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Disappointing results from Bayer

Jul 29, 2000

Bayer has reported disappointing results for the second quarter with the net level dropping 23% despite a 14.5% growth in the topline. The company has discontinued the marketing of pharma products with effect from July 27, 2000 which have been transferred to the parent's 100% subsidiary Bayer Pharmaceuticals. The company is to receive a consideration of Rs 70 m in lieu of the transfer.

(Rs m) 2QFY99 2QFY00 Change
Sales 1,558 1,784 14.5%
Other Income 17.1 14.1 -17.5%
Expenditure 1,414 1,635 15.7%
Operating Profit (EBDIT) 144 149 3.5%
Operating Profit Margin (%) 9.2% 8.3%  
Interest 69 75 9.3%
Depreciation 25 27 11.0%
Profit before Tax 68 61 -10.4%
Other Adjustments - 2  
Tax 21 22 6.2%
Profit after Tax/(Loss) 47 37 -22.1%
Net profit margin (%) 3.0% 1.9%  
No. of Shares (eoy) (m) 16.2 16.2  
Diluted number of shares 16.2 16.2  
Diluted Earnings per share* 11.6 9.1  
*(annualised)      

The stock quotes at Rs 619 implying an earning multiple of 68.7 times second quarter annualised earnings.


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