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Result Analysis

EXIDE

For the second quarter ended September 2002, Exide Industries registered an 8 per cent growth in sales to Rs 216.92 crore (Rs 201.48 crore), with net profit moving up by 18 per cent to Rs 15.61 crore against Rs 13.20 crore in the same quarter last year. While operational expenditure increased by 8 per cent to Rs 175.19 crore (Rs 162.12 crore), operating profit rose by 6 per cent to Rs 41.73 crore (Rs 39.36 crore). Operating profit margin dropped to 19 per cent from 20 per cent in the same quarter last year. Other Income was Rs 0.76 crore (Rs 0.08 crore). Total income grew by 8 per cent to Rs 217.68 crore (Rs 201.56 crore), while total expenditure also increased by 7 per cent to Rs 202.07 crore (Rs 188.36 crore). Extraordinary expenses increased by 24 per cent to Rs 1.18 crore (Rs 0.95 crore). The current stock price is Rs 77.50, discounting its second quarter ended September 2002 annualised EPS of Rs 17.53 by 4 times.

PFIZER

For the third quarter ended August 2002, Pfizer’s sales increased by 20 per cent to Rs 98.36 crore (Rs 82.20 crore), while net profit was up by 4 per cent to Rs 15.36 crore (Rs 14.70 crore). Operational costs increased by 14 per cent to Rs 82.06 crore (Rs 71.88 crore), while operating profits moved up by 58 per cent to Rs 16.30 crore (Rs 10.32 crore). Operating profit margin was 17 per cent against the previous corresponding quarter’s 13 per cent. Total Income was Rs 107.66 crore (Rs 97.62 crore) up by 10 per cent, while total expenditure increased by 11 per cent to Rs 92.30 crore (Rs 82.92 crore). The stock is currently trading at Rs 421.40 discounting its third quarter ended August 2002 EPS of Rs 26.21 by 16 times.

JAMMU & KASHMIR BANK

For the second quarter ended September, the Jammu & Kashmir Bank’s total income has surged ahead by 21 per cent to Rs 442.06 crore (Rs 365.22 crore), while total expenditure too has moved up by 18 per cent to Rs 367.37 crore (Rs 312.36 crore). The bank posted an impressive net profit of Rs 74.69 crore (Rs 52.86 crore), a rise of 41 per cent. Operating costs increased by 34 per cent to Rs 71.46 crore (Rs 53.28 crore), while operating profit margin improved to 42 per cent from 32 per cent during the year ago quarter. Other Income clocked Rs 94.28 crore (Rs 33.16 crore), up by 184 per cent. The stock is currently valued at a ridiculous P/E of 1.2 to for its second quarter ended September 2002 annualised EPS of Rs 62.

AZTEC SOFTWARE

For the second quarter ended September, Aztec’s sales dropped by 31 per cent to Rs 13.25 crore (Rs 19.29 crore), while net profit fell 77 per cent to Rs 1.61 crore (Rs 6.99 crore). Total income came down 35 per cent to Rs 14.89 crore (Rs 23.00 crore), while total expenditure was Rs 12.95 crore (Rs 15.35 crore), down 16 per cent. On the other hand operational expenditure declined 14 per cent to Rs 11.54 crore (Rs 13.41 crore). Operating profit slid by 71 per cent to Rs 1.71 crore (Rs 5.88 crore). OPM fell to 13 per cent from 30 per cent in the same quarter last year. Other income reduced by 56 per cent to Rs 1.64 crore (Rs 3.71 crore). The current stock price of Rs 36.90 discounts its second quarter ended September 2002 annualised EPS of Rs 5.31 by 6.9 times.

BALLARPUR INDUSTRIES

For the first quarter ended September 2002, Ballarpur Industries (Bilt) has posted a marginal growth of 1 per cent in sales to Rs 357.32 crore (Rs 354.84 crore), while net profit has increased by 22 per cent to Rs 21.19 crore (Rs 17.43 crore). Operational expenditure has remained static at Rs 278.74 crore (Rs 279.87 crore). Operating profit has moved up by 5 per cent to Rs 78.58 crore (Rs 74.97 crore), while operating profit margin has risen to 22 per cent from 21 per cent in the same quarter last year. Other income has dropped by 2 per cent to Rs 1.58 crore (Rs 1.61 crore). Total income stood at Rs 358.90 crore (Rs 356.45 crore), up by a mere 1 per cent, while total expenditure decreased also by 1 per cent to Rs 327.76 crore (Rs 331.33 crore). The stock is currently trading at Rs 40.90 discounting its first quarter ended September 2002 annualised EPS of Rs 6.59 by 6.2 times.

Company        Total Income       Net profit        Equity       O. Income       EPS*

Exide       216.92       15.61       35.61       0.76       17.53 Pfizer##       98.36       15.36       23.44       9.30       26.21 J&K Bank       442.06       74.69       48.19       94.28       62.00 Aztec       13.25       1.61       12.12       1.64       5.31 Bilt#       357.32       21.19       128.53       1.58       6.59

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

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