This does the same thing, but may be a bit more intuitive:

=TIME(INT(A1/100),MOD(A1,100),0)

In microsoft.public.excel Peo Sjoblom wrote:
You can't use format to do this, you would need a formula (or a macro) and
help cells, then you can copy and paste as special over the old values, with
your value in A1

=(INT(A1/100)+MOD(A1,100)/60)/24

format as hh:mm

--
Gary L. Smith
Columbus, Ohio