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Sundaram Clayton net drops by 71.3% - Views on News from Equitymaster

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Sundaram Clayton net drops by 71.3%

Nov 6, 2000

Sundaram Clayton, a leading manufacturer of hyrdaulic brake actuator systems and castings has reported a 71% decline in its net for the 2QFY01E to Rs 13 m. The company's sales have fallen by 2.5% YoY during this period.

(Rs m) 2QFY00 2QFY01 Change
Sales 536 522 -2.5%
Other income 32 20 -35.8%
Expenditure 488 504 3.3%
Operating profit (EBDIT) 48 18 -62.0%
Operating profit margin (%) 8.9% 3.5%  
Interest 0 3 653.5%
Depreciation 19 22 16.9%
Profit before Tax 60 14 -77.4%
Other adjustments - -  
Tax 16 1  
Profit after Tax/(Loss) 45 13 -71.3%
Net profit margin (%) 8.3% 2.5%  
No. of Shares (eoy) (m) 19.0 19.0  
Diluted number of shares 19.0 19.0  
Diluted Earnings per share* 9.4 2.7  
*(annualised)      

Its main clients in the hydraulic brake systems are Telco and Ashok Leyland. As the medium and heavy commercial vehicles segment is not doing well in the current financial year, hence the company's sales have been under pressure. Its foundry division too is facing tough times as the passenger car segment too has slowed down.

The company's operating margins have declined from 8.9% in the 2QFY00 to 3.5% in the 2QFY01 as its operating costs went up by 3.3% during this period.

On the current price of Rs 116, Sundram Clayton is trading at 9.7x FY2000 EPS of Rs 12


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