Maharashtra Scooters Ltd net fall 50% YoY - Views on News from Equitymaster

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Maharashtra Scooters Ltd net fall 50% YoY

Jul 31, 2000

The company's net sales have fallen by 9.7% YoY to Rs 713 m. This is mainly due to a decline in the company's scooter volumes. In the 1QFY01, the company sold 32,751 scooters as compared to 38,178 nos. sold in 1QFY00, a fall of 14.2% YoY. The company's operating margins fell from 2% in 1QFY00, to 0.5% in the 1QFY01. This dismal performance represents the declining volumes in the scooter industry.

(Rs m) 1QFY00 1QFY01 Change
Sales 791 713 -9.7%
Other Income 49 22 -55.1%
Expenditure 775 710 -8.3%
Operating Profit (EBDIT) 16 3 -78.5%
Operating Profit Margin (%) 2.0% 0.5%  
Interest 0 1 124.4%
Depreciation 5 5 12.0%
Profit before Tax 60 19 -68.1%
Other Adjustments - -  
Tax 26 2 -92.2%
Profit after Tax/(Loss) 34 17 -50.1%
Net profit margin (%) 4.3% 2.4%  
No. of Shares (eoy) (m) 11.4 11.4  
Diluted number of shares 11.4 11.4  
Diluted Earnings per share* 11.9 6.0  
*(annualised)      

On an operating level the company's profits fell by 78.5% YoY in the 1QFY01, however on a net level the decline was lower due to a lower tax provision.

On the current price of Rs 41.3, Maharashtra Scooters is trading at 1.9x FY2000 EPS of Rs 21.9


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