Apollo Tyres Ltd. net up 44% - Views on News from Equitymaster

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Apollo Tyres Ltd. net up 44%

Jul 31, 2000

The company has reported a 7.5% YoY increase in net sales for the 1QFY01 to Rs 3,509 m. The company's operating margins improved from 8.2% YoY in the 1QFY00 to 9.4% YoY in the 1QFY01, due to expenses going up by 6% YoY. This is commendable as other tyre manufacturers have been adversely affected due to rising rubber prices over the last couple of months.

(Rs m) 1QFY00 1QFY01 Change
Sales 3,265 3,509 7.5%
Other Income 12 11 -13.8%
Expenditure 2,998 3,180 6.1%
Operating Profit (EBDIT) 267 329 23.2%
Operating Profit Margin (%) 8.2% 9.4%
Interest 117 130 10.9%
Depreciation 63 70 12.0%
Profit before Tax 100 140 40.1%
Other Adjustments - -
Tax 10 11 5.0%
Profit after Tax/(Loss) 90 129 44.0%
Net profit margin (%) 2.8% 3.7%
No. of Shares (eoy) (m) 36.3 36.3
Diluted number of shares 36.3 36.3
Diluted Earnings per share* 9.9 14.2
*(annualised)

The company has reported a net profit of Rs 129 m on the back of higher sales and better margins. Net profit has grown by 44% YoY for the 1QFY01.

On the current price of Rs 93.5, Apollo Tyres is trading at 4.5x FY2000 EPS of Rs 20.9

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