Indian Rayon posts 60% rise in net profit - Views on News from Equitymaster

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Indian Rayon posts 60% rise in net profit

Oct 19, 2000

Indian Rayon, the flagship company of the Aditya Birla group, has posted a 44% rise in sales for the second quarter ended September 2000. Net margins for the second quarter has also shown notable growth from 4% in 1QFY00 to 4.5% in 2QFY01.

(Rs m) 2QFY00 2QFY01 Change
Sales 2,526 3,634 44%
Other income 135 68 -50%
Net profit 102 164 61%
No. of Shares (eoy) (m) 68 60  
Diluted number of shares 60 60  
EPS (annualised) 6.8 11.0  
Net margin 4.0% 4.5%  

The recently acquired Madura Garments and its brands which includes Allen Solly, Van Heusen and Peter England has enabled the company to post better margins as well as topline growth. Besides, firming viscose filament yarn prices have also led to a sharp rise in turnover.

The stock is currently trading at Rs 58 at a P/E multiple of 5.3x the annualised 2QFY01 earnings.

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