SmithKline Consumer's impressive profit growth in 2QFY01 - Views on News from Equitymaster

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  • Aug 1, 2000 - SmithKline Consumer's impressive profit growth in 2QFY01

SmithKline Consumer's impressive profit growth in 2QFY01

Aug 1, 2000

SmithKline Beecham Consumer Healthcare (SBCH) has reported an impressive 29% in topline and a 41% jump in net profits to Rs 278 m in the 2QFY01.

(Rs m) 2QFY00 2QFY01 Change
Sales 1,620 2,084 28.6%
Other Income 51 55 7.7%
Expenditure 1,397 1,744 24.8%
Operating Profit (EBDIT) 223 341 52.8%
Operating Profit Margin (%) 13.8% 16.3%  
Interest (22) 14  
Depreciation 23 36 58.0%
Profit before Tax 273 346 26.9%
Tax 75 68 -9.9%
Profit after Tax/(Loss) 198 278 40.8%
Net profit margin (%) 12.2% 13.3%  
No. of Shares (eoy) (m) 45 45  
Diluted number of shares 45 45  
Diluted Earnings per share* 17.4 24.5  
*(annualised)      

The company's operating margins improved to 16.3% during the 2QFY01 due to effective cost control measures initiated by the company. This has resulted in a 53% increase in the operating profits. However net profit growth is comparatively lower due to increase in depreciation charge and interest cost.

The company's earnings per share of Rs 24.5, implies a P/E multiple of 18 times its 2QFY01 annualised earnings. The company's market cap to sales ratio of 2.4 times is comparatively lower than its historic 3-4 times.


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