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Result Analysis

NALCO

For the third quarter ended December 2002, sales of National Aluminium Company Limited (Nalco) increased by 16 per cent to Rs 688.49 crore (Rs 593.10 crore), while net profit moved up by 16 per cent to Rs 127.67 crore (Rs 110.19 crore). Operational expenditure was up by 18 per cent to Rs 445.85 crore (Rs 377.93 crore). Though operating profit has risen by 13 per cent to Rs 242.64 crore (Rs 215.17 crore), OPM has dipped to 35 per cent from the previous corresponding quarter’s 36 per cent. Other income has jumped by 70 per cent to Rs 60.89 crore (Rs 35.87 crore) probably because without any major investment plans, Nalco is sitting on a lot of cash. Among costs, interest has slid by 2 per cent to Rs 29.87 crore (Rs 30.54 crore), while depreciation has moved up by 10 per cent to Rs 88.81 crore (Rs 80.49 crore).Tax during the reported period has gone up by 92 per cent to Rs 57.18 crore (Rs 29.82 crore). The stock, currently trading at Rs 80, discounts its third quarter annualised EPS of Rs 7.93 by ten times, price substantially supported by hopes of disinvestment.

BLUE DART EXPRESS

Blue Dart Express reported lack lustre sales for the third quarter ended December 2002. Its sales moved up by 5 per cent to Rs 76.45 crore (Rs 73.14 crore), while net profit has gone up by a marginal 1 per cent to Rs 5.32 crore (Rs 5.27 crore). Operational expenditure has increased by 5 per cent to Rs 64.74 crore (Rs 61.82 crore). Operating profit was up by 3 per cent to Rs 11.71 crore (Rs 11.32 crore). Interest charges were down by 38 per cent to Rs 1.37 crore (Rs 2.21 crore), while depreciation has gone up by 32 per cent to Rs 2.08 crore (Rs 1.57 crore). Tax provision has shot up by 26 per cent to Rs 3.00 crore (Rs 2.38 crore). The scrip, at present trading at Rs 58.90, discounts its third quarter annualised EPS of Rs 8.97 by six times.

BALLARPUR INDUSTRIES

Ballarpur Industries is the largest paper manufacturer in India. For its second quarter ended December 2002, its sales have grown by 4 per cent to Rs 386.54 crore (Rs 371.83 crore), while net profit has increased by an impressive 42 per cent to Rs 19.65 crore (Rs 13.88 crore). Operational expenditure has increased by a mere 2 per cent to Rs 306.51 crore (Rs 299.24 crore), while operating profit has moved up by 10 per cent to Rs 80.03 crore (Rs 72.59 crore). Other income has dropped by 71 per cent to Rs 1.22 crore (Rs 4.17 crore). Interest cost has dipped by 13 per cent to Rs 26.15 crore (Rs 30.01 crore). Depreciation at Rs 22.85 crore (Rs 22.79 crore) has more or less remained same. Tax has gone up by 25 per cent to Rs 12.60 crore (Rs 10.08 crore). Currently trading at Rs 37.45, it discounts its second quarter annualised EPS of Rs 6.12 by six times.

CROMPTON GREAVES

For the third quarter ended December 2002, engineering major Crompton Greaves Limited has reported sales of Rs 396.10 crore (Rs 361.67 crore), up 10 per cent from the previous corresponding quarter, while net profit has increased by ahuge 57 per cent to Rs 3.44 crore (Rs 2.19 crore). Operational expenditure was up by 10 per cent to Rs 366.05 crore (Rs 332.15 crore), while operating profit has gone up by 2 per cent to Rs 30.05 crore (Rs 29.52 crore). However, the OPM at 8 per cent is the same as the previous corresponding quarter’s. Other income has increased by 36 per cent to Rs 4.84 crore (Rs 3.55 crore). Both interest and depreciation was down, the former by 11 per cent to Rs 16.97 crore (Rs 18.97 crore), while the latter by a marginal 1 per cent to Rs 11.74 crore (Rs 11.91 crore). Tax stood at Rs 2.74 crore. The scrip currently trading at Rs 59 discounts its second third quarter annualised EPS of Rs 2.63 by 22 times.

Company        Total Income       Net profit        Equity       O. Income       EPS*

Nalco       688.49       127.67       644.31       60.89       7.93 Blue Dart Express       76.45       5.32       23.73       0.06       8.97 Ballarpur Industries#       386.54       19.65       128.53       1.22       6.12 Crompton Greaves       396.10       3.44       52.37       4.84       2.63

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

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