SmithKline Consumer's profits up 8% - Views on News from Equitymaster

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SmithKline Consumer's profits up 8%

Oct 23, 2000

SmithKline Beecham Consumer Healthcare Ltd. (SBCH) has reported 21% increase in revenues and maintained operating margins at 19.3%. Increase in raw material prices and higher ad spend has compensated for the substantial decline in inventory.

(Rs m) 3QFY00 3QFY01 Change
Sales 1,960 2,376 21.2%
Other Income 50 54 7.8%
Expenditure 1,582 1,918 21.2%
Operating Profit (EBDIT) 378 459 21.2%
Operating Profit Margin (%) 19.3% 19.3%  
Interest 2 13 652.9%
Depreciation 26 33 29.6%
Profit before Tax 401 466 16.3%
Other Adjustments 0 22  
Tax 122 142 16.5%
Profit after Tax/(Loss) 279 302 8.3%
Net profit margin (%) 14.2% 12.7%  
Diluted number of shares (m) 45.4 45.4  
Diluted Earnings per share* 24.6 26.6  
*(annualised)      
P/E (at current price) 17 15  

The profits of the company increased by marginal 8%. During the year the company has increased the capacity to manufacture Horlicks and the commencement of operations led to higher interest cost and depreciation charge (instead of capitalising the cost).

At the current market price of Rs 410, SBCH gets a P/E multiple of 15 times its 3QFY01 annualised earnings.


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