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Clariant makes a comeback

Jul 27, 2000

Clariant has reported a healthy growth in turnover of 15.4%. The growth is the upshot of its strategy of greater market penetration by focusing on new products in the specialty segment.

(Rs m) 1QFY00 1QFY01 Change
Sales 562 648 15.4%
Other Income 9 12 29.3%
Expenditure 511 591 15.7%
Operating Profit (EBDIT) 51 57 12.2%
Operating Profit Margin (%) 9.1% 8.8%  
Interest (1) (0) -81.8%
Depreciation 6 7 19.3%
Profit before Tax 56 63 12.4%
Tax 20 22  
Profit after Tax/(Loss) 36 41 12.5%
Net profit margin (%) 6.4% 6.3%  
No. of Shares (eoy) 8 12  
Diluted Earnings per share* 12.1 13.6  

The operating profit has shown a very healthy growth over Q1FY00. In fact for the year ended FY00 Clariant reported a drop in operating profits. Concerns still remain over the decling OPM. Margins have come under squeeze due to competition from China.

Historically, Clariant has traded at a three year average P/E multiple of 30. Currently, it is trading a multiple of 11 on 1QFY01 annualised earnings.

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