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Goodlass Nerolac: Decorative effect

Nov 12, 2003

Goodlass Nerolac, the second largest paint company in India, has performed better in September quarter as compared to the same period last year. The topline of the company has grown by around 19%, where as the bottomline has grown at a higher rate of 33% YoY. Both operating and net profit margins of the company have also improved as shown in the table below.

(Rs m) 2QFY03 2QFY04 Change 1HFY03 1HFY04 Change
Sales 1,755 2,095 19.4% 3,161 3,713 17.5%
Other Income 22 24 7.3% 30 49 63.3%
Expenditure 1,517 1,785 17.6% 2,792 3,236 15.9%
Operating Profit (EBDIT) 238 311 30.5% 370 477 29.0%
Operating Profit Margin (%) 13.6% 14.8%   11.7% 12.9%  
Interest 4 5 12.5% 9 8 -13.3%
Depreciation 50 49 -2.6% 100 101 1.2%
Profit before Tax 206 281 36.4% 291 417 43.4%
Tax 66 93 41.5% 92 140 52.3%
Profit after Tax/(Loss) 141 188 33.0% 199 277 39.2%
Net profit margin (%) 8.0% 9.0%   6.3% 7.5%  
No. of Shares (m) 15.3 15.3   15.3 15.3  
Earnings per share (Rs)* 36.8 49.0   26.1 36.2  
P/E (x) 6.2   5.1 8.4  
(*annualised)            

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