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Result Analysis

Balaji Telefilms

The performance of Balaji Telefilms Limited for the first quarter ended June 30, 2003, has been quite elementary with an 18 per cent rise in total income at Rs 47.06 crore (Rs 39.79 crore). Net profit was up 12 per cent at Rs 14.15 crore in the reporting quarter as against Rs 12.68 crore in the corresponding previous quarter. Income from operations was up 12 per cent at Rs 44.60 crore (Rs 39.77 crore). Operational expenditure having gone up by 25 per cent year-on-year to Rs 23.38 crore (Rs 18.73 crore) has strained its margins. Operating profit at Rs 21.22 crore (Rs 21.04 crore) was up by just about a percentage. There has been a good growth in other income of the company at Rs 2.47 crore against just about Rs 0.01 crore in the corresponding previous quarter. Interest was nil but depreciation was up 61 per cent from the comparable previous quarter at Rs 1.52 crore (Rs 0.95 crore). A decent cushion provided by the other income saw the company’s profit before tax go up by 10 per cent resulting in a 8 per cent increase in the tax provision over the comparable period. The stock came down significantly after the results were announced but currently trades at Rs 73 discounting its June quarter annualised EPS of Rs 10.99 by seven times.

NAVNEET PUBLICATIONS

Navneet Publications Ltd has reported a dull performance for the first quarter ended June 30, 2003. Net sales at Rs 137.53 crore (Rs 141.97 crore) was down 3 per cent from the year-ago period while its operational cost at Rs 100.24 crore (Rs 101.86 crore) was down by 2 per cent from the same period last year. Poor revenue generation has seen margins take a hit with operating profit falling by 7 per cent from the corresponding previous period to Rs 37.28 crore (Rs 40.11 crore). Other income was down 13 per cent at Rs 0.87 crore (Rs 1 crore). Depreciation was up 7 per cent at Rs 2.11 crore (Rs 1.98 crore) and despite the tax provision having gone down by 14 per cent over the corresponding previous quarter to Rs 10.66 crore (Rs 12.43 crore), net profit declined by 2 per cent from the year-ago period to Rs 24.62 crore (Rs 25.02 crore). The stock currently trades at a PE of 3X to its June quarter annualised EPS of Rs 51.68.

TATA TEA

For the first quarter ended June 30, 2003, Tata Tea Ltd's performance has been buoyed up by sound treasury operations resulting in higher other income. Its income from operations at Rs 182.97 crore (Rs 185.24 crore) was down 1 per cent from the year-ago period. Against this the operating expenditure was down by only a fraction of a per cent at Rs 158.16 crore (Rs 158.47 crore) in turn hitting its margins badly. Operating profit was down 7 per cent from the same period last year at Rs 158.16 crore (Rs 158.47 crore). Other income at Rs 12.37 crore (Rs 8.99 crore) was up by a good 38 per cent from the corresponding previous quarter. Interest cost was down 57 per cent at Rs 2.33 crore (Rs 5.44 crore). Depreciation was up by 3 per cent at Rs 5.40 crore (Rs 5.22 crore). There has been a 15 per cent improvement in profit as against last year at Rs 22.33 crore (Rs 19.35 crore). The stock currently trades at an exact 15 times to its June quarter annualised EPS of Rs 15.89 in line with its growth rates. However, much of the growth in case of Tata Tea has been fueled by the other income and a lowering of its interest cost. It seems that due to this there is not much steam in the stock.

PUNJAB TRACTORS

Recently the government of Punjab divested its stake in Punjab Tractors Ltd in favour of CDC Capital Partners, a private equity firm. The company's first quarter performance, however, has been below par with income from operations declining by 26 per cent from the year-ago period to Rs 119.40 crore (Rs 161.70 crore). The operational costs were down by 21 per cent to Rs 104.70 crore (Rs 133.30 crore) in turn hitting margins. Operating profit was down 48 per cent from the corresponding previous quarter at Rs 14.70 crore (Rs 28.40 crore), while the OPM shrank to 12 per cent from 18 per cent last year. Interest was down 3 per cent at Rs 3.20 crore (Rs 3.30 crore). Despite a 73 per cent fall in tax provision net profit fell by a massive 59 per cent from the corresponding previous quarter to Rs 5.70 crore (Rs 14 crore). The stock trades at a princely 37 times to its June quarter annualised EPS of Rs 3.75.

Company        Net sales       Net profit        Equity       O. Income       EPS*

Balaji Tele       44.60       14.15       10.30       2.47       10.99 Navneet Pub       137.53       24.62       19.06       0.87       51.68 Tata Tea       182.97       22.33       56.22       12.37       15.89 Punjab Tractors       119.40       5.70       60.76       0.00       3.75

Figures in Rs crore; * annualised; first quarter results

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