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Result Analysis

NAVNEET PUBLICATIONS

For its fourth quarter ended September, sales of Navneet Publications increased by 20 per cent to Rs 37.07 crore (Rs 30.77 crore), while net profit has declined 34 per cent to Rs 1.63 crore (Rs 2.47 crore). Operational expenditure moved up 27 per cent to Rs 33.58 crore (Rs 26.54 crore), due to higher paper cost. Operating profit fell 17 per cent to Rs 3.49 crore (Rs 4.23 crore). As a result, the operating profit margin dropped to just 9 per cent from the previous corresponding quarter’s 14 per cent. Other income fell 11 per cent to Rs 0.57 crore (Rs 0.64 crore). Meanwhile, total income rose 20 per cent to Rs 37.64 crore (Rs 31.41 crore), while total expenditure went up 27 per cent to Rs 36.28 crore (Rs 28.61 crore). Interest charges were negligible. The stock currently is trading at Rs 133.80 discounting its fourth ended September annualised EPS of Rs 3.41 by 39 times.

PUNJAB TRACTORS

For its second quarter ended September, Punjab Tractors sales have fallen by a disappointing 44 per cent to Rs 132.90 crore (Rs 238.50 crore), while net profit sharply declined by 65 per cent to Rs 10.80 crore (Rs 31 crore). Operational expenditure reduced by 41 per cent to Rs 112.60 crore (Rs 191.30 crore), while operating profit fell by 57 per cent to Rs 20.30 crore (Rs 47.20 crore). OPM decreased to 15 per cent from the previous corresponding quarter’s 20 per cent. Dividend income scaled up by 11 per cent to Rs 4.10 crore (Rs 3.70 crore). Both total income and total expenditure declined, the former by 43 per cent to Rs 137 crore (Rs 242.20 crore), while the latter by 39 per cent to Rs 120.80 crore (Rs 197.90 crore). Currently priced at Rs 127.60 the stock discounts its second quarter ended September annualised EPS of Rs 7.11 by 17 times.

PIDILITE INDUSTRIES

For its second quarter ended September, Pidilite’s sales have increased by 15 per cent to Rs 143.72 crore (Rs 125.42 crore), while net profit has moved up by 22 per cent to Rs 15.54 crore (Rs 12.76 crore), showing significant pricing power. Operational expenditure rose 12 per cent to Rs 115.20 crore (Rs 102.74 crore), leading to a 26 per cent rise in operating profit to Rs 28.52 crore (Rs 22.68 crore). Operating profit margin improved to 20 per cent from the previous corresponding quarter’s 18 per cent. Other income was Rs 2.13 crore (Rs 1.92 crore) up by 11 per cent. Total income went up by 15 per cent to Rs 145.85 crore (Rs 127.34 crore), while total expenditure too went up by 12 per cent to Rs 121.44 crore (Rs 108.24 crore). The scrip at present quotes at Rs 225.20 — nine times to its annualised second quarter EPS of Rs 24.63.

RAYMOND

For its second quarter ended September, Raymond’s sales have remained stagnant at Rs 295.59 crore (Rs 294.99 crore), while net profit has slipped by 16 per cent to Rs 34.41 crore (Rs 41.14 crore). Operational expenditure has increased 4 per cent to Rs 237.94 crore (Rs 228.46 crore). Operating profit is down 13 per cent to Rs 57.65 crore (Rs 66.53 crore). Operating profit margin has dropped to 20 per cent from the previous corresponding quarter’s 23 per cent. Other income moved up by 38 per cent to Rs 9.01 crore (Rs 6.55 crore). The share price is currently around Rs 101.70 discounting its second quarter ended September annualised EPS of Rs 22.42 by 4.5 times.

BSES

For its second quarter ended September, BSES sales crawled by a mere 1 per cent to Rs 722.02 crore (Rs 715.42 crore), while net profit shrank by 48 per cent to Rs 37.97 crore (Rs 73.15 crore). Operational expenditure went up by 4 per cent to Rs 617.77 crore (Rs 592.00 crore). Operating profit of the company during the period under review decreased 16 per cent to Rs 104.25 crore (Rs 123.42 crore), thereby bringing down the operating profit margin to 14 per cent from the previous corresponding quarter’s 17 per cent. Other income rose 9 per cent to Rs 22.33 crore (Rs 20.43 crore). Total income of the company inched up by a mere 1 per cent to Rs 744.35 crore (Rs 735.85 crore), while total expenditure increased 7 per cent to Rs 704.38 crore (Rs 658.33 crore). The stock currently trading at around Rs 200 discounts its second quarter ended September annualised earnings per share of Rs 11.02 by 18 times.

Company        Total Income       Net profit        Equity       O. Income       EPS*

Navneet#       37.07       1.63       19.06       0.57       3.41 Punjab Tractors       132.90       10.80       60.76       4.10       7.11 Pidilite       143.72       15.54       25.24       2.13       24.63 Raymond       295.59       34.41       61.38       9.01       22.42 BSES       722.02       37.97       137.83       22.33       11.02

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

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