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IPCL: Performance accelerates - Views on News from Equitymaster
 
 
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  • Oct 27, 2000

    IPCL: Performance accelerates

    IPCL has registered an impressive second quarter performance. Topline growth continues to benefit from improvement in the polymer cycle.

    (Rs m) 2QFY00 2QFY01 Change
    Sales 11,402 14,610 28.1%
    Other Income 278 314 13.1%
    Expenditure 9,215 11,642 26.3%
    Operating Profit (EBDIT) 2,187 2,968 35.7%
    Operating Profit Margin (%) 19.2% 20.3%  
    Interest 971 1,323 36.2%
    Depreciation 788 1,048 33.0%
    Profit before Tax 705 911 29.2%
    Tax - -  
    Profit after Tax/(Loss) 705 911 29.2%
    Net profit margin (%) 6.2% 6.2%  
    No. of Shares (eoy) 249 249  
    Earnings per share* 11.3 14.6  
    P/E Ratio   3.5  
    (*annualised)      

    IPCL's operational performance has been equally impressive. OPM have increased YoY by 101 basis points. The company has posted a significant jump in operating profits. This growth has been fuelled by improved realisations and volumes.

    IPCL will provide for tax at the end of the year. Historically, IPCL has traded at a high P/E multiple on the back of privatisation. Currently, it trades at a multiple of 3.5 on 2QFY01 annualised earnings.

     

     

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