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VSNL: Lacklustre standalone performance - Views on News from Equitymaster

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VSNL: Lacklustre standalone performance

Oct 31, 2006

Performance summary
International long-distance telephony and bandwidth major, VSNL, has announced lacklustre standalone performance during 2QFY07, with revenues managing a low 4% YoY growth. Operating margins have held ground at 20.5%. However, on the back of higher prior-period income during the quarter, net profit growth has outperformed growth in topline.

Standalone financial performance: A snapshot…
(Rs m) 2QFY06 2QFY07 Change
Sales 9,295 9,660 3.9%
Expenditure 7,385 7,680 4.0%
Operating profit (EBDIT) 1,910 1,980 3.7%
Operating profit margin (%) 20.5% 20.5%  
Other income 317 390 23.0%
Interest - 10  
Depreciation 893 900 0.8%
Profit before tax 1,334 1,460 9.4%
Extraordinary income/(expense) 35 140 300.0%
Tax 459 530 15.5%
Profit after tax/(loss) 910 1,070 17.6%
Net profit margin (%) 9.8% 11.1%  
No. of shares 285.0 284.9  
Diluted Earnings per share (Rs)*   16.0  
P/E ratio (x)*   27.2  
*On a trailing 12-months basis

What to expect?
At the current price of Rs 436, the stock is trading at a price to earnings multiple of 27.2 times its trailing 12-months standalone earnings. We shall put up complete analysis of the results post receipt of a detailed press release from the company.

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