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Lakshmi Mach.: Pressure times - Views on News from Equitymaster
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Lakshmi Mach.: Pressure times
Jul 24, 2008

Performance summary
  • Sales decline 5% YoY during 1QFY09.

  • Operating margins expand by 0.6% YoY, to touch 17.3% in 1QFY09. Raw material costs decline from 72% of sales in 1QFY08 to 68% in 1QFY09, thereby aiding the margin expansion.

  • Net profits decline 3% YoY during the quarter, though protected to an extent by higher other income (up 45% YoY) and lower tax expenses (down 8% YoY).



Financial performance snapshot
(Rs m) 1QFY08 1QFY09 Change
Sales 4,832 4,591 -5.0%
Expenditure 4,031 3,799 -5.8%
Operating profit (EBDITA) 801 792 -1.1%
Operating profit margin (%) 16.6% 17.3%  
Other income 174 252 44.6%
Depreciation 210 316 50.6%
Profit before tax 765 727 -4.9%
Tax 272 250 -8.3%
Profit after tax/(loss) 493 477 -3.1%
Net profit margin (%) 10.2% 10.4%  
No. of shares   12.4  
Diluted earnings per share (Rs)*   194.7  
P/E ratio (x)*   5.4  
* On a trailing 12-months basis

What to expect?
At the current price of Rs 1,052, the stock is trading at a multiple of 5.4 times its trailing 12 months earnings. We shall update this analysis post receipt of further details from the company.

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