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Result Analysis

NAVNEET PUBLICATIONS

For the March quarter, Navneet Publications (India) Limited recorded a 31 per cent rise in sales at Rs 46.14 crore (Rs 35.10 crore). Against this the operational spending went up by 32 per cent over the corresponding previous quarter to Rs 40.17 crore (Rs 30.49 crore). The rise in the operational costs being slightly higher than the increase in revenues has not adversely impacted the margins of the company and operating profits were up 30 per cent from the year-ago period to Rs 5.97 crore (Rs 4.61 crore). Operating profit margin too remained stagnant at 13 per cent. Other income of the company during the period under review was up 7 per cent at Rs 1.05 crore (Rs 0.99 crore) but was compensated by a lower interest cost, which stood at Rs 0.78 crore (Rs 0.82 crore), down 4 per cent from the corresponding previous period. Depreciation went up 72 per cent to Rs 2.41 crore (Rs 1.40 crore). The before tax profits having gone up by 13 per cent, saw the tax provision move up by 10 per cent to Rs 0.86 crore (Rs 0.78 crore) eventually leading to a 14 per cent rise in the net profits at Rs 2.98 crore (Rs 2.60 crore). The stock has been steadily rising since May and currently trading at Rs 133 discounts its March quarter annualised earnings per share of Rs 6.25 by 21 times.

AVENTIS PHARMA

For the first quarter ended March 2003, Aventis Pharma has reported net sales of Rs 144.70 crore (Rs 137.80 crore), up 5 per cent from the year-ago period. The operational expenditure, however, has been well under control and was up by just about 2 per cent to Rs 122.50 crore (Rs 119.60 crore). The lower rise in the operational expenditure has been instrumental in the improvement of margins, with operating profits rising by 22 per cent to Rs 22.20 crore (Rs 18.20 crore), while the OPM was up at 15 per cent against 13 per cent during the same period last year. Other income was up 17 per cent to Rs 2.80 crore (Rs 2.40 crore), while depreciation went up 8 per cent to Rs 4 crore (Rs 3.70 crore). Although before tax profits were up 26 per cent, the 98 per cent rise in the tax provision saw the net profits (excluding extraordinaries) rise by only 1 per cent over the corresponding previous period to Rs 135 crore (Rs 127.80 crore). It reported an extraordinary income of Rs 6.50 crore against an expense of Rs 1.70 crore in the corresponding previous period, which, if considered, would take the rise in profits to a good 78 per cent over the corresponding previous quarter. The stock currently trading at Rs 320 discounts its March quarter annualised EPS of Rs 21.74 by 15 times. For now the stock is fully priced.

ARVIND MILLS

This stock is on fire since end of March and has gained more than 100 per cent. The financial performance for fiscal 2002-03 has been phenomenal with net sales at Rs 1,479.17 crore (Rs 698.91 crore), up 112 per cent from last year. The operational spending on the other hand went up by 90 per cent to Rs 1,061.23 crore (Rs 559.68 crore) enabling the company to report a 200 per cent rise in the operating profits at Rs 417.94 crore (Rs 139.23 crore). The operating profit margin of the company during the period under review too shot up to 28 per cent from 20 per cent during the same period last year. Other income was down 15 per cent to Rs 12.32 crore (Rs 14.47 crore), while interest cost went up by a huge 157 per cent to Rs 152.79 crore (Rs 59.40 crore). Depreciation during the reported period too was up 100 per cent to Rs 148.14 crore (Rs 74.04 crore). Despite such a huge rise in the other cost components a good performance at the top line has seen Arvindís profitability improve by leaps and bounds recording a net profit of Rs 129.33 crore against Rs 20.26 crore in the same period a year ago. The stock has seen a very nice movement and currently trading at Rs 38 discounts its full year earnings per share of Rs 7.35 by just about five times.

ZEE TELEFILMS

For fiscal 2002-03, Zee has reported an 8 per cent rise in income from operations at Rs 438.53 crore (Rs 406.49 crore), while its operational costs went up 9 per cent to Rs 307.98 crore (Rs 283.55 crore). Though operating profits were up 6 per cent over the previous year at Rs 130.55 crore (Rs 122.94 crore), its OPM has remained constant at 30 per cent. Other income was down 10 per cent at Rs 68.91 crore (Rs 76.72 crore), while interest came down 12 per cent to Rs 51.71 crore (Rs 58.52 crore). Tax provision went up 37 per cent to Rs 51 crore (Rs 37.14 crore) eventually leading to a 10 per cent drop in the net profits, which stood at Rs 87.49 crore (Rs 97.26 crore). Zeeís stock, currently trading at Rs 86, discounts its full year EPS of Rs 2.12 by a princely 40 times.

Company        Total Income       Net profit        Equity       O. Income       EPS*

Navneet        46.14       2.98       19.06       1.05       6.25 Aventis Pharma #       144.70       19.00       23.00       2.80       21.74 Arvind Mills       1479.17       129.33       175.85       12.32       7.35 Zee Telefilms       438.53       87.49       41.25       68.91       2.12

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

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