Maharashtra Scooters reports 2QFY01 operating loss - Views on News from Equitymaster

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  • Oct 18, 2000 - Maharashtra Scooters reports 2QFY01 operating loss

Maharashtra Scooters reports 2QFY01 operating loss

Oct 18, 2000

The company's sales fell by 24.7% YoY to Rs 479m as a result of a continous fall in the scooter industry. Scooter's accounted for 33% of India's two wheeler market in FY2000 as compared to 39% in FY99. This decline stems from the fact that consumer preference towards motorcyles over scooters continues.

(Rs m) 2QFY00 2QFY01 Change
Sales 637 479 -24.7%
Other income 77 17 -77.7%
Expenditure 615 513 -16.7%
Operating profit (EBDIT) 21 (33) -
Operating profit margin (%) 3.4% -6.9%  
Interest 0 1 360.0%
Depreciation 5 5 6.2%
Profit before Tax 94 -22 -123.5%
Other adjustments - -  
Tax 21 0  
Profit after Tax/(Loss) 73 (22) -130.2%
Net profit margin (%) 11.4% -4.6%  
No. of Shares (eoy) (m) 11.4 11.4  
Diluted number of shares 11.4 11.4  
Diluted Earnings per share* 25.5 -7.7  
*(annualised)      

Inspite of a fall in operating expenses, the company has reported an operating loss of Rs 33 m for the 2QFY02.

The company's scooter volumes fell by 19% in the 2QFY01 to 54,952 units as compared to 67,902 units in the 2QFY00

However the results of 2QFY01 are not strictly comparable with 2QFY00 as in the previous year there was a one time write back of Rs127 m towards provision of interest on scooter bookings and a voluntary retirement scheme was introduced which increased the burden on expenses by Rs 8.3m in the 2QFY00.

On the current price of Rs 31.5 Maharashtra Scooters is trading at 1.4x FY2000 EPS of Rs 21.94


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