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Nicholas Piramal: Custom led growth - Views on News from Equitymaster

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Nicholas Piramal: Custom led growth
Oct 25, 2007

Performance summary
  • Revenues grow by 17% YoY largely on the back of a 22% YoY growth in contract manufacturing sales.
  • Revenues from the domestic formulations business grow by 13% YoY beating the industry growth rate.

  • EBDITA margins remain stable at 17.4% during 2QFY08.

  • Net profits grow by 33% YoY due to the 56% decline in tax expenses. This is despite interest costs being higher by 45% YoY.

Financial snapshot (Consolidated)
(Rs m) 2QFY07 2QFY08 Change 1HFY07 1HFY08 Change
Net sales 6,547 7,646 16.8% 11,772 13,726 16.6%
Expenditure 5,409 6,317 16.8% 9,757 11,557 18.4%
Operating profit (EBDITA) 1,138 1,329 16.8% 2,015 2,170 7.7%
EBDITA margin (%) 17.4% 17.4%   17.1% 15.8%  
Other income 2 -   2 20  
Interest (net) 76 111 45.3% 122 222 82.4%
Depreciation 244 263 8.1% 471 512 8.7%
Profit before tax 820 955 16.5% 1,424 1,455 2.2%
Extraordinary item - (27)   - (30)  
Tax 181 80 -55.9% 246 143 -41.9%
Minority interest - 0   1 0 -87.5%
Profit after tax/(loss) 639 848 32.7% 1,178 1,282 8.9%
Net profit margin (%) 9.8% 11.1%   10.0% 9.3%  
No. of shares (m) 209.0 209.0   209.0 209.0  
Diluted earnings per share (Rs)*         11.4  
Price to earnings ratio (x)*         24.6  

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