VSNL 1QFY05 PAT up 93% YoY - Views on News from Equitymaster

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VSNL 1QFY05 PAT up 93% YoY

Jul 30, 2004

Introduction to results
VSNL announced an improvement in its June quarter results with a strong growth in the company's bottomline, topline however has fallen marginally. The company reported a topline decline of 5% and a and bottomline growth of 93% YoY respectively for 1QFY05. For the June quarter, the company has reported an over 1700 basis point rise in operating margins. However if one were to discount the extraordinary expense (for VRS) in 1QFY04, the growth in bottomline for 1QFY05 is lower at 21%.

(Rs m) 1QFY04 1QFY05 Change
Net sales 8,364 7,944 -5.0%
Other income 899 248 -72.4%
Expenditure 7,458 5,695 -23.6%
Operating profit (EBDITA) 906 2,249 148.2%
Operating profit margin (%) 10.8% 28.3%  
Interest - -  
Depreciation 387 547 41.3%
Profit before tax 1,418 1,950 37.5%
Extraordinary items (387) 2  
Tax 373 684 83.4%
Profit after tax/(loss) 658 1,268 92.7%
Net profit margin (%) 7.9% 16.0%  
No. of shares (m) 285.0 285.0  
Diluted earnings per share (Rs)* 9.2 17.8  
P/E ratio (x)   10.4  
(* annualised)      

At the current market price of Rs 185, the stock is trading at a P/E multiple of 10.4x its annualised 1QFY05 earnings. We shall put up a detailed analysis as soon as we have more clarity from the company on the June quarter numbers.

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