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Result Analysis

PIDILITE INDUSTRIES

For the third quarter ended December 2002, Pidilite net profit was static at Rs 17.58 crore (Rs 17.57 crore), despite sales rising by 18 per cent to Rs 157.55 crore (Rs 133.04 crore). Operational expenditure increased 19 per cent to Rs 126.03 crore (Rs 105.52 crore). Operating profit went up 15 per cent to Rs 31.52 crore (Rs 27.52 crore), while OPM slid to 20 per cent from the previous corresponding quarter’s 21 per cent. Other income rose to Rs 2.46 crore (Rs 1.29 crore). Interest and depreciation, both increased — the former by 10 per cent to Rs 0.95 crore (Rs 0.86 crore) and the latter by 11 per cent to Rs 5.71 crore (Rs 5.16 crore). Tax shot up 87 per cent to Rs 9.74 crore (Rs 5.22 crore). The stock is currently trading at Rs 242.35, which is nine times the third quarter annualised EPS of Rs 27.86.

SIEMENS

For the first quarter ended December 2002, Siemens sales moved up 23 per cent to Rs 328.82 crore (Rs 267.09 crore). Sales for the current quarter include other operating income of Rs 30.32 crore. Net profit was up 68 per cent to Rs 34.42 crore (Rs 20.47 crore). Operational expenditure rose 13 per cent to Rs 282.25 crore (Rs 249.09 crore). OPM doubled to 14 per cent for the current quarter compared with the previous corresponding quarter’s 7 per cent, thanks to a 159 per cent rise in operating profit at Rs 46.58 crore (Rs 18 crore). Other income was down 32 per cent to Rs 10.20 crore (Rs 15.00 crore). Taxation rose 175 per cent to Rs 16.90 crore (Rs 6.14 crore). The scrip is currently trading at Rs 312.40 discounting its first quarter ended December 2002 annualised EPS of Rs 41.54 by eight times.

BHARAT EARTH MOVERS

For the third quarter ended December 2002, Bharat Earth Movers sales have increased 51 per cent to Rs 436.24 crore (Rs 288.96 crore), while net profit has gone up by an unimaginable 581 per cent to Rs 10.48 crore (Rs 1.54 crore). Operational expenditure has moved up 53 per cent to Rs 422.42 crore (Rs 276.39 crore). Operating profit has increased by just 10 per cent to Rs 13.82 crore (Rs 12.57 crore), while OPM has shrunk to 3 per cent from the previous corresponding quarter’s 4 per cent. Other income shrank 24 per cent to Rs 4.45 crore (Rs 5.89 crore). Interest has declined by 77 per cent to Rs 2.27 crore (Rs 9.70 crore), while depreciation charges too has fallen by 18 per cent to Rs 5.06 crore (Rs 6.20 crore). Both these contributed heavily to the rise in net profit, rather than operational income. Tax burden has reduced by a significant 55 per cent to Rs 0.46 crore (Rs 1.02 crore). The stock is currently priced at Rs 74.80 discounting its third quarter ended December 2002 annualised EPS of Rs 11.41 by seven times.

JINDAL VIJAYANAGAR STEEL

For the third quarter ended December 2002, Jindal Vijayanagar Steel sales have gone up 29 per cent to Rs 731.48 crore (Rs 564.90 crore), while net loss for the current quarter stood at Rs 59.86 crore compared with the previous corresponding quarter’s loss of Rs (110.44) crore. Operational expenditure has moved up 11 per cent to Rs 547.56 crore (Rs 492.41 crore). Surprisingly, operating profit has shot up 154 per cent to Rs 183.92 crore (Rs 72.49 crore), thus taking the OPM to 25 per cent from the previous corresponding quarter’s 13 per cent. Interest cost went up 45 per cent to Rs 165.37 crore (Rs 113.67 crore). Deferred tax for the current quarter stood at Rs 12.03 crore against tax provision for earlier years in the previous corresponding quarter at Rs 1.40 crore. Miscellaneous expenditure written off declined 4 per cent to Rs 15.69 crore (Rs 16.37 crore).

NICHOLAS PIRAMAL INDIA

For the third quarter ended December 2002, Nicholas Piramal sales have gone up 18 per cent to Rs 219.55 crore (Rs 186.44 crore), while net profit has gone up 61 per cent to Rs 21.19 crore (Rs 13.19 crore). Operational expenditure has increased 16 per cent to Rs 178.10 crore (Rs 153.23 crore). Operating profit has moved up 25 per cent to Rs 41.45 crore (Rs 33.21 crore), taking the OPM to 19 per cent from the previous corresponding quarter’s 18 per cent. Other income declined 35 per cent to Rs 6.76 crore (Rs 10.38 crore). The stock is currently trading at Rs 231.50 discounting its third quarter ended December 2002 annualised EPS of Rs 25.74 by nine times.

Company        Total Income       Net profit        Equity       O. Income       EPS*

Pidilite       157.55       17.58       25.24       2.46       27.86 Siemens#       328.82       34.42       33.14       10.20       41.54 Bharat Earth Movers       436.24       10.48       36.74       4.45       11.41 Jindal Vijayanagar       731.48       (59.86)       1352.01       1.33       (1.31) Nicholas Piramal       219.55       21.19       38.00       6.76       25.74

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

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