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Result Analysis

TAMIL NADU NEWSPRINT AND PAPERS

Tamil Nadu Newsprint and Papers Limited, put up a solid performance for the first quarter ended June with an 8 per cent improvement in total income at Rs 143.44 crore (Rs 133.43 crore, against which the total spending went up by only 4 per cent to Rs 131.20 crore (Rs 125.56 crore) leading to a 56 per cent increase in net profit over the corresponding quarter. Income from operations at Rs 140.46 crore (Rs 130.27) was up 8 per cent over the previous corresponding period. The OPM was, however, stagnant at 27 per cent. Other income fell 6 per cent at Rs 2.98 crore(Rs 3.16 crore). After having provided for Rs 7.84 crore (Rs 8.66 crore) in taxes ó down 9 per cent over the previous corresponding period, TNPL reported a rise of 56 per cent in post tax profits standing at Rs 12.24 crore (Rs 7.87 crore). The stock currently trades at Rs 40 discounting its June quarter annualised EPS of Rs 7.14 by six times. It is a great value buy.

TITAN INDUSTRIES

Titanís performance for the first quarter ended June has been slightly better than the previous corresponding quarter with an 11 per cent improvement in total income at Rs 113.73 crore (Rs 102.80 crore) against a total spending of Rs 123.75 crore (Rs 117.41 crore) which went up by 5 per cent bringing down the net loss to Rs 10.02 crore against Rs 14.61 crore during the previous corresponding quarter. Income from operations at Rs 113.48 crore(Rs 102.27) was up by 11 per cent over the corresponding period while operational spending went up by 12 per cent to Rs 111.36 crore (Rs 99.62) hurting margins. Operating profit was down by 20 per cent over the year-ago period to Rs 2.12 crore (Rs 2.65 crore) while OPM came down to 2 per cent from 3 per cent during the same period last year. After having recorded a loss before providing for taxes of Rs 13.83 crore (Rs 14.61 crore) and writing back a provision of Rs 3.81 crore in deferred taxes Titan reported a net loss of Rs 10.02 crore against a loss of Rs 14.61 crore during the same period last year. The stock currently trades at Rs 57.30 and is best avoided. It has strong support at Rs 40.

Larsen & Toubro

For the first quarter ended June Larsen & Toubro has reported a 15 per cent increase in total income at Rs 2,158.42 crore (Rs 1,876.39 crore) against a 17 per cent rise in the total spending at Rs 2,113.80 crore (Rs 1,811.32 crore). This led to a 31 per cent decline in the net profit over the previous corresponding quarter. Income from operation at Rs 2,112.20 crore (Rs 1,830.67 crore) was up 15 per cent over the previous corresponding period while operational spending went up by 21 per cent to Rs 1,955.77 crore (Rs 1,615.29 crore). Operating profit was down 27 per cent over the year-ago period to Rs 156.43 crore (Rs 215.38 crore) while OPM slumped to 7 per cent from 12 per cent during the same period last year. Other Income went up by 1 per cent at Rs 46.22crore (Rs 45.72 crore) but interest cost was down 37 per cent to Rs 59.28 crore (Rs 94.20 crore). Depreciation was down 4 per cent at Rs 78.14 crore (Rs 81.76 crore) leading to a pre-tax profit of Rs 65.23 crore (Rs 85.14 crore) down 23 per cent over the previous corresponding period. It reported a decrease of 22 per cent in the profits after tax at Rs 44.62 crore (Rs 65.07 crore). The stock currently trades at Rs 171 discounting its June quarter annualised EPS of Rs 7.18 by 24 times.

STERLITE OPTICAL TECHNOLOGIES

Sterlite Optical put up a very poor performance for first quarter ended June with an 84 per cent fall in total income to Rs 30.09 crore (Rs 185.79 crore) and a 63 per cent decline in total costs which stood at Rs 44.18crore (Rs 118.11 crore) resulting in a loss of Rs 14.09 crore against a profit of Rs 67.68 crore in the previous corresponding quarter. Income from operations was Rs 29.72 crore (Rs 184.65) crore --down by 84 per cent over the previous corresponding period. Sterlite recorded a loss at the operational level of Rs 2.82 crore against a profit of Rs 78.29 crore during the previous corresponding period. Other Income was down 68 per cent at Rs 0.37 crore (Rs 1.14 crore). Depreciation was up 42 per cent to Rs 7.08 crore (Rs 5 crore) resulting in a pre-tax loss of Rs 15.92 crore against a profit of Rs 72.68 crore during the same period last year. Despite having written back Rs 1.83 crore in taxes against a provision of Rs 5 crore during the previous corresponding period Sterlite recorded a net loss of Rs 14.09 crore against a profit of Rs 67.68 crore during the previous corresponding period.

Company        Total Income       Net profit        Equity       O. Income       EPS*

TN Newsprint       140.46       12.24       68.58       2.98       7.14 Titan       113.48       (10.02)       42.28       0.25       (9.48) Larsen&Toubro       2112.20       44.62       248.66       46.22       7.18 Sterlite Optical       29.72       (14.09)       28.00       0.37       (20.13)

n Figures in Rs crore; * annualised.

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