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TISCO posts 6% drop in net - Views on News from Equitymaster
 
 
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  • Oct 22, 1999

    TISCO posts 6% drop in net

    Tata Iron and Steel Company Limited (Tisco) has posted a 6% decline in net profits during the first half of the current fiscal year (1HFY2000).

    Tisco (FY99 Net Sales Rs 62,746 m), a part of the Tata Group, is India's largest integrated private sector steel producer.

    (Rs m) 1HFY2000 1HFY1999 Change
    Gross Sales 31,348 28,175 11.3%
    Other Income 385 577 -33.3%
    Net Interest 1,739 1,461 19.0%
    Depreciation 2,100 1,840 14.1%
    Profit before Tax 1,012 1,082 -6.5%
    Tax 110 119 -7.6%
    Profit after Tax 902 963 -6.3%
    Net profit margin 2.9% 3.4%  

    Despite the erosion in bottomline, the company's performance is commendable. Tisco has managed to maintain its EBIDTA (earnings before interest, depreciation, tax and amortisations) margins at 13.6%. Moreover, the growth in operating profits is mainly due to increase in sales volumes (up 16.1% YoY). This bodes well for the company, as any future rise in steel prices will dramatically increase the its profitability.

    The company's other income has reduced by over 33%. The quality of earnings is therefore better as a larger part of income is derived from operations.

     

     

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