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ICICI net profit down 20%

Oct 20, 2000

ICICI Limited has posted a 20% drop in net profit for the second quarter ended 30th September 2000 from Rs 3,189 m to Rs 2,539 m. The bottomline growth would have been worse had it not been for a sharp rise in other income.

(Rs m) 2QFY00 2QFY01 Change
Income from operations 20,476.4 21,727.8 6.1%
Other Income 74.4 150.7 102.6%
Profit after Tax/(Loss) 3,189.3 2,539.2 -20.4%
Net profit margin (%) 15.6% 11.7%  
No. of shares(m) 785.31 785.31  
Earnings per share 16.2 12.9  

ICICI's net NPA (non performing assets) ratio declined from 7.6% at March 31, 2000, to 7.3% at September 30, 2000. The net NPAs outstanding at September 30, 2000 were Rs 41.4 bn.

The stock is currently trading at Rs 74 at a P/E multiple of 5.7x on the annualised 2QFY01 earnings.

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