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Tata Comm.: Pressure all around - Views on News from Equitymaster

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Tata Comm.: Pressure all around
Jul 30, 2008

Performance summary
  • Standalone sales decline by 14% YoY during 1QFY09.
  • Operating margins contract by 0.8% YoY owing to increase in staff and other operating costs (as percentage of sales).
  • Operating margins contract by 0.8% YoY owing to increase in staff and other operating costs (as percentage of sales).
  • Bottomline contracts by 6% YoY, although some pressure taken away by higher other income and lower depreciation and tax expenses.


Standalone financial performance: A snapshot
(Rs m) 1QFY08 1QFY09 Change
Sales 10,081 8,632 -14.4%
Expenditure 7,754 6,708 -13.5%
Operating profit (EBDIT) 2,327 1,924 -17.3%
Operating profit margin (%) 23.1% 22.3%  
Other income 273 581 112.6%
Interest expense/(income) 19 196 911.9%
Depreciation 929 797 -14.2%
Profit before tax 1,652 1,512 -8.5%
Tax 610 528 -13.5%
Profit after tax/(loss) 1,042 983 -5.6%
Net profit margin (%) 10.3% 11.4%  
No. of shares 285.1 285.0  
Diluted earnings per share (Rs)*   10.5  
Price to earnings ratio (x)*   43.2  
* On a trailing 12-months basis

What to expect?
At the current price of Rs 453, the stock is trading at a multiple of 43.2 times its standalone trailing 12 months earnings. We shall update this analysis post receipt of further details from the company.

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