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Result Analysis

CIPLA

Cipla has put up a rather lacklustre performance for fiscal 2002-03. Its total income grew 21 per cent to Rs 1,598.25 crore (Rs 1,321.69 crore). Against this the total expenditure went up 24 per cent to Rs 1,350.77 crore (Rs 1,092.50 crore). Its net profits were up 8 per cent to Rs 247.48 crore (Rs 229.19 crore) much below the 29 per cent growth in profit that it had registered during the preceding year. At Rs 1,572.44 crore (Rs 1,277.64 crore) net sales managed to rise 23 per cent over the preceding year. At Rs 316.37 crore (Rs 281.14 crore) operating profits rose 13 per cent. OPM at 20 per cent was down from the 22 per cent it reported in the previous year. Other income at Rs 25.81 crore (Rs 44.05 crore) was sharply down by 41 per cent. Despite the profit before tax having gone up 3 per cent tax provision was down 11 per cent over last year at Rs 64.75 crore (Rs 72.50 crore). The stock has been thoroughly battered following such poor results and is currently trading at Rs 633 discounting its full year EPS of Rs 41.27 by 15 times. Fully priced at these levels of growth.

GUJARAT AMBUJA CEMENTS

Gujarat Ambuja has posted a decent third quarter performance with total revenues moving up by 26 per cent over the year-ago period to Rs 482.45 crore (Rs 381.75 crore). Against this the total spending of the company went up 27 per cent over the corresponding previous quarter (12 per cent sequentially). Net profits rose 23 per cent year-on-year to Rs 66.86 crore. Though prices were under pressure with sales realisations declining 6.5 per cent, increase in volumes, (up 36 per cent over the corresponding previous quarter) enabled it to report a 25 per cent rise in the net sales at Rs 472.11 crore (Rs 377.17 crore). Operational costs were up 29 per cent over the year-ago period to Rs 337.66 crore (Rs 262.32 crore). GACL’s third quarter operating profit rose 17 per cent over the year-ago period to Rs 134.45 crore (Rs 114.85 crore). However, OPM at 28 per cent was lower than the 30 per cent it reported during the year-ago period. Except for a brief lull in March the stock has continued to rise and is currently trading at Rs 173 discounting its March quarter annualised EPS of Rs 17.23 by 10 times.

JINDAL STEEL & POWER

Jindal Steel & Power has also put up a strong performance for 2002-03. Total income went up 69 per cent to Rs 997.22 crore (Rs 589.50 crore, against which the total spending of the company (excluding extraordinary items) was up 68 per cent to Rs 807.31 crore (Rs 480.72 crore), despite which it reported a growth of 75 per cent in its net profits at Rs 189.91 crore (Rs 108.78 crore). Net sales at Rs 988.72 crore (Rs 583.64 crore) were up 69 per cent over last year. OPM at 36 per cent was a percentage point below the 37 per cent it reported during the same period in the previous year. Other income went up 45 per cent to Rs 8.50 crore (Rs 5.86 crore). The stock currently trading at Rs 371.45 discounts its full year EPS of Rs 129.81 by just about thrice.

ARCHIES

Archies seems to be losing its appeal. Its performance for 2002-03 has been nothing short of a disaster with a 5 per cent decline in net sales at Rs 76.22 crore (Rs 80.47 crore). Operating profits were down 53 per cent over the year-ago period to Rs 6.37 crore (Rs 13.52 crore). Operating profit margin almost halved to 8 per cent from the 17 per cent it reported last year. The lower before tax profits saw the tax provision come down by 55 per cent to Rs 1.95 crore (Rs 4.37 crore) despite this the net profits declined by a huge 59 per cent over the corresponding previous period to Rs 3.07 crore (Rs 7.53 crore). The stock has been suffering for the last two years and is currently trading at Rs 46.05 discounts its full year earnings per share of Rs 4.72 by 10 times.

Company        Total Income       Net profit        Equity       O. Income       EPS*

Cipla       1572.44       247.48       59.97       25.81       41.27 Gujarat Ambuja#        472.11       66.86       155.19       10.34       17.23 Jindal Steel       988.72       14.90       14.63       8.50       129.81 Archies       76.22       3.07       6.51       0.83       4.72

Figures in Rs crore; * annualised; # third quarter results

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