Indo Gulf net up despite depleted urea sales - Views on News from Equitymaster

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Indo Gulf net up despite depleted urea sales

Jul 29, 2000

With almost 70% of the total revenues accruing from copper, Indo Gulf has, to some extent, saved itself from the vagaries of the government policies in fertiliser industry. With copper prices going steady in the current quarter the company has been able to improve margins by 1.5%.

(Rs m) 1QFY00 1QFY01 Change
Sales 4,654 4,467 -4.0%
Other Income 103.7 115.0 10.9%
Expenditure 3,680 3,458 -6.0%
Operating Profit (EBDIT) 974 1,009 3.6%
Operating Profit Margin (%) 20.9% 22.6%  
Interest 342 362 5.9%
Depreciation 275 289 5.3%
Profit before Tax 461 472 2.5%
Other Adjustments - -  
Tax 53 39 -26.7%
Profit after Tax/(Loss) 408 433 6.3%
Net profit margin (%) 8.8% 9.7%  
No. of Shares (eoy) (m) 206.1 225.1  
Diluted number of shares 225.1 225.1  
Diluted Earnings per share* 7.2 7.7  
*(annualised)      

Overall, the company has been able to increase net profits by 6.3% in the current quarter despite a 16% reduction in fertiliser sales.

The company has slated the commissioning of the Di–Ammonium Phosphate plant in September which would improve revenue growth for the second half of the current year.

The stock quotes at Rs 41 which implies an earning multiple of 5.32 times its first quarter annualised earnings.

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