Bharat Forge net drops 26.3% YoY - Views on News from Equitymaster

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Bharat Forge net drops 26.3% YoY

Oct 18, 2000

The company's sales declined by 9.5% in the 2QFY01, due to the slowdown in the automobile sector. As the company managed to control costs, its opertaing margins improved from 23.7% in 2QFY00 to 27.8% in 2QFY01.

(Rs m) 2QFY00 2QFY01 Change
Sales 1,459 1,320 -9.5%
Other income 17 6 -64.9%
Expenditure 1,113 953 -14.4%
Operating profit (EBDIT) 346 367 6.1%
Operating profit margin (%) 23.7% 27.8%  
Interest 102 148 46.2%
Depreciation 80 91 13.1%
Profit before Tax 182 134 -26.3%
Other adjustments - -  
Tax - -  
Profit after Tax/(Loss) 182 134 -26.3%
Net profit margin (%) 12.5% 10.1%  
No. of Shares (eoy) (m) 37.6 37.6  
Diluted number of shares 37.6 37.6  
Diluted Earnings per share* 19.3 14.2  
*(annualised)      

However due to higher interest costs the company's net profit fell by 26.3% YoY and its net margins too declined.

On the current price of Rs 96 Bharat Forge is trading at 5.9x FY2000 EPS of Rs 16.4

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