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Result Analysis

WHIRLPOOL

The results for its third quarter ended September 2002, reveal a mixed trend for Whirlpool. While sales have increased 15 per cent to Rs 231.03 crore (Rs 200.33 crore), net loss stood at Rs 4.05 crore against a net loss of Rs 5.05 crore in the previous corresponding quarter. Operational expenditure has gone up by 19 per cent to Rs 226.17 crore (Rs 190.68 crore). Operating profit was down by 50 per cent to Rs 4.86 crore (Rs 9.65 crore), while OPM slid to a dismal 2 per cent from the previous corresponding quarter’s 5 per cent. What helped was a sudden jump in other income by 187 per cent to Rs 6.43 crore (Rs 2.24 crore). Interest cost fell by 31 per cent to Rs 7.73 crore (Rs 11.18 crore), while depreciation was up 15 per cent to Rs 10.05 crore (Rs 8.75 crore). Currently quoted at Rs 19.95, the stock is down by 35 per cent from a high of Rs 30.75 it touched on 24 June 2002, in the mania that gripped the market for small stocks.

ARVIND MILLS

For its second quarter ended September 2002, Arvind sales have increased 5 per cent to Rs 355.19 crore (Rs 339.39 crore), while net profit was Rs 29.07 crore compared with the previous corresponding quarter’s net loss of Rs 44.59 crore. Operational expenditure dropped 9 per cent to Rs 251.33 crore (Rs 277.39 crore) and so operating profit moved up by 68 per cent to Rs 103.86 crore (Rs 62 crore) thus taking the OPM to an excellent 29 per cent from the previous corresponding quarter’s 18 per cent. Currently quoted at Rs 22.15, the stock discounts its second quarter ended September 2002 annualised EPS of Rs 6.70 by three times.

JINDAL STEEL & POWER

This is one power-packed company. Thanks to continuing rise in steel prices, for its second quarter ended September, Jindal sales were up by 76 per cent to Rs 217.18 crore (Rs 123.29 crore), while net profit rose by 48 per cent to Rs 38.79 crore (Rs 26.20 crore). Operational expenditure moved up by 84 per cent to Rs 138.36 crore (Rs 75.35 crore). Though operating profit scaled up by 64 per cent to Rs 78.82 crore (Rs 47.94 crore), operating profit margin slipped to 36 per cent from the previous corresponding quarter’s 39 per cent. Interest went up by 80 per cent to Rs 21.71 crore (Rs 12.04 crore), while depreciation increased by 66 per cent to Rs 14.38 crore (Rs 8.67 crore). Tax provision shot up by 120 per cent to Rs 4.77 crore (Rs 2.17 crore). From Rs 148.20 on 28 March 2002, the stock is currently traded at Rs 334.20, a 126 per cent rise. It discounts its second ended September 2002 annualised EPS of Rs 120.28 by just twice. It has a lot of steam in it.

ORCHID CHEMICALS & PHARMACEUTICALS

For its second quarter ended September 2002, Orchid sales have moved up 19 per cent to Rs 111.33 crore (Rs 93.76 crore), while net profit has increased by 9 per cent to Rs 2.89 crore (Rs 2.66 crore). Operational expenditure has gone up by 27 per cent to Rs 89.14 crore (Rs 70.04 crore). Meanwhile, operating profit has fallen 6 per cent to Rs 22.19 crore (Rs 23.71 crore), thus bringing the OPM to 20 per cent from the previous corresponding quarter’s 25 per cent. Other income diminished 21 per cent to Rs 0.28 crore (Rs 0.36 crore). Both, interest as well as depreciation charges went up by a marginal 2 per cent, the former — Rs 10.33 crore (Rs 10.09 crore) and the latter— Rs 8.68 crore (Rs 8.52 crore). Tax burden reduced 68 per cent to Rs 0.57 crore (Rs 1.81 crore). During the last two months, the stock has appreciated by almost 31 per cent. Currently priced at Rs 77.05, the stock discounts its second ended September 2002 annualised EPS of Rs 4.13 by 18 times.

HINDUSTAN PETROLEUM

For its second quarter ended September 2002, HPCL sales have gone up 11 per cent to Rs 12,184.74 crore (Rs 10,950.12 crore) while net profit has soared 225 per cent to Rs 456 crore (Rs 140.31 crore). Operational expenditure has increased 7 per cent to Rs 11,372.25 crore (Rs 10,608.51 crore). Operating profit has gone up 138 per cent to Rs 812.50 crore (Rs 341.62 crore), while OPM has improved to 7 per cent from the previous corresponding quarter’s 3 per cent. Other income has declined 9 per cent to Rs 71.87 crore (Rs 79.15 crore). The stock, now traded at Rs 304 discounts its second ended September 2002 annualised EPS of Rs 53.83 by 5.5 times.

Company        Total Income       Net profit        Equity       O. Income       EPS*

Whirlpool#       231.03       (4.05)       126.87       6.43       (1.28) Arvind Mills       355.19       29.07       173.55       1.35       6.70 Jindal Steel       217.18       38.79       12.90       0.83       120.28 Orchid Chemicals       111.33       2.89       28.00       0.28       4.13 HPCL       12184.74       456.00       338.82       71.87       53.83

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

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