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Result Analysis

D-LINK INDIA

For the first quarter ended June 30, 2003, D-Link India Ltd has put up a soft performance with total income of Rs 42.78 crore (Rs 39.40 crore) up 9 per cent from the year-ago period while its total spending at Rs 35.97 crore (Rs 33.65 crore) up by 7 per cent resulted in a net profit of Rs 6.81 crore (Rs 5.75 crore) up 18 per cent. Net sales at Rs 41.25 crore (Rs 38.84 crore) was up 6 per cent year-on-year. Operational expenditure was up at Rs 34.08 crore (Rs 32.01 crore). Margins have seen no major improvement with operating profit managing to rise by just about 5 per cent at Rs 7.17 crore (Rs 6.83 crore) YoY. Other income has been a major driving force during the quarter. At Rs 1.53 crore (Rs 0.55 crore) it was up by a huge 176 per cent YoY. Interest cost was down by 14 per cent at Rs 0.08 crore (Rs 0.09 crore). A 20 per cent rise in profit before tax saw the tax provision move up by 31 per cent. The stock currently trading at Rs 76 discounts its June quarter annualised EPS of Rs 76 by eight times. Though it looks undervalued at the current growth rates, the fact that a better part of the growth in this quarter has been a result of better treasury operations resulting in a comparatively higher other income could keep tabs on improving the valuation.

BAJAJ AUTO

The first quarter performance of Bajaj Auto is sending out signals of a clear slowdown in the two-wheeler category and the overall performance of companies. For the June quarter, net sales managed to rise by just about a percentage to Rs 1,082.22 crore (Rs 1,068.18 crore). Operational cost has gone up by 6 per cent over the corresponding previous quarter to Rs 926.30 crore (Rs 871.54 crore). Poor volumes, lower income from operations coupled with rising costs has led to lower margins. At Rs 155.92 crore (Rs 196.94 crore) operating profit was down 21 per cent. Other income has been the driving force rising by a huge 194 per cent to Rs 101.69 crore (Rs 34.55 crore). The company’s net profit at Rs 161.06 crore (Rs 121.81 crore) was up 32 per cent YoY. During the quarter it has written off Rs 1.74 crore (Rs 2.72 crore) on account of previous adjustments. The stock currently trading at Rs 708 discounting its June quarterly annualised EPS of Rs 63.67 by 11 times.

MPHASIS BFL

MphasiS continued with its good performance in the first quarter of this fiscal. Net income was up 45 per cent over the year-ago period at Rs 130.22 crore (Rs 89.52 core). Operational cost at Rs 112.70 crore (Rs 75.70 crore) was 49 per cent YoY. Increase in salaries for additional manpower in anticipation of business growth and an appreciation of the rupee led to shrinking margins. At Rs 17.52 crore (Rs 13.82 crore) operating profit was up by only 27 per cent YoY. MphasiS had been recording decent growth in operating profit till the last quarter. Sequentially operating profit fell by 12 per cent over the March quarter profit of Rs 19.87 crore. Higher other income and net interest combined with lower taxes have bolstered overall profitability. Net profit was up 41 per cent at Rs 19.49 crore (Rs 13.85 crore) YoY while sequentially it was up 4 per cent from the March quarter profit of Rs 18.72 crore. At Rs.375 it discounts June quarter annualised EPS of Rs 45.17 by eight times.

SATYAM COMPUTERS

For the first quarter ended June 30, 2003 Satyam’s total income at Rs 570.35 crore (Rs 471.48 crore) was up by 21 per cent YoY. The company has reported a profit of Rs 121.49 crore (Rs 108.45 crore) up 12 per cent from the year-ago period. At Rs 559.65 crore (Rs 463.82 crore), income from operations was up 21 per cent YoY. Operational cost at Rs 397.25 crore (Rs 320.54 crore) was up 24 per cent from the year-ago period. Margins were strained as expenditure was slightly higher than the rise in revenues. Though operating profit was up by 13 per cent over the year-ago period to Rs 162.40 crore (Rs 143.28 crore), OPM was down at 29 per cent compared with 31 per cent in the year ago period. Other income at Rs 10.70 crore (Rs 7.67 crore) was up 40 per cent. Interest cost was negligible, while depreciation was down 6 per cent YoY at Rs 29.46 crore (Rs 31.46 crore). Tax provision at Rs 21.94 crore (Rs 10.90 crore) was up by a huge 101 per cent and has checked the profit growth, which nevertheless was up 12 per cent at Rs 121.49 crore (Rs 108.45 crore). The stock currently trades at Rs 210 discounting its June quarter annualised EPS of Rs 15.45 by 13 times.

Company                    Total Income       Net profit        Equity       O. Income       EPS*

D-Link                                     41.25                   6.81            6.00           1.53            9.08
Bajaj Auto                           1082.22              159.32       101.18       101.69         63.67
Mphasis BFL                       130.22                 19.49         17.26            2.79        45.17
Satyam Computers            559.65               121.49         62.91         10.70        15.45

Figures in Rs crore; * annualised;

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