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Result Analysis

BHARAT FORGE

For the first quarter ended June 2003, Bharat Forge Ltd has put up a formidable performance with a 45 per cent increase in total income at Rs 189.06 crore (Rs 130.68 crore). Total spending was up by 38 per cent which in turn saw net profits zoon by a massive 113 per cent over the same period last year. Income from operations was up by 42 per cent at Rs 185.66 crore (Rs 130.55 crore). But the operational costs having gone up by a slightly higher percentage of 43 per cent on a YoY basis to Rs 131.06 crore (Rs 91.36 crore) margins were slightly constricted. Operating profits were up by 39 per cent at Rs 54.60 crore (Rs 39.19 crore). Despite a 100 per cent rise in tax provisioning, net profit was up by 113 per cent at Rs 26.31 crore (Rs.12.37 crore). The stock currently trading at Rs 362 discounts its June quarter annualised EPS of Rs 27.94 by 13 times.

MARICO INDUSTRIES

Marico Industries reported a 14 per cent rise in net profit for the quarter ended June 2003 at Rs 14.82 crore (Rs 13.00 crore). This has been the result of a 16 per cent rise each in the total income, which stood at Rs 203.73 crore (Rs.176.07 crore) and a total spending of Rs 188.91 crore (Rs 163.07 crore). Net sales was up 16 per cent at Rs 203.16 crore (Rs 175.57 crore) while operational costs went up by 17 per cent to Rs 183.07 crore (Rs 156.01 crore). Margins have been under pressure following a higher rise in the operational costs vis-à-vis the revenue resulting in the operating profits managing to rise by just about 3 per cent to Rs 20.09 crore (Rs 19.56 crore). The OPM too shrank to 10 per cent from 11 per cent last year. Saving on the interest cost which was down 7 per cent from the same period last year at Rs 0.43 crore (Rs 0.46 crore) and in the depreciation provisioning which was down 26 per cent at Rs 2.68 crore (Rs 3.63 crore) the company's profits before tax was up by 10 per cent at Rs.17.55 crore (Rs.15.97 crore). The stock currently trading at Rs 175 discounts its June quarter annualised EPS of Rs 20.44 by nine times.

GOODLASS NEROLAC PAINTS

Paints major, Goodlass Nerolac for the first quarter ended June 2003 reported a 16 per cent rise in total income at Rs 164.34 crore (Rs 141.46 crore) against which the total spending of the company went up by 15 per cent to Rs 155.39 crore (Rs 135.61 crore) resulting in a 53 per cent rise in net profit. Net sale at Rs 161.80 crore (Rs 140.65 crore) was up 15 per cent over the year-ago period while operational cost was up 14 per cent at Rs 145.14 crore (Rs 127.51 crore). Operating profit was up 27 per cent from the corresponding previous quarter at Rs 16.66 crore (Rs 13.14 crore) while the OPM inched up to 10 per cent from 9 per cent last year. Other income went up by a huge 214 per cent over the corresponding previous quarter to Rs 2.54 crore (Rs 0.81 crore). Interest was down 34 per cent to Rs 0.33 crore (Rs 0.50 crore) while depreciation went up by 5 per cent to Rs 5.25 crore (Rs 5 crore). With a 61 per cent rise in profit before tax the tax provision shot up by 80 per cent to Rs 4.67 crore (Rs 2.60 crore). Despite this, the company reported a robust 53 per cent rise in net profit at Rs 8.95 crore (Rs 5.85 crore). The stock currently trades at Rs 255 discounting its June quarter annualised EPS of Rs 23.40 by 11 times.

MASTEK

Mastek seems to be going from bad to worse if its financial year ended June 2003 numbers are any indication. Masteks performance has been a result of a good show put up during the earlier part of the reporting year. The last two quarters have been a disappointment with the growth rates gradually declining. Its full year income from operations at Rs 380.18 crore (Rs 288.09 crore) was up 32 per cent from the year-ago period. Operational cost at Rs 308.14 crore (Rs 224.43 crore) was up 37 per cent from the previous financial year. Mastek's margins have been facing a squeeze since March quarter and for the full year too the impact is highly visible with operating profit managing to rise by just about 13 per cent to Rs 72.04 crore (Rs 63.66 crore). The OPM shrank miserably to 19 per cent from 22 per cent in the previous year. Interest was down 50 per cent at Rs 1.09 crore (Rs 2.18 crore) while depreciation was up 21 per cent at Rs 14 crore (Rs 11.53 crore). The tax provision having gone down by 45 per cent to Rs 6.43 crore (Rs 11.72 crore), net profit was up 32 per cent over the same period last year at Rs 50.52 crore (Rs 38.23 crore). At the current price Mastek is discounted at eight times its fiscal 2002-03 EPS.

Company        Net Sales       Net profit        Equity       O. Income       EPS*

Bharat Forge       185.66       26.31       37.67       3.40       27.94 Marico Industries       203.16       14.82       29.00       0.57       20.44 Goodlass Nerolac       161.80       8.95       15.30       2.54       23.40 Mastek**       380.18       50.52       36.09              36.09

Figures in Rs crore; * annualised; ** full year review

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