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Result Analysis

HIMATSINGKA SEIDE

Himatsingka Seide is a 100 per cent export oriented unit that exports silk fabrics and yarn for the furnishing industry. For its third quarter ended December 2002, its sales declined 3 per cent to Rs 32.59 crore (Rs 33.61 crore). Its net profit was up 6 per cent to Rs 11.23 crore (Rs 10.56 crore). Operational expenditure was down 19 per cent to Rs 17.16 crore (Rs 21.21 crore), while operating profit rose 24 per cent to Rs 15.43 crore (Rs 12.40 crore). Operating profit margin has jumped to an impressive 47 per cent from the previous corresponding quarter’s 37 per cent. The stock is currently trading at Rs 99.30, which is four times its third quarter annualised earning per share of Rs 23.49.

MTNL

For its third quarter ended December 2002, state-controlled telecom major Mahanagar Telephone Nigam Limited (MTNL) has come up with a dismal performance. While sales have fallen by 11 per cent to Rs 1,463.15 crore (Rs 1,650.12 crore), net profit has also declined by a huge 34 per cent to Rs 217.06 crore (Rs 328.02 crore). Operational expenditure of the company during the period under review was down 8 per cent to Rs 951.11 crore (Rs 1,036.44 crore). MTNL’s operating profit dropped by 17 per cent to Rs 512.05 crore (Rs 613.68 crore). Operating profit margin during the reported period has shrunk to 35 per cent from the previous corresponding quarter’s 37 per cent. Other income of the company has moved up by 54 per cent to Rs 57.43 crore (Rs 37.18 crore). Mahanagar Telephone Nigam Limited’s interest for the current quarter shot up to a substantial Rs 6.70 crore compared with the previous corresponding quarter’s Rs 0.10 crore. Depreciation during the period under consideration increased by 15 per cent to Rs 224.89 crore (Rs 195.81 crore). However, tax provision was down 5 per cent to Rs 120.83 crore (Rs 126.92 crore). The stock is currently trading at around Rs 101, which is seven times its third quarter annualised earning per share.

PADMALAYA TELEFILMS

For its third quarter ended December 2002, Padmalaya Telefilms’ income declined by 26 per cent to Rs 20.18 crore (Rs 27.41 crore), while net profit too has fallen by 39 per cent to Rs 4.02 crore (Rs 6.61 crore). Operational expenditure was down 29 per cent to Rs 13.11 crore (Rs 18.39 crore), while operating profit has slid by 22 per cent to Rs 7.07 crore (Rs 9.02 crore). Operating profit margin increased to 35 per cent from the previous corresponding quarter’s 33 per cent. Tax provision was up by a huge 74 per cent to Rs 2.06 crore (Rs 1.18 crore). The stock is currently trading at around Rs 60, which is four times its third quarter annualised earning per share.

ARCHIES

Greeting cards manufacturer Archies Limited’s results continue to disappoint. For its third quarter ended December 2002, sales fell by 11 per cent to Rs 25.91 crore (Rs 29.05 crore), while net profit has dropped by 34 per cent to Rs 2.33 crore (Rs 3.52 crore). Operational expenditure has fallen by 6 per cent to Rs 21.82 crore (Rs 23.16 crore). Operating profit during the period under review has slipped by 31 per cent to Rs 4.09 crore (Rs 5.89 crore), thus bringing down the operating profit margin to 16 per cent from the previous corresponding quarter’s 20 per cent. Tax burden during the reported period was down by 30 per cent to Rs 1.35 crore (Rs 1.93 crore). The stock currently trades around Rs 5,1 which is four times its third quarter annualised earning per share.

Company        Total Income       Net profit        Equity       O. Income       EPS*

Himatsingka Seide       32.59       11.23       19.12       0.45       23.49 MTNL       1463.15       217.06       630.00       57.43       13.78 Padmalaya Telefilms       20.18       4.02       12.50       0.05       12.18 Archies       25.91       2.33       6.51       0.15       14.3

n Figures in Rs crore.

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