MTNL: 1QFY05 PAT up 12% YoY - Views on News from Equitymaster

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MTNL: 1QFY05 PAT up 12% YoY

Jul 26, 2004

MTNL, the public sector telecom behemoth announced disappointing financial performance for its June quarter. While at the first look the 12% growth in bottomline seems encouraging, if one were to remove discount the rise in other income the growth would have been marginal. The topline too has disappointed, registering a 3% fall in the June quarter. MTNL has witnessed a sharp fall in its operating margins further indicating the weakness of its financial performance.

Rs m 1QFY04 1QFY05 Change
Sales 14,975 14,572 -2.7%
Other income 404 658 62.7%
Expenditure 9,406 9,971 6.0%
Operating profit (EBDIT) 5,569 4,601 -17.4%
Operating profit margin (%) 37.2% 31.6%  
Interest 73 110 50.8%
Depreciation 2,200 1,418 -35.5%
Profit before tax 3,700 3,731 0.8%
Extraordinary items - -  
Tax 1,194 929 -22.2%
Profit after tax/(Loss) 2,506 2,802 11.8%
Net profit margin (%) 16.7% 19.2%  
No. of Shares 630.0 630.0  
Diluted Earnings per share* (Rs) 15.9 17.8  
P/E Ratio (x)   7.5  
(* annualised)      

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