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Result Analysis

LARSEN & TOUBRO

For the second quarter ended September 2002, L&T’s sales have risen 18 per cent to Rs 2,094 crore (Rs 1,776.12 crore), while net profit has gone up 4 per cent to Rs 42.18 crore (Rs 40.46 crore). Operational expenditure went up 21 per cent to Rs 1,969.10 crore (Rs 1,631.07 crore). However, operating profit fell 14 per cent to Rs 124.90 crore (Rs 145.05 crore). OPM fell to 6 per cent from the previous corresponding quarter’s 8 per cent. Other income feel by 26 per cent to Rs 51.52 crore (Rs 69.27 crore). The is stock currently trading at Rs 198 which is 29 times the September quarter’s annualised EPS of Rs 6.79.

THE INDIAN HOTELS

The September quarter results exclude the Taj Air Catering Business division (TAC), which was sold to a joint venture company with Singapore Airport Terminal Services (SATS) w.e.f. September 30, 2001. Sales for the current quarter at Rs 115.86 crore (Rs 116.12 crore) have more or less remained stagnant with no growth at all, while net profit declined 97 per cent to Rs 2.65 crore compared with the previous corresponding quarter’s Rs 86.35 crore (which is on account of sales of its TAC business for Rs 88.64 crore). Operating profit reduced by 8 per cent to Rs 14.69 crore (Rs 16.01 crore). OPM fell to 13 per cent from the previous corresponding quarter’s 14 per cent. Other income scaled up 33 per cent to Rs 10.54 crore (Rs 7.95 crore). The scrip currently hovering at Rs 183.35 discounts its second quarter ended September annualised EPS of Rs 2.35 by a rich 78 times.

STEEL AUTHORITY OF INDIA

For its second quarter ended September, though sales have moved up 5 per cent to Rs 3,562.16 crore (Rs 3,399.30 crore), SAIL has recorded a loss of Rs (158.35) crore compared with the previous corresponding quarter’s loss of Rs (328.72) crore. Operating profit stood at Rs 379.32 crore compared with the previous corresponding quarter’s operating loss of (Rs 21.65 crore) . Unsurprisingly, OPM improved to 11 per cent from the previous corresponding quarter’s negative 1 per cent. Other income declined 82 per cent to Rs 66.94 crore (Rs 379.30 crore).

ONGC

For its second quarter ended September, ONGC sales increased 36 per cent to Rs 7548.10 crore (Rs 5,566.67 crore), while net profit went up 37 per cent to Rs 2,276.59 crore (Rs 1,666.39 crore). Operating profit increased 32 per cent to Rs 3,839.76 crore (Rs 2,905 crore). However, OPM has fallen to 51 per cent from the previous corresponding quarter’s 52 per cent. Other income stood at Rs 630.01 crore (Rs 430.17 crore) a rise of 46 per cent. The stock currently priced at Rs 356.65 discounts its second quarter annualised EPS of Rs 63.86 by 5.58 times.

VOLTAS

For its second quarter ended September, Voltas’ sales increased 35 per cent to Rs 283.40 crore (Rs 210.49 crore), while net profit jumped 111 per cent to Rs 7.52 crore (Rs 3.56 crore) thanks due to a net extraordinary income of Rs 10.42 crore compared with the previous corresponding quarter’s extraordinary expense of Rs 3.56 crore. Operational expenditure went up 42 per cent to Rs. 285.08 crore (Rs. 201.24 crore). It recorded an operating loss (Rs 1.68 crore) compared with the previous corresponding quarter’s operating profit of Rs 9.25 crore. Other income rose 89 per cent to Rs 7.39 crore (Rs 3.92 crore). The scrip, currently trading at Rs 47.80, discounts its second quarter annualised EPS of Rs 9.10 by 5.25 times.

Company        Total Income       Net profit        Equity       O. Income       EPS*

Larsen & Toubro       2094.00       42.18       248.66       51.52       6.79 Indian Hotels       115.86       2.65       45.12       10.54       2.35 SAIL       3562.16       (158.35)       4130.40       66.94       (1.53) ONGC       7548.10       2276.59       1425.93       630.01       63.86 Voltas       283.40       7.52       33.05       7.39       9.10

n Figures in Rs crore; * annualised.

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