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Result Analysis

GOODLASS NEROLAC

For its third quarter ended December 2002, Goodlass Nerolac sales have gone up by 14 per cent to Rs 178.11 crore, (Rs 156.59 crore), while net profit for the period under consideration has increased by a significant 67 per cent to Rs 11.25 crore (Rs 6.73 crore). Operational expenditure during the period under review has moved up by 11 per cent to Rs 157.32 crore (Rs 141.84 crore), and the operating profit went up by 41 per cent to Rs 20.79 crore (Rs 14.75 crore) taking the operating profit margin to an impressive 12 per cent from the previous corresponding quarter’s 9 per cent. Other income during the reported quarter fell 30 per cent to Rs 1.59 crore (Rs 2.28 crore). Interest reduced by 63 per cent to Rs 0.33 crore (Rs 0.90 crore), while depreciation during the quarter under review fell by 10 per cent to Rs 5.75 crore (Rs 6.40 crore). Taxation during the quarter under review was up by 68 per cent to Rs 5.05 crore (Rs 3 crore). The stock is currently trading at Rs 162 discounting its third quarter ended December 2002 annualised earnings per share of Rs 29.41 by five times. It is doing well and cheap but unfortunately the market interest in small cap stocks is absent.

HERO HONDA

Hero Honda is showing signs of slowing down. For its third quarter ended December 2002, sales moved up by 13 per cent to Rs 1,376.04 crore (Rs 1,219.47 crore), while net profit has increased by 15 per cent to Rs 152.80 crore (Rs 133.22 crore). Operational expenditure has scaled up by 12 per cent to Rs 1,147.98 crore (Rs 1,029.36 crore). Operating profit has increased 20 per cent to Rs 228.06 crore (Rs 190.11 crore). The operating profit margin has inched up to 17 per cent from the previous corresponding quarter’s 16 per cent. Meanwhile, other income has fallen 9 per cent to Rs 21.78 crore (Rs 23.87 crore). Depreciation went up 13 per cent to Rs 14.38 crore (Rs 12.77 crore). Tax provision went up 19 per cent to Rs 82.56 crore (Rs 69.43 crore). The stock is currently trading at Rs 250 discounting its third quarter ended December 2002 annualised earnings per share of Rs 153.03 by 1.63 times.

PNB GILTS

For its third quarter ended December 2002, PNB Gilts’ income increased by a phenomenal 79 per cent to Rs 132.74 crore (Rs 74.07 crore), while net profit too has moved up by a huge 87 per cent to Rs 71.09 crore (Rs 38.03 crore). Operational expenditure has gone up 31 per cent to Rs 2.23 crore (Rs 1.70 crore). Operating profit has moved 80 per cent to Rs 130.51 crore (Rs 72.38 crore). The operating profit margin at 98 per cent is the same as the previous corresponding quarter. Other income has risen by a massive 287 per cent to Rs 0.38 crore (Rs 0.10 crore). Interest cost has gone up by 19 per cent to Rs 15.81 crore (Rs 13.33 crore), while depreciation has risen 60 per cent to Rs 0.24 crore (Rs 0.15 crore). Provision for taxation has gone up by 109 per cent to Rs 43.76 crore (Rs 20.97 crore). The stock currently quoting at Rs 25.60 discounts its third quarter ended December 2002 annualised earnings per share of Rs 21.06 by just 1.22 times. PNB Gilts enjoys a significant position as a primary dealer in the debt securities market and debt market volumes have been going up by leaps and bounds creating powerful earnings growth.

BAJAJ AUTO

For its third quarter ended December 2002, Bajaj sales have gone up 15 per cent to Rs 1,125.72 crore (Rs 981.11 crore), while net profit increased 21 per cent to Rs 134.02 crore (Rs 110.64 crore). Operational expenditure has gone up 10 per cent to Rs 908.99 crore (Rs 822.95 crore). Operating profit during the period under review has increased 37 per cent to Rs 216.73 crore (Rs 158.16 crore). The operating profit margin has improved to 19 per cent from the previous corresponding quarter’s 16 per cent. Surprisingly, other income fell 37 per cent to Rs 29.49 crore (Rs 46.94 crore) though Bajaj’s cash horde (Rs 2,800 crore now) is increasing. Depreciation fell 6 per cent to Rs 41.96 crore (Rs 44.46 crore). Tax burden during the reported quarter increased 41 per cent to Rs 70 crore (Rs 49.50 crore). The scrip, currently trading around Rs 520, discounts its third quarter ended December 2002 annualised earnings per share of Rs 52.98 by nine times.

Company        Total Income       Net profit        Equity       O. Income       EPS*

Goodlass Nerolac       178.11       11.25       15.30       1.59       29.41 Hero Honda       1376.04       152.80       39.94       21.78       153.03 PNB Gilts       132.74       71.09       135.01       0.38       21.06 Bajaj Auto       1125.72       134.02       101.18       29.49       52.98

n Figures in Rs crore; * annualised.

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