Motor Industries Company Ltd net down 22% - Views on News from Equitymaster

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Motor Industries Company Ltd net down 22%

Nov 6, 2000

The company's sales have grown by 9% YoY in the 2QFY01 to Rs 4,163 m. However, as the operating expenditure grew by 12.3% YoY during this period the company's operating margins have declined to 16.7% in the 2QFY01.

(Rs m)2QFY002QFY01Change
Sales 3,818 4,163 9.1%
Other income 69 64 -7.6%
Expenditure 3,090 3,470 12.3%
Operating profit (EBDIT) 727 694 -4.6%
Operating profit margin (%)19.1%16.7% 
Interest 3 45 1577.8%
Depreciation 336 341 1.4%
Profit before Tax457371-18.9%
Other adjustments3-6 
Tax144120 
Profit after Tax/(Loss) 316 245 -22.3%
Net profit margin (%)8.3%5.9% 
No. of Shares (eoy) (m) 3.8 3.6  
Diluted number of shares 3.6 3.6  
Diluted Earnings per share*350.7272.0 
*(annualised)   

Due to a change in valuation of inventory the company has gained by Rs 9.7 m in the 2QFY01. Without this extraordinary gain, the company's net profit decline would have been steeper.

On the current price of Rs 3,475, MICO is trading at 12.5x FY2000 EPS of Rs 278

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