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IBP: Margin advantage

Dec 8, 2003

Petroleum products marketing major, IBP, announced a marginal increase of around 1% in the September quarter topline, where as the bottomline grew at a faster rate (around 39%) during the same period. However, due to good results in first quarter, the half yearly picture looks better as the topline growth stands at around 5%, where as the bottomline shows an improvement of around 69% YoY.

(Rs m) 2QFY03 2QFY04 Change 1HFY03 1HFY04 Change
Gross sales 23,028 23,230 0.9% 46,004 48,256 4.9%
Other Income 176 168 -4.7% 348 322 -7.4%
Expenditure 22,551 22,502 -0.2% 45,407 47,098 3.7%
Operating Profit (EBDIT) 477 728 52.6% 597 1,158 94.0%
Operating Profit Margin (%) 2.1% 3.1%   1.3% 2.4%  
Interest 1 0 -75.0% 3 1 -73.3%
Depreciation 117 110 -5.4% 225 203 -9.9%
Profit before Tax 536 785 46.6% 717 1,277 78.2%
Tax 173 282 62.8% 232 458 97.7%
Profit after Tax/(Loss) 362 503 38.9% 485 818 68.8%
Net profit margin (%) 1.6% 2.2%   1.1% 1.7%  
No. of Shares (m) 22.2 22.2   22.2 22.2  
Diluted Earnings per share (Rs)* 65.4 90.9   43.8 73.9  
Current P/E ratio (x)   8.6     10.6  
*(annualised)            

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