%

Jul 21, 2000

National Aluminium Company has posted a sharp rise in operating and net margins during the quarter ended 30th June 2000. The company has benefited from a surge in aluminium prices both in the international and domestic prices (which are now 10% below their recent highs).

(Rs m) 1QFY00 1QFY01 Change
Net Sales 4,279 5,069 18.5%
Other Income 279 323 15.6%
Expenditure 2,586 2,692 4.1%
Operating Profit (EBDIT) 1,693 2,377 40.4%
Operating Profit Margin (%) 39.6% 46.9%  
Interest 245 251 2.6%
Depreciation 702 732 4.3%
Profit before Tax 1,025 1,717 67.5%
Tax 288 438 52.3%
Profit after Tax/(Loss) 737 1,278 73.4%
Net profit margin (%) 17.2% 25.2%  
No. of Shares (eoy) (m) 644.3 644.3  
Diluted Earnings per share* 4.6 7.9  
*(annualised)      

Although our operating margins are in line with the company’s actual performance, there is a divergence in the anticipated and actual growth in interest and depreciation expenditure. We have factored in the rise as the company’s alumina expansion is anticipated to go on stream. This will, in the coming quarters, contribute to higher interest and depreciation charges.

The company currently trades at a P/e multiple of 6.3 times the annualised earnings.


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