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Century Textiles: Deferring depreciation to boost bottomline - Views on News from Equitymaster
 
 
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  • Jul 31, 2000

    Century Textiles: Deferring depreciation to boost bottomline

    Century Textiles and Industries Limited has posted a marginal net profit of Rs 67 m during the quarter ended June 2000. The company has been able to stay in the black largely due to the non provision of depreciation with respect to certain plants. This has reduced the depreciation burden by Rs 192.4 m.

    (Rs m) 1QFY00 1QFY01 Change
    Sales 5,289 5,533 4.6%
    Other Income 129 141 9.7%
    Expenditure 4,718 4,980 5.6%
    Operating Profit (EBDIT) 572 553 -3.3%
    Operating Profit Margin (%) 10.8% 10.0%  
    Net Interest 506 449 -11.2%
    Depreciation 357 177 -50.4%
    Profit before Tax -163 67  
    Other Adjustments 24 -  
    Tax - -  
    Profit after Tax/(Loss) (139) 67  
    Net profit margin (%) -2.6% 1.2%  
    No. of Shares (eoy) (m)   93.0  
    Diluted number of shares   93.0  
    Diluted Earnings per share*   2.9  
    *(annualised)      

    The company’s operating profitability continues to deteriorate largely due to a significant fall in cement sector realisation s during the first quarter. However, the recovery in prices in recent weeks is likely to benefit the company.

    The company currently trades at Rs 36, implying a P/e multiple of 50x.

     

     

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