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Result Analysis

NIRMA

For the second quarter ended September, Nirma’s sales have crawled mere 1 per cent to Rs 457.19 crore (Rs 454.27 crore), while net profit has jumped 50 per cent to Rs 51.49 crore (Rs 34.43 crore), mainly due to lower interest cost. Operational expenditure has gone up 2 per cent to Rs 345.22 crore (Rs 337.88 crore). Operating profit has declined 4 per cent to Rs 111.97 crore (Rs 116.39 crore), while OPM was 24 per cent from the previous corresponding quarter’s 26 per cent. Other income has increased 42 per cent to Rs 5.31 crore (Rs 3.73 crore). Total income was up 1 per cent to Rs 462.50 crore (Rs 458 crore), while total expenditure dropped 2 per cent to Rs 390.08 crore (Rs 399.22 crore). The stock currently trades at around Rs 240 discounting its second quarter ended September annualised EPS of Rs 26.61 by nine times. Its is fully valued at the current levels because the consumer goods companies are competing with each other and have no pricing power.

WOCKHARDT

Wockhardt continues its impressive performance though the market is ignoring it. For its third quarter ended September, sales increased by 19 per cent to Rs 205.30 crore (Rs 172.40 crore), while net profit scaled up by 22 per cent to Rs 36 crore (Rs 29.60 crore). Operational expenditure was up by 18 per cent to Rs 160.10 crore (Rs 135.50 crore). Operating profit went up by 22 per cent to Rs 45.20 crore (Rs 36.90 crore), while operating profit margin has moved up to a healthy 22 per cent from the previous corresponding quarter’s 21 per cent. Other income and interest cost were negligible. Tax burden provision was up 75 per cent to Rs 4.20 crore (Rs 2.40 crore). The scrip’s current market price is Rs 448 which discounts its third quarter ended September annualised EPS of Rs 39.67 by 11.29 times.

NALCO

For its second quarter ended September, Nalco’s sales have gone up by 22 per cent to Rs 642.95 crore (Rs 527.34 crore), while net profit has skyrocketed by to Rs 118.59 crore (Rs 6.19 crore). Operational expenditure declined by 12 per cent to Rs 393.25 crore (Rs 449.36 crore). As a result, operating profit was up 220 per cent to Rs 249.70 crore (Rs 77.98 crore) and operating profit margin improved to 39 per cent from the previous corresponding quarter’s 15 per cent. Other income rose by 13 per cent to Rs 38.64 crore (Rs 34.27 crore). Both interest and depreciation went up, the former by 12 per cent to Rs 29.46 crore (Rs 26.33 crore) and the latter by 13 per cent to Rs 87.66 crore (Rs 77.43 crore). Nalco was a candidate for disinvestment but as it got embroiled in controversies, the stock has fallen 43 per cent from a high of Rs 126.35 in July 2002 to the current price of Rs 71.80. It discounts its second quarter ended September annualised EPS of Rs 7.36 by 9.75 times.

LML

For its second quarter ended September, LML sales have gone up by 10 per cent to Rs 119.57 crore (Rs 108.91 crore), while net loss stood at Rs (3.85) crore compared with the previous corresponding quarter’s loss of Rs (18.80) crore. Operational expenditure has gone up by 7 per cent to Rs 121.71 crore (Rs 114.11 crore) and operating loss for the current quarter was Rs 2.14 crore compared with the previous corresponding quarter’s loss of Rs (5.20) crore. Among the costs, interest has shot up by 20 per cent to Rs 11.84 crore (Rs 9.84 crore), while depreciation has moved up 11 per cent to Rs 5.82 crore (Rs 5.24 crore). A deferred tax credit of Rs 15.10 crore has been provided for in the current quarter. The stock is currently trading at Rs 40.55.

ZANDU PHARMACEUTICAL

For its second quarter ended September, Zandu Pharma’s sales have slipped 2 per cent to Rs 31.24 crore (Rs 31.98 crore), while net profit has dropped 1 per cent to Rs 2.66 crore (Rs 2.69 crore). Operational expenditure has fallen by a marginal 1 per cent to Rs 27.06 crore (Rs 27.23 crore). Similarly, operating profit too has dived by 12 per cent to Rs 4.18 crore (Rs 4.75 crore). Operating profit margin was down to 13 per cent from the previous corresponding quarter’s 15 per cent. Other income went up 24 per cent to Rs 0.58 crore (Rs 0.47 crore). The scrip currently trading at Rs 1,577.50 discounts its second quarter ended September annualised EPS of Rs 26.42 by a 59 times.

Company        Total Income       Net profit        Equity       O. Income       EPS*

Nirma       457.19       51.49       79.38       5.31       26.61 Wockhardt#       205.30       36.00       36.30       0.30       39.67 Nalco       642.95       118.59       644.31       38.64       7.36 LML       119.57       (3.85)       43.66       0.85       (3.53) Zandu Pharma       31.24       2.66       4.03       0.58       26.42

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

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