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Punjab Tractors: Running ahead of earnings?

Dec 9, 2003

If one were to consider the underperformers among the auto sector in the recent past, tractor majors stand out clearly. The industry has been through a difficult phase of oversupply situation, unreasonable industry practices and poor demand. One of the companies that was hit hard by this industry trend was Punjab Tractors. However, as we had mentioned earlier in our 3QFY03 analysis of Punjab Tractors, the industry is showing signs of turnaround in fortunes in recent months.

(Rs m) 2QFY03 2QFY04 Change 1HFY03 1HFY04 Change
Sales 1,329 1,276 -4.0% 2,946 2,470 -16.2%
Other Income 41 32 -22.0% 41 32 -22.0%
Expenditure 1,126 1,155 2.6% 2,459 2,202 -10.5%
Operating Profit (EBDIT) 203 121 -40.4% 487 268 -45.0%
Operating Profit Margin (%) 15.3% 9.5%   16.5% 10.9%  
Interest (net) 37 32 -13.5% 70 64 -8.6%
Depreciation 45 40 -11.1% 90 80 -11.1%
Profit before Tax 162 81 -50.0% 368 156 -57.6%
Tax 54 20 -63.0% 120 38 -68.3%
Profit after Tax/(Loss) 108 61 -43.5% 248 118 -52.4%
Net profit margin (%) 8.1% 4.8%   8.4% 4.8%  
No. of Shares (eoy) (m) 60.8 60.8   60.8 60.8  
Earnings per share (Rs)* 7.1 4.0   8.2 3.9  
P/E (x)         67.0  
(*annualised)            

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