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Result Analysis

CENTURY TEXTILES AND INDUSTRIES

For its first quarter ended June, Century’s sales declined by 9 per cent to Rs 542 crore against Rs 593.02 crore in the previous corresponding quarter. Net profits were down by a whopping 54 per cent to Rs 7.39 crore compared with Rs 16.16 crore in the previous corresponding quarter. While operating profit dropped by 33 per cent at Rs 54.70 crore (Rs 81.17), operational expenditure was Rs 487.30 (Rs 511.85 crore) down by 5 per cent. Operating profit margin fell to 10 per cent from 14 per cent in the quarter under review. Other income rose by 8 per cent at Rs 13.65 crore (Rs 12.65 crore). Interest reduced by 34 per cent to Rs 28.56 crore against Rs 43.44 crore in the same quarter last year. The current price of Rs 40.85 discounts its first ended June annualised EPS of Rs 3.18 by 12.8 times. Given this current business environment the stock is expensive though the stock is often whipped up by speculators.

MID-DAY MULTIMEDIA

For its first quarter ended June, Mid-day Multimedia Ltd’s sales dropped by 3 per cent to Rs 20.77 crore (Rs 21.52 crore), while net profit increased by a mere 1 per cent to Rs 1.51 crore (Rs 1.50 crore). On the other hand operational expenditure reduced by 8 per cent to Rs 18.10 crore (Rs 19.68). Operating profit jumped by 45 per cent to Rs 2.67crore (Rs 1.84 crore). Operating profit margin improved to 13 per cent from 9 per cent during the same period last year. Other income stood at Rs 0.49 crore from Rs 1.05 crore in the same quarter last year, down by 53 per cent. While depreciation cost at Rs 0.69 crore (Rs 0.70crore) fell by 1 per cent, interest burden reduced by 45 per cent to Rs 0.21crore against Rs 0.38 crore. The stock currently trades at Rs 17 discounting its first ended June annualised EPS of Rs 1.77 by 9.5 times.

GUJARAT AMBUJA CEMENTS

For its fourth ended June 2002, Gujarat Ambuja’s turnover fell by 4 per cent to Rs 413.39 crore (Rs 430.13 crore). Net profit substantially declined by 42 per cent to Rs 40.68 crore from Rs 70.30 crore in the fourth ended June 2001. Operational expenditure was Rs 306.26 crore (Rs 294.81crore) up by 4 per cent, while operating profit reduced by 21 per cent to Rs 107.13 crore against Rs 135.32 crore in the same quarter last year. Operating margin dropped to 26 per cent from 31 per cent in fourth ended June 2001. Other income slid by 26 per cent to Rs 3.03 crore (Rs 4.10 crore). Tax burden increased by 19 per cent to Rs 8.64 crore (Rs 7.25 crore). The stock is currently trading at Rs 162.85 discounts its fourth ended June annualised EPS of Rs 10.49 by 15.5 times. The valuation is close to the lower range of this premier cement company but the absence of triggers, over capacity and pricing pressures will weigh on the stock.

MERCK

For its second ended June, Merck’s (earlier known as E-Merck) sales improved 9 per cent to Rs 95.83 crore against Rs 88.11 crore in the same quarter last year. However, net profit dropped by 30 per cent to Rs 8.81 crore against Rs 12.52 crore. While operational expenditure increased to Rs 80.35 crore (Rs 71.45 crore), up by 12 per cent, operating profit fell by 7 per cent to Rs 15.48 crore (Rs 16.66 crore). Operating margin declined to 16 per cent from 19 per cent. Other income fell by 59 per cent to Rs 1.48 crore (Rs 3.62 crore). Tax burden increased by 9 per cent to Rs 5.74 crore (Rs 5.28 crore). Currently quoted at Rs 246.25, the stock price discounts its second ended June 2002 annualised EPS of Rs 20.90 by11.7 times. The stock is fairly valued and there will be no major positive surprises soon.

BATA INDIA

For its second quarter ended June, Bata’s turnover slumped by 6 per cent to Rs 215.22 crore (Rs 230.07 crore), while net profit was Rs 2.10 crore (Rs 5.56 crore) a 62 per cent decline. Meanwhile, operational expenditure fell by 4 per cent to Rs 209.22 crore (Rs 217.26 crore). Operating profit was Rs 6 crore (Rs 12.81 crore) down by 53 per cent. OPM fell to 3 per cent from 6 per cent in the same quarter last year. Interest cost declined by 1 per cent to Rs 2.39 crore (Rs 2.41 crore). Total expenditure decreased by 4 per cent to Rs 214.93 crore (Rs 223.23crore). The stock price currently trading at Rs 33.85 discounts its second ended June annualised EPS of Rs 1.63 by 20.7 times.

Company        Total Income       Net profit        Equity       O. Income       EPS*

Century Textile       542.00       3.74       93.04       13.65       3.18 Mid-Day       20.77       1.51       34.05       0.49       1.77 Gujarat Ambuja##       413.39       40.68       155.17       3.03       10.49 Merck#       95.83       8.81       16.86       1.48       20.90 Bata India#       215.22       2.10       51.42       1.20       1.63

n Figures in Rs crore; * annualised; # second quarter; ## fourth quarter results

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