Kodak India posts 28% growth in profits - Views on News from Equitymaster

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Kodak India posts 28% growth in profits

Oct 13, 2000

Kodak India has reported a 28% jump in net profits for the third quarter ended 30th September 2000. Sales have actually grown by 17% in the current year excluding contribution from Graphics Arts division. The company hived off this division in November 1999.

(Rs m) 3QFY99 3QFY00 Change
Sales 1,324 1,447 9.3%
Other Income 7.9 9.5 20.3%
Expenditure 1,174 1,315 12.0%
Operating Profit (EBDIT) 151 133 -12.0%
Operating Profit Margin (%) 11.4% 9.2%  
Interest 20 7 -66.7%
Depreciation 19 20 2.1%
Profit before Tax 120 116 -3.0%
Other Adjustments 15 10 -33.3%
Tax 45 30 -33.3%
Profit after Tax/(Loss) 60 76 27.6%
Net profit margin (%) 4.5% 4.6%  
No. of Shares (eoy) (m) 11.2 11.2  
Diluted number of shares 11.2 11.2  
Diluted Earnings per share* 21.3 27.1  

Operating margins have also improved (excluding the hived off business) from 5% in 3QFY99 to 9% in the current year. This is because the company has set up its own film manufacturing facility in Nepal, which the company used to import till last year. Kodak used to take a hit on margins whenever rupee depreciates.

The stock is currently trading at Rs 359 at a P/E 13x on the annualised FY00 earnings

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