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Copper drives Indo Gulf growth - Views on News from Equitymaster
 
 
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  • Oct 30, 2000

    Copper drives Indo Gulf growth

    A 32% growth in the copper turnover has helped Indo Gulf maintain turnover for the second quarter of the year. This has been led by an increase in copper prices. The fertliser turnover has meanwhile collapsed almost 44% in the second quarter. Copper now contributes almost 60% of the turnover and almost 70% of the profits of the company. The company however has stopped trading of Di–Ammonium phosphate in the current quarter.

    (Rs m) 2QFQ00 2QFY01 Change
    Sales 5,356 5,316 -0.8%
    Other Income 75 115 53.4%
    Expenditure 4,233 4,135 -2.3%
    Operating Profit (EBDIT) 1,123 1,181 5.1%
    Operating Profit Margin (%) 21.0% 22.2%  
    Interest 364 367 0.8%
    Depreciation 281 290 3.1%
    Profit before Tax 553 639 15.6%
    Other Adjustments      
    Tax 64 53 -17.5%
    Profit after Tax/(Loss) 489 587 19.9%
    Net profit margin (%) 9.1% 11.0%  
    Earnings per share* 9.49 10.42  
    (annualised)      

    The collapse in the fertiliser business is primarily due to a 20% reduction in the rated capacity and this is expected to sustain in the second half also.

    The precious metal refining capacity which uses anode slime has already gone on stream and is expected to contribute Rs 2250 m in a full year of production.

    The stock quotes at Rs 35 which implies an earnings multiple of 3.4 times FY01 annualised earnings.

     

     

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