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Result Analysis

ASIAN PAINTS

For the third quarter ended December 2002, Asian Paints has clocked a growth of 9 per cent in sales to Rs 413.36 crore (Rs 378.80 crore), while it has posted a net profit of Rs 43.67 crore (Rs 34.35 crore), up by 27 per cent. Operational expenditure increased 7 per cent to Rs 338.26 crore (Rs 314.79 crore), while operating profit has gone up 17 per cent to Rs 75.11 crore (Rs 64.01 crore). OPM has increased to 18 per cent from the previous corresponding quarter’s 17 per cent. Other income has shot up by 168 per cent to Rs 6.52 crore (Rs 2.43 crore). Among costs, interest stands reduced by a good 56 per cent to Rs 1.85 crore (Rs 4.24 crore). The stock, currently trading at Rs 338.50, discounts its third quarter annualised EPS of Rs 27.21 by 12 times.

SUVEN PHARMACEUTICALS

Suven Pharmaceuticals is a Hyderabad-based small pharma company that has a novel business model. It focuses on intermediates and contract research for life science companies. Its income and profits are highly erratic. For its third quarter ended December 2002, despite sales going up by 18 per cent to Rs 11.23 crore (Rs 9.48 crore), net profit declined by 40 per cent to Rs 1.83 crore (Rs 3.05 crore). Operational expenditure moved up by 39 per cent to Rs 8.58 crore (Rs 6.18 crore). Operating profit during the period under review dropped by 20 per cent to Rs 2.65 crore (Rs 3.30 crore), bringing the operating margin down to 24 per cent from the previous corresponding quarter’s 35 per cent. Tax burden during the reported period was down 27 per cent to Rs 0.64 crore (Rs 0.88 crore). The scrip, currently quoted at Rs 107.30, discounts its third quarter annualised EPS of Rs 16.65 by six times.

THERMAX

Thermax is a Pune-based company making boilers and energy conservation equipment. For the third quarter ended December 2002, sales increased by 19 per cent to Rs 119.60 crore (Rs 100.24 crore), while net profit has sharply moved up by 97 per cent to Rs 5.11 crore (Rs 2.60 crore). Operational expenditure has gone up by 11 per cent to Rs 108.37 crore (Rs 97.73 crore), while operating profit rose by 347 per cent to Rs 11.23 crore (Rs 2.51 crore), taking the OPM to 9 per cent from the previous corresponding quarter’s 3 per cent. Depreciation was down by 12 per cent to Rs 2.77 crore (Rs 3.16 crore). For the current quarter, tax provision was Rs 2.45 crore against Rs 0.75 crore for the previous corresponding quarter, while deferred tax provision was Rs 0.80 crore. Extraordinary expenditure was Rs 1.45 crore (Rs 2.72 crore). The share, currently priced at Rs 142.20, discounts its third quarter annualised EPS of Rs 11.01 by 12 times.

THE FEDERAL BANK

Federal Bank, the largest private-sector bank in Kerala, has declared a 6 per cent rise in total income earned to Rs 281.23 crore (Rs 264.88 crore) for the third quarter ended December 2002. Net profit rose by 42 per cent to Rs 31.12 crore (Rs 21.93 crore). Total income from investments went up by 7 per cent to Rs 105.37 crore (Rs 98.54 crore). Other income rose by 15 per cent to Rs 69.67 crore (Rs 60.65 crore). Interest expenses increased by a marginal 2 per cent to Rs 192.68 crore (Rs 188.64 crore), while operating expenses rose by 23 per cent to Rs 56.27 crore (Rs 45.67 crore). Operating profit was up 12 per cent to Rs 101.95 crore (Rs 91.22 crore). OPM touched a level of 36 per cent from the previous corresponding quarter’s 34 per cent. Other provisions and contingencies went up by 5 per cent to Rs 51.83 crore (Rs 49.29 crore). Tax has reduced by 5 per cent to Rs 19 crore (Rs 20 crore). The stock, currently trading at Rs 93.80, discounts its third quarter annualised EPS of Rs 57.31 twice.

Company        Total Income       Net profit        Equity       O. Income       EPS*

Asian Paints        413.36       43.67       64.19       6.52       27.21 Suven Pharma       11.23       1.83       4.40       0.28       16.65 Thermax       119.60       5.11       23.83       0.65       11.01 Federal Bank       281.23       31.12       21.72       69.67       57.31

n Figures in Rs crore; * annualised.

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