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Sterlite posts a strong performance in FY00 - Views on News from Equitymaster
 
 
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  • Jul 27, 2000

    Sterlite posts a strong performance in FY00

    Sterlite Industries has posted a 51% growth in net profits for the year ended 30th June 2000. The company has benefited from fast growth in sales of copper and optical fiber cables.

    (Rs m) FY99 FY00 Change
    Sales 20,347 29,250 43.8%
    Other Income 338 390 15.1%
    Expenditure 17,430 24,714 41.8%
    Operating Profit (EBDIT) 2,918 4,536 55.5%
    Operating Profit Margin (%) 14.3% 15.5%  
    Interest 839 1,549 84.7%
    Depreciation 798 936 17.4%
    Profit before Tax 1,620 2,440 50.7%
    Tax 12 21 82.6%
    Profit after Tax/(Loss) 1,608 2,419 50.5%
    Net profit margin (%) 7.9% 8.3%  
    No. of Shares (eoy) (m) 44.5 54.4  
    Diluted number of shares 44.5 54.4  
    Diluted Earnings per share* 36.2 44.4  
    *(annualised)      

    The company's aluminium division too posted a robust growth of 18%. OFC business (in volume terms) grew 136% while copper sales increased by 33%. All round growth has boosted the company’s topline and profits.

    The interest cost has increased dramatically this quarter. Tax costs too have risen fast. Both these factors have limited the growth in bottomline.

    We had projected a profit figure of Rs 2,086 m for the full year for the company. The mismatch is largely due to a higher tax figure assumed by us.

    The stock currently trades at Rs 842, implying a P/e multiple of 19x.

     

     

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