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Goodlass: A mixed performance

Jul 31, 2001

Goodlass Nerolac, the paint major, has reported a 6% drop in sales to Rs 1,243 m for the first quarter ended 30th June 2001. The slow down in the economy and continued sluggishness in both the commercial vehicles and passenger car sales seems to have affected topline growth in the first quarter.

(Rs m)1QFY011QFY02Change
Sales 1,323 1,243 -6.0%
Other Income 18 32 76.2%
Expenditure 1,213 1,144 -5.7%
Operating Profit (EBDIT) 109 99 -9.6%
Operating Profit Margin (%)8.3%8.0%
Interest 18 11 -38.9%
Depreciation 35 55 57.1%
Profit before Tax 75 65 -13.0%
Tax 22 20
Profit after Tax/(Loss) 52 45 -13.1%
Net profit margin (%)3.9%3.6%
No. of Shares (eoy) (m) 15.3 15.3
Diluted number of shares 15.3 15.3
Earnings per share (Rs) 13.6 11.8

Other income is up sharply by 76.2% probably on account of higher lease rentals from the colour tinting machines, which the company has been aggressively expanding over the last two years. Though operating expenses have come down by 5.7%, it has failed to stem a fall in operating profit. However, raw material costs as a percentage of sales have come down from 71.2% in 1QFY01 to 60.6% in 1QFY02.

A sharp fall in interest outflow in 1QFY02 has prevented the bottomline from a huge drop. Net profit has fallen by 13.1% to Rs 45 m.

The scrip is currently trading at Rs 76 at a P/E multiple of 6.4x the annualised 1QFY02 earnings. With automobile demand expected to pick up in the second half coupled with a good monsoon, paint demand could potentially show progress towards the end of the year.

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