Tata Finance' dissenting profit growth - Views on News from Equitymaster

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Tata Finance' dissenting profit growth

Nov 1, 2000

Tata Finance' operating margins improved in the 2QFY01 on the back of lower interest cost. However, higher depreciation charge and other expenses hit the bottomline of the company.

(Rs m)2QFY002QFY01Change
Operating Income 1,299 1,402 7.9%
Other Income 41 40 -1.2%
Interest Expenses 866 888 2.6%
Operating Profit (EBDIT) 433 514 18.5%
Operating Profit Margin (%)33.4%36.6%
Other expenses 226 280 23.7%
Depreciation 140 178 27.4%
Profit before Tax10896-11.4%
Tax10103.5%
Profit after Tax/(Loss) 98 85 -12.9%
Net profit margin (%)7.5%6.1%
No. of Shares (eoy) (m) 40.82 45.48
Diluted number of shares (m) 45.48 45.48
Diluted Earnings per share*8.67.5
P/E (at current price) 7 8
*(annualised)

At the current market price of Rs 60 Tata Finance is trading at a P/E of 8 times its 2QFY01 annualised earnings with a Price/Book value ratio of 0.6 times.

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