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Result Analysis

CIPLA

After a rather poor March quarter, Pharma major Cipla has reported a decent performance for the first quarter ended June 2003. Total income at Rs 460.91 crore (Rs 407.73 crore) was up 13 per cent from the year-ago period. Against this total spending was up by an equal percentage, which saw net profit move up by 11 per cent to Rs 67.20 crore as against Rs 60.63 crore year-on-year. Net sales at Rs 454.23 crore (Rs 402.95 crore) was up by 13 per cent. Operational cost was at Rs 366.87 crore (Rs 320.68 crore). The operational costs, having gone up by a slightly higher percentage compared with the revenues, has seen margins shrink. Operating profit was, however, up by only 6 per cent at Rs 87.36 crore (Rs 82.27 crore). Other income at Rs 6.68 crore (Rs 4.78 crore) was up by 40 per cent. Depreciation at Rs 8.75 crore (Rs 7 crore) was up 25 per cent. The stock currently trading at Rs 859 discounts its June quarter annualised EPS of Rs 44.82 by 19 times.

ACC

ACCís June quarter results were startlingly better over the same period last year and took the market by surprise. Total income was up 8 per cent from the year-ago period at Rs 824.03 crore (Rs 761.68 crore) against which total spending was up by only 3 per cent at Rs 767.39 crore (Rs 741.84 crore). Controlled expenditure and better revenues have seen net profit improve by a huge margin of 185 per cent over last year at Rs 56.64 crore (Rs 19.84 crore). Net sales at Rs 805.17 crore (Rs 752.89 crore) was up 7 per cent from the year-ago period. Higher volumes, better price realisation and controlled costs have seen margins improve. Operating profit at Rs 122.30 crore (Rs 95.68 crore) was up 28 per cent from the year-ago period while OPM shot up to 15 per cent from 13 per cent during the corresponding previous quarter. A huge boost to ACCís performance has come from a robust growth in other income, which at Rs 18.86 crore (Rs 8.79 crore) was up by a huge 115 per cent from the year-ago period. Another significant contributor to the companyís performance has been interest cost which was low by 27 per cent to Rs 24.96 crore as against Rs 34.26 crore year-on-year. Depreciation was up 7 per cent at Rs 43.56 crore (Rs 40.67 crore). ACC provided for Rs 16 crore (Rs 9.70 crore) in taxes. But a lot of the growth in profit is a result of cost reduction and better treasury operation resulting in a good growth in other income. The stock currently trading at Rs 211 discounts its June quarter annualised EPS of Rs 13.23 by 16 times.

TRENT

Trentís sales have stagnated for three quarters now but operational income has shot up. Total income for the first quarter ended June this year at Rs 34.47 crore (Rs 24.73 crore) was up by a good 39 per cent from year-ago period. But its total spending was up by whopping 95 per cent at Rs 30.22 crore (Rs 15.47 crore) mainly because in June last year its costs were depressed due to a tax write-back. This had resulted in a 54 per cent decline in net profit. Net sales at Rs 31.86 crore (Rs 19.76 crore) was up by 61 per cent. Operational cost at Rs 28.48 crore (Rs 20.68 crore) was up 38 per cent. Better revenues and a proportionately lower rise in operational cost led to improved margins. For the quarter, Trent reported an operating profit of Rs 3.38 crore against a loss of Rs 0.92 crore in the corresponding previous quarter. Other income was down 47 per cent year-on-year at Rs 2.62 crore (Rs 4.97 crore). Depreciation was up 7 per cent at Rs 0.68 crore (Rs 0.63 crore). The company provided for Rs 1.06 crore in taxes against a write-back of Rs 5.85 crore in the year-ago period due to which net profit was down at Rs 4.26 crore (Rs 9.26 crore). The stock currently trading at Rs 218 discounts its June quarter annualised EPS of Rs 12.92 by 17 times.

GATI

Logistics major Gati Ltd has put up quite a show for the first quarter ended June 2003. Its performance has been more the result of a stupendous rise in other income and a declining interest cost. Net sales was up 9 per cent at Rs 69.04 crore (Rs 63.26 crore) and so was the operational spending which stood at Rs 65.24 crore (Rs 59.67 crore). Other income went up by a huge 483 per cent to Rs 0.70 crore (Rs 0.12 crore) while interest was down 34 per cent to Rs 0.87 crore (Rs 1.32 crore) from the same period last year. Depreciation was up 22 per cent at Rs 1.54 crore (Rs 1.26 crore) while tax provision was up 39 per cent at Rs 0.75 crore (Rs 0.54 crore). Owing to a huge rise in the other income and a fall in interest provisioning net profit went up by massive 127 per cent over last year to Rs 1.34 crore (Rs 0.59 crore).

Company        Total Income       Net profit        Equity       O. Income       EPS*

Cipla                      454.23               67.20           59.97             6.68           44.82 ACC                        805.17              56.64         171.08          18.86           13.23 Trent                        31.86                 4.26           13.12             2.62           12.92 Gati                          69.04                 1.34             8.36             0.70              6.41

Figures in Rs crore; * annualised

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