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Result Analysis

TATA ELXSI

Small software companies continue to be under pressure. TataElxsi, has reported an 8 per cent decline in sales to Rs 25.20 crore (Rs 27.35 crore), while net profit slipped 13 per cent to Rs 4.03 crore (Rs 4.65 crore), for its third quarter ended December 2002. Operational expenditure decreased 6 per cent to Rs 19.77 crore (Rs 21.14 crore). Operating profit fell 13 per cent to Rs 5.43 crore (Rs 6.22 crore) thus bringing down the operating profit margin to 22 per cent from the previous corresponding quarter’s 23 per cent. Other income for the quarter under review was Rs 0.52 crore. Interest charge was marginally up 2 per cent to Rs 0.47 crore (Rs 0.46 crore), while depreciation increased by 16 per cent to Rs 0.87 crore (Rs 0.75 crore).The stock is currently quoted at Rs 66.60 which discounts its third quarter annualised EPS of Rs 5.18 by 12 times.

E.I.D. PARRY

E. I.D. Parry, the flagship company of the Murugappa group, ended the December 2002 quarter with sales of Rs 286.47 crore (Rs 440.68 crore) down 35 per cent from the year-ago period, while net profit slumped by a huge 86 per cent to Rs 0.94 crore (Rs 6.82 crore). Operational expenditure fell by 33 per cent to Rs 274.01 crore (Rs 407.10 crore). Operating profit was down 63 per cent to Rs 12.46 crore (Rs 33.58 crore) bringing down the operating profit margin to 4 per cent from the previous corresponding quarter’s 8 per cent. Other income rose by 307 per cent to Rs 10.74 crore (Rs 2.64 crore). Interest cost of the company during the period under review was down by 37 per cent to Rs 7.83 crore (Rs 12.38 crore), while depreciation has gone up by 3 per cent to Rs 11.33 crore (Rs 11.04 crore). Tax provision during the reported period stands reduced by 48 per cent to Rs 3.10 crore (Rs 5.98 crore). The scrip is currently trading at Rs 79.60 discounting its third quarter annualised earnings per share of Rs 2.11 by a massive 37 times.

CORPORATION BANK

Mangalore-based Corporation Bank has declared an 8 per cent rise in total interest earned to Rs 539.50 crore (Rs 500.12 crore) for the third quarter ended December 2002. Net profit at Rs 151.81 crore (Rs 91.45 crore) was 66 per cent above the previous corresponding period mainly on account of a rise in income from sale of investments, which increased to Rs 102.57 crore (Rs 43.18 crore). Total income from investments went up by 21 per cent to Rs 247.39 crore (Rs 204.34 crore). Other income went up by 51 per cent to Rs 153.64 crore (Rs 101.96 crore). Interest expenses fell by 10 per cent to Rs 303.43 crore (Rs 336.95 crore), while operating expenses went up by 24 per cent to Rs 120.64 crore (Rs 97.30 crore). Operating profit stood at Rs 269.07 crore (Rs 167.83 crore) up by 60 per cent. Operating profit margin improved to 50 per cent from the previous corresponding quarter’s 34 per cent. Other provisions and contingencies went up by 13 per cent to Rs 43.55 crore (Rs 38.71 crore), while tax burden shot up by 96 per cent to Rs 73.71 crore (Rs 37.67 crore). The stock is currently quoted at Rs 130.60 which discounts its third quarter annualised earnings per share of Rs 42.33 by three times. After acquisition of interest by the Life Insurance Corporation of India, Corporation Bank one of the better PSU banks has adopted aggressive growth measures.

IPCA LABORATORIES

For the third quarter ended December 2002, sales of Ipca Labs have increased by 8 per cent to Rs 112.69 crore (Rs 104.53 crore), while net profit has jumped by a massive 115 per cent to Rs 15.94 crore (Rs 7.40 crore). Operational expenditure of the company has moved up by a marginal 1 per cent to Rs 89.30 crore (Rs 88.20 crore). Operating profit has gone up by 43 per cent to Rs 23.39 crore (Rs 16.33 crore), thus taking the operating profit margin to an impressive 21 per cent from the previous corresponding quarter’s 16 per cent. Interest cost of the company during the period under review reduced by 64 per cent to Rs 1.34 crore (Rs 3.71 crore), while depreciation saw a minimal decline of 1 per cent to Rs 2.79 crore (Rs 2.81 crore). Tax during the reported period went up by 13 per cent to Rs 3.40 crore (Rs 3 crore). The scrip right now traded in the range of Rs 164.75 discounts its third quarter annualised earnings per share of Rs 51.01 by three times.

Company        Total Income       Net profit        Equity       O. Income       EPS*

Tata Elxsi       25.20       4.03       31.14       0.52       5.18 E.I.D. Parry       286.47       0.94       17.84       10.74       2.11 Corporation Bank        539.50       151.81       143.44       153.64       42.33 Ipca Laboratories       112.69       15.94       12.50       0.08       51.01

n Figures in Rs crore; * annualised.

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