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Result Analysis

PADMALAYA TELEFILMS

For its second quarter ended September 2002, income of Padmalaya Telefilms, now under the management of Zee Telefims, increased by 38 per cent to Rs 16.94 crore (Rs 12.30 crore), while net profit has fallen by 2 per cent to Rs 3.08 crore (Rs 3.14 crore). Operational expenditure has gone up by 44 per cent to Rs 11.23 crore (Rs 7.77 crore). Operating profit has moved up 26 per cent to Rs 5.71 crore (Rs 4.53 crore), while OPM slipped to 34 per cent from the previous corresponding quarter’s 37 per cent. Current taxation at Rs 1.50 crore (Rs 0.45 crore) includes a deferred tax of Rs 0.38 crore. Net profit includes extraordinary income of Rs 0.67 crore and prior period expenditure of Rs 0.19 crore. The stock is currently trading at Rs 76.10 which is seven times it second quarter annualised EPS of Rs 9.85. It is cheap and should go up from these levels now that the market is bullish.

JINDAL IRON & STEEL

Thanks to the buoyant steel prices, Jisco’s sales for its second quarter ended September 2002, have gone up by 31 per cent to Rs 338.49 crore (Rs 257.51 crore), while net profit stood at Rs 15.26 crore compared with the previous corresponding quarter’s loss of Rs (24.01) crore. Operational expenditure went up by 10 per cent to Rs 271.86 crore (Rs 246.97 crore). Operating profit was up by 532 per cent to Rs 66.63 crore (Rs 10.54 crore). Operating profit margin improved to a fat 20 per cent (exceedingly high for a commodity producer) compared with the previous corresponding quarter’s 4 per cent. Net profit includes miscellaneous expenditure of Rs 3.13 crore. The scrip is currently quoted at Rs 53.45 which discounts its second quarter annualised EPS of Rs 17.19 by just three times. It still has significant upside left, as steel prices show no signs of falling.

CESC

For its second quarter ended September 2002, CESC’s income increased by 25 per cent to Rs 594 crore (Rs 475 crore), while net loss stood at Rs 3 crore compared with the previous corresponding quarter’s loss of Rs 93 crore. Operational expenditure went up by 7 per cent to Rs 422 crore (Rs 395 crore). Operating profit rose by a good 115 per cent to Rs 172 crore (Rs 80 crore), taking the operating profit margin to a level of 29 per cent from the previous corresponding quarter’s 17 per cent. Other income reduced by 26 per cent to Rs 14 crore (Rs 19 crore). Interest and depreciation costs, both fell marginally — the former by 2 per cent to Rs 108 crore (Rs 110 crore), and the latter by 1 per cent to Rs 81 crore (Rs 82 crore).

GOODLASS NEROLAC PAINTS

For its second quarter ended September 2002 Nerolac’s sales increased by 9 per cent to Rs 175.49 crore (Rs 160.48 crore), while net profit has gone up 23 per cent to Rs 14.09 crore (Rs 11.48 crore). Operational expenditure was up 85 per cent to Rs 151.66 crore (Rs 139.86 crore). Operating profit has moved up by 16 per cent to Rs 23.83 crore (Rs 20.62 crore) with OPM at 14 per cent compared with the previous corresponding quarter’s 13 per cent. Other income reduced 16 per cent to Rs 2.23 crore (Rs 2.66 crore). Priced at Rs 136.35 the stock discounts its second quarter annualised EPS of Rs 36.84 by just three times.

MERCK

For its third quarter ended September 2002, Merck’s sales declined by 5 per cent to Rs 89.36 crore (Rs 94.43 crore), while net profit too has reduced by 25 per cent to Rs 10.85 crore (Rs 14.52 crore). Operational expenditure has gone down by 3 per cent to Rs 72.24 crore (Rs 74.21 crore). Operating profit has dwindled by 15 per cent to Rs 17.12 crore (Rs 20.22 crore), leading to a operating profit margin of 19 per cent from the previous corresponding quarter’s 21 per cent. Other income has reduced by 8 per cent to Rs 1.80 crore (Rs 1.95 crore). Total income slipped by 5 per cent to Rs 91.16 crore (Rs 96.39 crore), while total expenditure decreased by 3 per cent to Rs 74.82 crore (Rs 76.78 crore). Interest cost has shrunk 16 per cent to Rs 0.11 crore (Rs 0.13 crore). The scrip currently trades at Rs 240.25 discounting its third quarter annualised EPS of Rs 25.73 by nine times. There is no growth in this company just like most other multinational drug companies.

Company        Total Income       Net profit        Equity       O. Income       EPS*

Padmalaya       16.94       3.08       12.50       0.05       9.85 Jindal       338.49       15.26       42.80       0.70       17.19 CESC       594.00       (3.00)       58.00       14.00       (2.07) Nerolac       175.49       14.09       15.30       2.23       36.84 Merck#        89.36       10.85       16.86       1.80       25.73

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

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