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Exceptionals as usual

There are some companies that not only have high exceptionals but it also occurs regularly. We explore the issue and give you some names and figures


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 -793
1123
-1170
3197
2174
5826
-853
5053
54
2498
Vedanta2897
13692
-114
9873
-33785
-17863
-22199
-11373
-167
10339
Tata Steel9599
17589
-4324
-4176
3990
-387
-3929
-3956
-28
3664
Hindalco Industries1774
6208
-8
1907
-577
-873
-1940
84
-396
2128
Siemens567
1137
2992
2914
783
1174
383
603
33
194
DLF8765
4292
429
800
-197
462
-68
469
-330
604
Tata Communications-376
-309
-1063
1230
-103
10
-105
3
216
160
Info Edge (India)313
545
-32
147
-32
419
-6
-14
-3
61
Indian Hotels22
63
-11
-83
-83
-182
-353
-347
-555
-523
BASF India159
247
17
-14
172
-30
29
-67
-10
128
MMTC-8
26
91
57
65
53
23
78
-209
60
Jaiprakash Associates1116
-1927
-3090
-9413
-207
-3164
514
-1551
395
-703
ITDC31
34
-11
9
-8
18
4
32
1
8
Strides Shasun-44
87
-101
446
-41
100
-7
1
-27
51
FACT68
-105
51
-199
12
-459
9
-373
104
-265
Rane Holdings14
22
75
183
13
78
42
96
-52
45
Jindal Saw-91
6
62
47
-21
-80
-30
-27
-68
-100
Welspun Enterprises-20
72
-23
7
-23
-3
174
1
-34
-61
Arshiya395
50
-57
-393
-223
-604
-6
-474
-213
-846
Jindal Poly Films-31
139
25
275
9
453
-117
187
-27
69
Ganesh Benzoplast51
81
-2
13
36
48
19
0
0
0
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