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Result Analysis

MARICO INDUSTRIES

For its second quarter ended September 2002, Marico sales have increased by 11 per cent to Rs 185.13 crore (Rs 166.04 crore), while net profit went up by 8 per cent to Rs 12.75 crore (Rs 11.83 crore). Operational expenditure has moved up by 13 per cent to Rs 166.39 crore (Rs 147.74 crore). Meanwhile, operating profit has gone up by a mere 2 per cent to Rs 18.74 crore (Rs 18.30 crore). OPM was just 10 per cent — down from the previous corresponding quarter’s 11 per cent. Other income and interest cost were negligible while depreciation went up by 15 per cent to Rs 3.60 crore (Rs 3.13 crore). Tax provision shot up by 8 per cent to Rs 2.83 crore (Rs 2.63 crore). Marico has just launched skin-care clinic as a diversification strategy, which will not make much impact on the company. Currently quoted at Rs 163.65, the stock discounts its second quarter ended September 2002 annualised EPS of Rs. 17.59 by nine times.

INGERSOLL-RAND (INDIA)

For its second quarter ended September 2002, Ingersoll-Rand sales have gone up 32 per cent to Rs 102.36 crore (Rs 77.72 crore), while net profit rose 68 per cent to Rs 9.13 crore (Rs 5.44 crore). Operational expenditure went up 27 per cent to Rs 89.97 crore (Rs 70.74 crore). Operating profit leapt 78 per cent to Rs 12.39 crore (Rs 6.98 crore) thus taking the OPM to 12 per cent from the previous corresponding quarter’s 9 per cent. Other income stood at Rs 5.71 crore (Rs 5.39 crore), a 6 per cent rise. Interest cost was negligible while depreciation declined by a marginal 1 per cent to Rs 1.33 crore (Rs 1.34 crore). Taxation went up by 5 per cent to Rs 4.29 crore (Rs 4.09 crore). Expenses on account of voluntary retirement compensation went up 153 per cent to Rs 2.43 crore (Rs 0.96 crore). The stock has risen by almost 35 per cent from a low of Rs 173.75 it hit on 23 May 2002. Currently trading at Rs 234.65, it discounts its second quarter ended September 2002 annualised EPS of Rs. 14.65 by 16 times.

HUGHES SOFTWARE

For its second quarter ended September 2002, though Hughes sales have declined 3 per cent to Rs 52.10 crore (Rs 53.60 crore), net profit has shot up 32 per cent to Rs 8.30 crore (Rs 6.30 crore). Operational expenditure declined 5 per cent to Rs 42 crore (Rs 44.30 crore). On the other hand, operating profit has moved up 9 per cent to Rs 10.10 crore (Rs 9.30 crore), as a result, OPM has improved to 19 per cent from the previous corresponding quarter’s 17 per cent. Other income has slid 53 per cent to Rs 1.80 crore (Rs 3.80 crore).The current quarter also recorded expenses accrued due to capitalisation of product development cost amounting to Rs 3.50 crore. In the last five months, the stock has appreciated 49 per cent from a low of Rs 130.05 on 2 August 2002. Currently quoted at Rs 194.10, the stock discounts its second quarter ended September 2002 annualised EPS of Rs 11.43 by 16 times.

BLUE DART

For its second quarter ended September 2002, Blue Dart sales moved up 11 per cent to Rs 80.08 crore (Rs 72.37 crore), while net profit has gone up 25 per cent to Rs 4.81 crore (Rs 3.86 crore). Operational expenditure has risen 8 per cent to Rs 68.91 crore (Rs 63.58 crore) and operating profit has gone up by an impressive 27 per cent to Rs 11.17 crore (Rs 8.79 crore). OPM has improved to 14 per cent from the previous corresponding quarter’s 12 per cent. Other income was negligible and interest cost was down 24 per cent to Rs 1.69 crore (Rs 2.23 crore). The stock is currently quoted at Rs 71.50, discounting its September 2002 annualised EPS of Rs. 8.11 by eight times.

CADILA HEALTHCARE

For its second quarter ended September 2002, Cadila sales moved up by 25 per cent to Rs 191.65 crore (Rs 152.79 crore), while net profit went up 16 per cent to Rs 25.45 crore (Rs 21.87 crore). Operational expenditure rose 24 per cent to Rs 156.19 crore (Rs 125.74 crore) and operating profit was up 31 per cent to Rs 35.46 crore (Rs 27.05 crore). OPM was a healthy 19 per cent from the previous corresponding quarter’s 18 per cent. Interest for the current quarter was Rs 1.91 crore against Rs 0.53 crore it earned in the previous quarter. The scrip is now hovering in the range of Rs 122.75, discounting its second quarter ended September 2002 annualised EPS of Rs 34.19 by three times.

Company        Total Income       Net profit        Equity       O. Income       EPS*

Marico       185.13       12.75       29.00       0.85       17.59 Ingersoll-Rand       102.36       9.13       31.57       5.71       14.65 Hughes Software       52.10       8.30       16.80       1.80       11.43 Blue Dart       80.08       4.81       23.73       0.06       8.11 Cadila Healthcare       191.65       25.45       29.77       0.36       34.19

n Figures in Rs crore; * annualised.

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