SKF Bearings India Ltd net up 2.3% YoY - Views on News from Equitymaster

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SKF Bearings India Ltd net up 2.3% YoY

Jul 29, 2000

The company's sales for the 2QFY01 remained flat, while operating expenses dipped by 0.8%, leading to a 3.6% increase in operating profits. As a result the company's operating margins improved from 18.8% in 2QFY00 to 19.5% in 2QFY01.

(Rs m)2QFY002QFY01Change
Sales 889 889 0.0%
Other Income 25 25 0.0%
Expenditure 722 716 -0.8%
Operating Profit (EBDIT) 167 173 3.6%
Operating Profit Margin (%)18.8%19.5%
Interest 88 63 -28.4%
Depreciation 102 97 -4.9%
Profit before Tax2381800.0%
Other Adjustments360
Tax 4 3 -25.0%
Profit after Tax/(Loss) 34 35 2.3%
Net profit margin (%)3.9%3.9%
No. of Shares (eoy) (m) 2.5 2.5
Diluted number of shares 2.5 2.5
Diluted Earnings per share*54.455.7
*(annualised)

The net profit has grown by 2.3% in the 2QFY01, due to better operating margins, lower interest and depreciation costs. However the net profit has actually grown much more in the 2QFY01, as the previous year 2QFY00's net includes RS 36m on profit on sale of assets. Hence the current years performance is much better. During the current financial year the company plans to sell off its Mumbai office premises, the income from sale of this will be accounted for in the quarter in which this sale takes place.

On the current price of Rs 474 it is trading on 12.2x FY2000 EPS of Rs 38.8

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