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MphasiS: BPO focus paying off…

Oct 9, 2003

MphasiS has reported strong performance for the September quarter with the topline and bottomline growing by 10% and 31% respectively on a sequential basis. The performance on the half-yearly basis has also been good for MphasiS (YoY growth in topline has been 42% while the profits are up by around 50%). While the company has improved upon its operating margins for the quarter by about 200 basis points, for 1HFY04, margins are lower by 300 basis points.

GTL: Other income mars performance

Apr 17, 2003

GTL’s performance for 4QFY03 looks disappointing at the first glance. While revenues are up 21% QoQ, the net profit figure is up only 2%. This is due to the company incurring interest expenses in 4QFY03 of Rs 53 m and losses on account of adverse movement in foreign exchange rates. In 3QFY03 and in 4QFY03, the interest income was positive for the company.

Mphasis: Strong performance

Apr 9, 2003

At the first glance it appears that Mphasis has posted a staid performance for the quarter ended March 2003 (4QFY03). The company’s topline has grown by 4% (QoQ), while bottomline has increased by 3%. While the numbers do no look impressive at the first glance, the company’s performance could have been affected by the geo-political developments in the past few months.

Mastek: YoY effect

Jan 14, 2003

While Mastek's numbers for 2QFY03 are rather unappealing, they have been received well by the markets due to the YoY effect. On a sequential basis, the company's revenues have grown by 5% while the bottomline is up 7%. The sequential growth in net profits for 2QFY03 has been aided by steep rise in other income.

Banking software: Big business

Jan 11, 2003

The way people bank has undergone a sea change in the recent past. Today a visit to a branch for those banking in the metros could be termed as ‘rare’. However, goodies don’t stop here. Facilities like any branch banking, Internet banking and mobile banking are gradually becoming commonplace. The technology needs of the banks does not stop at offering exciting services to customers but like other organisations they need strong information systems in place that gives the management a real time vi

MphasiS: Software services shine

Jan 9, 2003

MphasiS, has announced a 13% growth, both in topline as well as bottomline (consolidated) for 3QFY03 on a QoQ basis. Growth in topline has been mainly due to a 11% QoQ growth in its dominant revenue stream i.e. software services. MsourcE, the call centre subsidiary has reported a 17% QoQ revenue growth compared to a 54% QoQ growth in September quarter. While the performance of the software services division has been good, the call centre business growth seems lower. Operating margins on the othe

Polaris: Sticky issues

Dec 18, 2002

The domestic software services major, Polaris has been in the news again though for controversial reasons. The recent news has been that Polaris’ chairman and managing director (CMD) has been arrested in Indonesia. Mr. Arun Jain was arrested as a bank in Indonesia (Bank Artha Graha) filed fraud charges against him. Polaris had undertaken a contract worth US$ 1.3 m (Rs 637 m) from the Bank Artha Graha to implement a software solution covering central processing, disaster recovery and branch serve

Digital: Disappoints

Oct 29, 2002

Digital’s 2QFY03 numbers are significantly below expectations. The company has posted a 1% sequential decline in revenues. But the real disappointment is the net profit figure that has fallen 23% (QoQ). On a YoY basis, the topline is up 18%, while the net profits have fallen by 4%.

Polaris: Holding ground

Oct 28, 2002

While Polaris’ numbers for 2QFY03 look very disappointing at the first glance, a deeper analysis reveals some positives. The steep 35% decline in bottomline has largely stemmed from a steep drop in other income. The revenues are up 8% QoQ.

Mastek: Other income takes toll

Oct 10, 2002

Mastek has posted a strong topline growth for 1QFY03. The company’s revenues have grown sequentially by 11%. However, a steep fall in other income has taken a toll on the net profit figure. Consequently, the company’s net profits fell by 10% when compared on a sequential basis.

VisualSoft: Changing gears

Aug 27, 2002

VisualSoft posted a strong 8% growth in revenues for 1QFY03. This was the third consecutive quarter where the company managed to post a sequential growth in revenues and also improve its operating margins. This consistency in performance could be a sign of the company finally managing to get its act together.

i-flex : Products propel growth

Aug 1, 2002

i-flex solutions (i-flex) has posted a strong 53% growth in topline for 1QFY03, on a YoY basis. This is on the back of a steep 75% rise in product sales. The rise in net profits is marginally lower at 51% due to a decline of 1.5% in operating margins.

Polaris: Unimpressive performance

Jul 31, 2002

The Polaris Group has posted a 5% sequential growth (QoQ) in revenues for 1QFY03. The numbers of Orbitech Solutions have not been merged with that of Polaris. A sharp decline in operating margins has caused the growth in net profits to be much lower at 2%. A YoY comparison indicates that there was hardly any growth in the group’s topline and bottomline. The revenues were down by 0.1%, while net profits moved up by 0.4%.

Mastek: Tread carefully

Jul 12, 2002

Mastek’s numbers at a first glance look very impressive. For 4QFY02, the company has posted a steep 15% sequential (QoQ) growth in revenues. The growth in net profits is significant at 61%. Delving deeper into the number we find a substantial part of the steep rise in net profit growth is on back of jump in other income and a drop in the depreciation figure. However, a part of the growth in net profits also stemmed from a rise in operating margins.

Mphasis BFL: Mixed performance

Jul 9, 2002

Mphasis BFL has reported of a 7% growth in consolidated revenues and a 4% growth in net profits for 1QFY03, on a sequential (QoQ) basis. Compared to corresponding quarter (1QFY02), the topline and bottomline have grown by 23% and 188% respectively. While the numbers on the first glance look impressive, delving deeper we see signs of strain.

Polaris: Summer wedding

May 23, 2002

The long wait seems to be over. Polaris’ move to merge with OrbiTech Solutions is perhaps the first sizable merger in the IT space post the technology meltdown. The reason for the merger is very simple, the combined entity will have sales of around Rs 6 bn (US$ 125 m). This makes it the sixth largest software company in the country.

Polaris: Feeble growth

May 6, 2002

Polaris’ performance for the fiscal FY02 has been disappointing. For the full year, the company’s topline grew by a marginal 3%. Declining operating margins, increased depreciation costs and higher taxes caused bottomline to decline marginally during the year.

Silverline: Lackluster numbers

May 2, 2002

In our previous story regarding the company, we had expressed concerns on the departure of Mr. Ravi Singh, the CEO. (Read more). Our concerns were that with the departure of Mr. Singh the company may go back to its traditional way of doing things, which has caused a negative perception regarding the stock. It seems our fears were not exactly unwarranted.

VisualSoft: Improving performance

Apr 22, 2002

VisualSoft continued with its turnaround in 4QFY02. The company saw a sequentially growth in topline of 5% and net profits rose by 16%. The sharp rise in net profits was due to the company managing to improve operating margins by controlling its costs.

Silverline: Back to basics

Apr 15, 2002

Silverline’s CEO Mr. Ravi Singh resigned recently. According to the official communication from India’s eighth largest software exporter, it was shifting its senior management from the US to India. To facilitate this shift Mr. Singh has remitted his office.


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