Exceptionals as usual

Exceptional profit or loss arises as a by-product of a company's ordinary activities. Some of its sources include currency fluctuations, asset write-downs and money spent on litigation. As the name implies, this income is intermittent and can't be projected or forecast. While analysing the income statement, analysts adjust the profit for exceptional income. However, there are some companies that not only have high exceptionals but it also occurs regularly. This makes analysing such companies and judging their valuations particularly tricky. The following table lists companies that have reported sizeable exceptionals in at least three of the last five years. Exceptions are always there Company name Exceptional income (Rs cr) | PAT (Rs cr) 2018 2017 2016 2015 2014 Bharti Airtel -7931123-1170 31972174 5826-853 505354 2498Vedanta2897 13692-114 9873-33785 -17863-22199 -11373-167 10339Tata Steel9599 17589-4324 -41763990 -387-3929 -3956-28 3664Hindalco Industries1774 6208-8 1907-577 -873-1940 84-396 2128Siemens567 11372992 2914783 1174383 60333 194DLF8765 4292429 800-197 462-68 469-330 604Tata Communications-376 -309-1063 1230-103 10-105 3216 160Info Edge (India)313 545-32 147-32 419-6 -14-3 61Indian Hotels22 63-11 -83-83 -182-353 -347-555 -523BASF India159 24717 -14172 -3029 -67-10 128MMTC-8 2691 5765 5323 78-209 60Jaiprakash Associates1116 -1927-3090 -9413-207 -3164514 -1551395 -703ITDC31 34-11 9-8 184 321 8Strides Shasun-44 87-101 446-41 100-7 1-27 51FACT68 -10551 -19912 -4599 -373104 -265Rane Holdings14 2275 18313 7842 96-52 45Jinda