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Result Analysis

CEAT

Auto component companies seem to be riding high on the overall success of the auto sector. The fiscal 2002-03 performance of tyre manufacturer, Ceat Limited bears testimony to this fact. Its net sales for the year at Rs 1,488.27 crore (Rs 1,631.37 crore) were up 9 per cent from the year-ago period while operational spending too went up by an equal percentage to Rs 1,416.78 crore (Rs 1,305.14 crore). Operating profit as a result was up 27 per cent from last year at Rs 71.49 crore (Rs 56.23 crore), while the operating profit margin inched up to 5 per cent from 4 per cent during the comparable period. Other income went up 18 per cent to Rs 27.54 crore (Rs 23.40 crore), this was further complemented by a 16 per cent drop in the interest cost which stood at Rs 47.88 crore (Rs 57.27 crore). Depreciation was up 16 per cent at Rs 21.84 crore (Rs 18.84 crore). Overall a good show leading to a phenomenal 733 per cent rise in the before tax profits. Higher profits before tax saw the tax cost zoom to Rs 10.90 crore (Rs 1.12 crore) despite which net profits showed a huge growth of more than 600 per cent at Rs 18.41 crore (Rs 2.40 crore). The stock currently trading at Rs 35.05 discounts if full year earnings per share of Rs 5.25 by just about seven times.

NALCO

Government controlled Nalco, which has long been on the divestment list, has put up a decent performance for financial year 2002-03. Net sales at Rs 2,563.27 crore (Rs 2,224.42 crore) were 15 per cent up from last year while operational cost was up 11 per cent to Rs 1,574.96 crore (Rs 1,419.74 crore). Lower rise in costs as compared to revenues saw margins improve with operating profits moving up by 23 per cent over the year-ago period to Rs 988.31 crore (Rs 804.68 crore), while the operating profit margin at 39 per cent was higher than the 36 per cent it reported in the previous year year. Other income during the period under review has improved significantly and at Rs 226.60 crore (Rs 151.22 crore) was up 50 per cent over the year-ago period. Interest at Rs 103.12 crore (Rs 116.39 crore) came down by 11 per cent over the corresponding previous period while depreciation went up by 15 per cent to Rs 359.67 crore (Rs 313.90 crore). The tax provision having risen by 98 per cent over last year saw net profits rise by 28 per cent over the corresponding previous period to Rs 522.07 crore (Rs 409.35 crore). The stock has seen some good movement since late March and currently trading at Rs 100 discounts its full year earnings per share of Rs 8.10 by 12 times.

GAIL

Gail (India) Limited, which has been recently included in the nifty, reported a 10 per cent increase in sales for fiscal 2002-03 at Rs 11,346.42 crore (Rs 10,309.01 crore) up 10 per cent from the corresponding previous period, while its operational spending was much under control rising by only 6 per cent to Rs 8,316.91 crore (Rs 7,882.41 crore) resulting in a 25 per cent improvement in the operating profits at Rs 3,029.51 crore (Rs 2,426.60 crore. The operating profit margin went up to 27 per cent from 24 per cent during last year. Other income grew healthily by 52 per cent at Rs 317.60 crore (Rs 209.59 crore). Like most other companies Gail too has reported savings in interest cost which at Rs 186.36 crore (Rs 226.88 crore) was down 18 per cent over the year-ago period. Depreciation of the company during the period under review went up 6 per cent to Rs 642.39 crore (Rs 607.41 crore). With the before tax profits moving up by 40 per cent over the year-ago period, tax provision was up 48 per cent to Rs 911.35 crore (Rs 616.06 crore) despite which the net profits rose by 36 per cent to Rs 1,607.01 crore (Rs 1,185.84 crore). The stock has seen a nice run in the past one and a half month and currently trading at Rs 106.30 discounts its full year earnings per share of Rs 19 by six times.

BHARAT FORGE

Bharat Forge has put up a very strong performance for fiscal 200-03 with a 45 per cent increase in net sales at Rs 689.22 crore (Rs 473.99 crore). Operating profits rose 71 per cent over the year-ago period to Rs 189.57 crore (Rs 110.59 crore). OPM too shot up to 28 per cent from 25 per cent during the same period in the previous year. Other income was down 31 per cent to Rs 6.28 crore (Rs 9.07 crore). Before tax profits was up 228 per cent over the year-ago period to Rs 113.26 crore (Rs 34.57 crore). Net profits rose 281 per cent to Rs 81.09 crore over the corresponding previous periodís Rs 21.29 crore. The stock has had a good run since late 2002 and currently trading at Rs 312 discounts its full year EPS of Rs 19.66 by 16 times.

Company        Total Income       Net profit        Equity       O. Income       EPS*

Ceat       1488.27       18.41       35.09       27.54       5.25 Nalco       2563.27       522.07       644.31       226.60       8.10 Gail       11346.42       1607.01       845.65       317.60       19.00 Bharat Forge       689.22       81.09       41.25       6.28       19.66

Figures in Rs crore; * annualised.

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