Tata Investment Corporation (501301) Q4 99/00 earnings summary

Executive summary

• FY2000 results included Varuna Investments from 1 Apr 1999 under a merger scheme; reported figures are not directly comparable with FY1999 standalone results.

• Total income was Rs. 4,672.76 lacs, profit before tax Rs. 3,962.26 lacs and profit after tax Rs. 3,720.98 lacs.

Financial highlights

• Total income rose from Rs. 2,832.33 lacs in FY1999 to Rs. 4,672.76 lacs in FY2000; merger inclusion limits comparability.

• Profit before tax was Rs. 3,962.26 lacs versus Rs. 2,433.88 lacs; profit after tax was Rs. 3,720.98 lacs versus Rs. 2,267.54 lacs.

• FY2000 expenditure was Rs. 710.50 lacs, including Rs. 379.47 lacs provision for long-term investment diminution and Rs. 33.35 lacs merger expenses.

• Earnings per ordinary share were Rs. 20.65 versus Rs. 18.24 in FY1999, based on increased share capital after the merger.

Segment performance

• Quoted investments had book value of Rs. 2,115.93 crores and market value of Rs. 6,580.93 crores at 31 Mar 2000; quoted portfolio appreciation was 211%.

• ICE shares were 21% of quoted investment market value; traditional basic industries were 39%, while FMCG and Pharma together represented 10%.

• Information Technology reached 5.83% of investment book value, up from 2.89% a year earlier; Chemicals, Fertilizers and Natural Resources rose to 26.21% from 12.89%.