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Result Analysis

CADBURY INDIA

For the second quarter ended June, Cadbury reported a total income of Rs 136.34 crore (Rs 120.68 crore) up 13 per cent from last year against a 5 per cent increase in the total cost which was Rs 117.35 crore (Rs 111.99 crore). Net profit rose 119 per cent on the back of a 483 per cent rise in other income. Income from operations at Rs 123.57 crore (Rs 118.49 crore) was up 4 per cent over the previous corresponding quarter while operational costs went up by 8 per cent to Rs 108.75 crore (Rs 101.04 crore). Margins fell with operating profits registering a 15 per cent drop over the previous corresponding quarter to Rs 14.82 crore (Rs 17.45 crore), while OPM slumped to 12 per cent from 15 per cent during the same period last year. The tax provision fell by 50 per cent over the previous corresponding quarter to Rs 2.67 crore (Rs 5.39 crore), while net profit went up by a huge 119 per cent to Rs 18.99 crore (Rs 8.69 crore). During the quarter the company reported an extraordinary income of Rs 0.01 crore (Rs 0.67 crore), which, if considered, would have resulted in a PAT of Rs 19 crore (Rs 9.36 crore) up 103 per cent than that recorded during the previous corresponding period. Currently the stock trades at Rs 495 discounting its June quarter annualised EPS of Rs 21.27 by 23 times.

MAHINDRA & MAHINDRA

M&M has reported a 19.5 per cent increase in total income at Rs 831.49 crore (Rs 699.53 crore) in the first quarter ended June. Total spending rose by 14 per cent at Rs 823.69 crore (Rs 723.96 crore) resulting in a profit of Rs 7.80 crore against a loss of Rs 24.43 crore during the same period last year. Net sales at Rs 828.43 crore (Rs 685.12 crore) were up 21.5 per cent over the previous corresponding period while its operational costs went up by 13 per cent to Rs 753.50 crore (Rs 664.98 crore) bringing about a massive improvement in the margins. Operating profits were up by 272 per cent to Rs 74.93 crore (Rs 20.14 crore) while operating profit margin jumped to 9 per cent from 3.5 per cent during the previous corresponding quarter. Other income, however, was drastically down by 79 per cent to Rs 3.06 crore (Rs 14.41 crore). Having provided for taxes to the tune of Rs 4.75 crore against a nil provision during the previous corresponding quarter net profit was Rs 7.80 crore against a loss of Rs 24.43 crore during the same period last year. For now the stock trades at Rs 86 discounting its June quarter annualised earning per share of Rs 2.69 by 32 times. Still way too expensive.

BALLARPUR INDUSTRIES

Bilt has put up a discouraging performance for the year ended June. Its total income at Rs 1,547.78 crore (Rs 1,576.75 crore) was down 2 per cent over the preceding year while its total spending came down by just about a fraction of a per cent to Rs 1,476.38 crore (Rs 1,476.47 crore) resulting in a 29 per cent decline in the net profit at Rs 71.40 crore (Rs 100.28 crore). OPM remained at the same level of 19 per cent as during the last year. Other income was up 8 per cent to Rs 9.91 crore (Rs 9.14 crore). Interest cost at Rs 119.82 crore (Rs 124.17 crore) brought in a saving of 4 per cent over the previous corresponding period. Depreciation rose by 11 per cent to Rs 83.49 crore (Rs 75.10 crore). Despite the before tax profits having come down by 4 per cent there tax provisioning rose 289 per cent, pulling down the net profits by 29 per cent to Rs 71.40 crore (Rs 100.28 crore). The stock currently trades at Rs 47 discounting its June quarter annualised EPS of Rs 9.98 by five times.

THE JAMMU & KASHMIR BANK

The J&K Bank Limited has for the first quarter ended June reported a 4 per cent increase in total income at Rs 290.90 crore (Rs 375.11 crore) but its total spending having come down although just by 0.28 per cent to Rs 318.60 crore (Rs 319.50 crore) saw the net profits move up by 30 per cent to Rs 72.30 crore against Rs 55.61 crore during the same period last year. OPM remained stagnant at 32 per cent. Bringing down other provisions and contingencies by 20 per cent to Rs 18.27 crore (Rs 22.84 crore) saw the before tax profits move up by 21 per cent to Rs 97.80 crore (Rs 80.61 crore). Control over interest cost coupled with reduced provisioning led to net profits moving up by 30 per cent over the previous corresponding period to Rs 72.30 crore against Rs 55.61 crore during the same period last year. The stock has seen a splendid run in the past one year gaining more than 100 per cent over its September 2001 low of Rs 46 and currently trades at Rs 88 discounting its June quarter annualised EPS of Rs 60 by just about once.

Company        Total Income       Net profit        Equity       O. Income       EPS*

Cadbury#       123.57       19.00       35.71       12.77       21.27 M&M       828.43       7.80       116.01       3.06       2.69 Bilt##       1537.87       71.40       71.55       9.91       9.98 J&K Bank       358.44       72.30       48.18       32.46       60.00

n Figures in Rs crore; * annualised; # second quarter, ##yearly results.

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