Blow Plast net profit down by 5% - Views on News from Equitymaster

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Blow Plast net profit down by 5%

Jul 21, 2000

Blow Plast Limited, the makers of VIP brand of breifcases, has posted a 7% drop in their sales volume from Rs 804 m in FY99 to Rs 749 m in FY00. Inspite of 5% drop in expenditure, the operating margins were down by 1.7% compared to the respective quarter of the previous year. However, a sharp rise other income prevented the bottomline from a sharp fall. Other adjustments here include the payment to employees under the voluntary retirement scheme.

(Rs m) 1QFY00 1QFY01 Change
Sales 804 749 -6.9%
Other Income 0.1 18.7  
Expenditure 751 712 -5.2%
Operating Profit (EBDIT) 53 37 -30.1%
Operating Profit Margin (%) 6.6% 4.9%  
Interest 6 9 46.0%
Depreciation 6 4 -37.9%
Profit before Tax 41 43 4.9%
Other Adjustments 1 3 287.5%
Tax 15 16 5.8%
Profit after Tax/(Loss) 25 24 -4.9%
Net profit margin (%) 3.1% 2.7%  
No. of Shares (eoy) (m) 16.0 16.0  
Diluted number of shares 16.0 16.0  
Diluted Earnings per share* 6.2 5.9  

The company has increased its "VIP Lounge" retail chain to 12 and "VIP World" retail chain to 14 outlets. The company has also introduced new ranges in its soft luggage segment.

The share is currently trading at Rs 19.9 at a P/E multiple of 3.3x on annualised first quarter FY01 earnings.

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