Pidilite Industries has put up a seemingly satisfactory performance for 2002-03. Its total income for the period at Rs 580 crore (Rs 500.81 crore) was up 16 per cent from the year-ago period. Total expenditure too went up by 16 per cent at Rs 520.69 crore (Rs 448.69 crore) which enabled it to report a 14 per cent growth in profits over the corresponding previous period. Income from operations for the year at Rs 574.30 crore (Rs 493.88 crore) was up 16 per cent previous year’s and so was operational spending at Rs 464.28 crore (Rs 401.04 crore). The operational income as well as expenditure having gone up in tandem strained margins with operating profits managing to rise by 19 per cent to Rs 110.02 crore (Rs 92.84 crore). But the OPM was stagnant at 19 per cent. Other income was down 18 per cent at Rs 5.70 crore (Rs 6.93 crore) but was more or less compensated by a falling interest cost which was down 27 per cent over the year-ago period at Rs 3.02 crore (Rs 4.16 crore). Depreciation was up 19 per cent at Rs 22.53 crore (Rs 18.97 crore). The company reported a net profit of Rs 59.31 crore (Rs 52.12 crore) up 14 per cent from the previous year. The stock has seen some upward movement since end of March and currently trading at Rs 252.55 discounts its full year EPS of Rs 23.50 by 11 times.
Balaji Telefilms’ performance in 2002-03 has been absolutely fantastic with an 82 per cent growth in net profit to Rs 58.37 crore over previous year’s Rs 32.15 crore. Total income of the company grew by 66 per cent at Rs 187.46 crore (Rs 113.11 crore). Balaji Tele’s total spending for the year at Rs 129.08 crore (Rs 80.96 crore) was up 59 per cent from the year-ago period. Net income from operations was up 69 per cent at Rs 185.97 crore (Rs 110.30 crore). Operational costs were up 43 per cent at Rs 91.68 crore (Rs 64.32 crore). A solid rise in the income and a better cost control over costs have improved margins for the company substantially. Operating profit was up by a good 105 per cent over last year to Rs 94.29 crore (Rs 45.97 crore) while OPM shot up to 51 per cent from 42 per cent in the previous year. Other income of the company declined 47 per cent to Rs 1.49 crore (Rs 2.81 crore). Interest was negligible. Depreciation shot up to Rs 4.24 crore (Rs 1.07 crore). The stock had come down considerably. However, now it quotes at Rs 66 discounting its full year EPS of Rs 11.33 by just about six times. However the uncertain environment over the implementation of the conditional access system weighs heavily against any immediate upside.
Orchid Chemicals & Pharmaceuticals
Orchid Chemicals and Pharmaceuticals also put up an impressive performance for the last fiscal. Total income at Rs 542.53 crore (Rs 426.28 crore) was up by 27 per cent while its total spending went up by 25 per cent to Rs 522.99 crore (Rs 419.97 crore). Net profit of Orchid Chemical was up by 210 per cent at Rs 19.54 crore (Rs 6.31 crore). Net income from operations was up by 27 per cent over previous year at Rs 541.41 crore (Rs 425.52 crore) while operational costs went up by 30 per cent to Rs 432.90 crore (Rs 333.66 crore). Though operating profits of the company were up 18 per cent over previous financial year at Rs 108.52 crore (Rs 91.87 crore), the OPM fell from 22 per cent in 2001-02 to 20 per cent last fiscal. Other income went up by 48 per cent to Rs 1.11 crore (Rs 0.75 crore) while interest cost rose by 34 per cent to Rs 42.08 crore (Rs 31.42 crore).The stock has risen since April and currently trades at Rs 116 discounting its full year EPS of Rs 6.03 by 19 times.
Siemens Ltd has reported 13 per cent growth in total income for the second quarter ended March at Rs 412.91 crore (Rs 363.83 crore). Total expenditure went up by 11 per cent to Rs 376.94 crore (Rs 338.67 crore) in turn taking net profits up by 43 per cent over the year-ago period to Rs 35.97 crore (Rs 25.16 crore). Net sales was up 14 per cent over the corresponding previous quarter at Rs 406.24 crore (Rs 355.91 crore) while operational spending went up by 12 per cent to Rs 356.98 crore (Rs 318.53 crore). Operating profit was up 32 per cent at Rs 49.26 crore (Rs 37.38 crore) while the OPM inched up to 12 per cent from 11 per cent during the year-ago period. Other income of the company was down 16 per cent to Rs 6.66 crore (Rs 7.91 crore) while the company reported a net interest income of Rs 2.61 crore compared with Rs 2.02 crore during the same period last year. Depreciation was down 21 per cent at Rs 6.13 crore (Rs 7.77 crore).The stock currently trading at Rs 370.65 discounts its March quarter annualised EPS of Rs 43.41 by nine times.
Company Total Income Net profit Equity O. Income EPS*
Pidilite 574.30 59.31 25.24 5.70 23.50 Balaji Tele 185.97 57.41 10.30 1.49 11.33 Orchid Chem 541.41 19.54 32.38 1.11 6.03 Siemens# 406.24 35.97 33.14 6.66 43.41
Figures in Rs crore; * annualised; # second quarter results