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Punjab Tractors: Topline woes continue! - Views on News from Equitymaster
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Punjab Tractors: Topline woes continue!
Oct 20, 2006

Punjab Tractors, India’s fourth largest manufacturer of tractors, has experienced continued pressure on the topline during 2QFY07, as it has grown by a modest 5% during 2QFY07 on a YoY basis. Control on costs and improved capital management has however resulted into a 9% improvement at the bottomline level. Operating margins have also expanded by 20 basis points. For 1HFY07, while the topline has clocked in another modest YoY growth of 4%, bottomline has jumped by 37% and EBITDA margins have also expanded by 100 basis points. It should be remembered that the growth in 1HFY07 bottomline is after excluding the Rs 613 m that the company earned on a stake sale in Swaraj Mazda.

(Rs m) 2QFY06 2QFY07 Change 1HFY06 1HFY07 Change
Net sales 2,121 2,226 5.0% 4,501 4,662 3.6%
Expenditure 1,863 1,950 4.7% 3,988 4,085 2.4%
Operating profit (EBDITA) 258 276 7.0% 513 577 12.5%
EBDITA margin (%) 12.2% 12.4%   11.4% 12.4%  
Other income 44 40 -9.1% 657 42 -93.6%
Interest (net) 18 8 -55.6% 33 13 -60.6%
Depreciation 38 38 0.0% 78 76 -2.6%
Profit before tax 246 270 9.8% 1,059 530 -50.0%
Extraordinary income/(expense) - -   - -  
Tax 78 87 11.5% 184 170 -7.6%
Profit after tax/(loss) 168 183 8.9% 875 360 -58.9%
Net profit margin (%) 7.9% 8.2%   19.4% 7.7%  
No. of shares (m) 60.8 60.8   60.8 60.8  
Diluted earnings per share (Rs)* 11.1 12.0   28.8 11.9  
Price to earnings ratio (x)**         19.6  
(* annualised, ** on trailing twelve months earnings)            

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