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Result Analysis

BHARAT FORGE

Bharat Forge has put up a strong export backed performance for the first quarter ended June with a 25 per cent improvement in total income at Rs 143.49 crore (Rs 114.73 crore). Against this total spending went up 18 per cent to Rs 131.12 crore (Rs 110.70 crore) Income from operations was up 27 per cent over last year to Rs 143.36 crore (Rs 112.56 crore) thanks to exports, which registered a 120 per cent growth over the previous corresponding period. Operating profits zoomed up 60 per cent over the same period last year to Rs 39.19 crore (Rs 24.42 crore), while OPM was up to 27 per cent against 22 per cent during the previous corresponding period. Having provided for Rs 5.92 crore in taxes against a nil provision during the previous corresponding period, net profits rose by 207 per cent to Rs 12.37 crore (Rs 4.03 crore). The stock currently trades at a PE of 14 times to its June quarter annualised EPS of Rs 13.14.

ZEE TELEFILMS

Zee Telefilms is finding it impossible to get ahead. For the first quarter ended June 2002 total income was Rs 265.01 crore (Rs 254.16 crore), up 4 per cent over the previous corresponding period against which total spending came down only by a marginal 0.20 per cent to Rs 217.34 crore (Rs 217.78 crore) resulting in a 31 per cent increase in the net profits. Income from operations at Rs 248.80 crore (Rs 233.51 crore) was up 7 per cent over the previous corresponding period while its operational spending actually came down by 1 per cent to Rs 172.97 crore (Rs 173.96 crore) slightly improving the margins. Operating profits were up 27 per cent over the year-ago period to Rs 75.83 crore (Rs 59.55 crore), while OPM nudged up to 30 per cent from 26 per cent during the same period last year. Other income reported a fall of 22 per cent at Rs 16.21 crore (Rs 20.65 crore). Interest at Rs 18.22 crore was down 11 per cent over the previous corresponding period cost of Rs 20.43 crore. Pre-tax profits rose by 21 per cent to Rs 68.15 crore (Rs 56.16 crore). The stock currently trades at Rs 105 discounting its June quarter annualised EPS of Rs 4.62 by 23 times. It is fully priced at the current levels.

SONATA SOFTWARE

Sonata has put up a poor show for the first quarter ended June with total revenues at Rs 197.23 crore (Rs 257.71 crore) down 23 per cent from the year-ago period against a 7 per cent decline in the total expenditure reported at Rs 165.30 crore (Rs 178.09 crore) eventually resulting in a 60 per cent fall in the net profits over the same period last year. Income from operations was down 21 per cent to Rs 194.35 crore (Rs 246.74 crore), while its operational costs came down by just about 7 per cent to Rs 155.85 crore (Rs 168.32 crore) squeezing margins badly. Operating profits were down Rs 38.50 crore (Rs 78.42 crore), while OPM slumped to 20 per cent from 32 per cent during the year-ago period. There was a fall of 74 per cent in the other income recorded at Rs 2.88 crore against Rs 10.97 crore during the previous corresponding period. Despite the before tax profits having come down by 57 per cent to Rs 34.89 crore (Rs 81.62 crore) the tax provision was up 48 per cent to Rs 2.96 crore (Rs 2 crore) leading to a 60 per cent fall in the net profits to Rs 31.93 crore (Rs 79.62 crore). The stock currently trading at Rs 14.60 discounts its June quarter annualised EPS of Rs 1.21 by 12 times.

SIEMENS

Siemens put up a sound performance for the third quarter ended June with total revenues of Rs 310.08 crore (Rs 290.47 crore) up 7 per cent from the year-ago period against a 5 per cent jump in the total costs at Rs 297.96 crore (Rs 282.90 crore) resulting in a 60 per cent rise in net profit. Income from operations was up 7 per cent to Rs 308.17 crore (Rs 286.92 crore) against which the operational costs stood at Rs 285.78 crore (Rs 272.54 crore) enhancing the margins smartly. Operating profits were sharply up over the previous corresponding period to Rs 22.39 crore (Rs 14.39 crore), while OPM inched up to 7.5 per cent from 5 per cent during the same period last year. Other income fell 46 per cent to Rs 1.90 crore (Rs 3.55 crore) but interest income of Rs 3.23 crore (Rs 3.77 crore) helped. Net profit was up 60 per cent over the previous corresponding period to Rs 12.11 crore (Rs 7.57 crore). The stock is currently trading at Rs 291 discounting its June quarter annualised EPS of Rs 14.62 by 20 times.

Company        Total Income       Net profit        Equity       O. Income       EPS*

Bharat Forge       143.36       12.37       37.67       0.13       13.14 Zee Telfilms       248.80       47.67       41.25       16.21       4.62 Sonata Software       194.35       31.93       105.16       2.88       1.21 Siemens#       308.17       12.11       33.14       1.90       14.62

n Figures in Rs crore; * annualised; # third quarter results

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