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Aztec's outstanding 3Q performance - Views on News from Equitymaster
 
 
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  • Jan 5, 2001

    Aztec's outstanding 3Q performance

    Aztec Software, a leading e-solution provider in the Internet infrastructure space has reported a YOY spectacular profit growth (330%) for the quarter ended December 2000. The company's revenues increased by 23% in 3QFY01 compared to 2QFY01 and profits by 36%.

    (Rs m) 2QFY01 3QFY01 Change
    Sales 181 224 23.3%
    Other Income 0 8  
    Expenditure 135 166 23.4%
    Operating Profit (EBDIT) 47 58 22.9%
    Operating Profit Margin (%) 25.8% 25.7%  
    Interest 1 1 -15.4%
    Depreciation 5 7 42.9%
    Profit before Tax 41 57 40.0%
    Tax 0 2  
    Profit after Tax/(Loss) 41 55 36.1%
    Net profit margin (%) 22.4% 24.8%  
    No. of Shares (eoy) (m) 10.9 40.4  
    Diluted Earnings per share* 4.0 5.5  
    P/E (at current price) 26 19  
    *(annualised)      

    Although, Aztec's operating margins at 25.7% declined sharply YoY (from 38.9% in 3QFY00) , it has maintained its margins in QoQ. Higher sales & marketing expenses resulted in decline in operating margins.

    The company possesses a wealth of technical expertise in the areas of databases, net infrastructure, e-commerce services and XML (extended mark-up language) related technologies accumulated while working with top companies like IBM, DEC, Verifone, Hewlett Packard and Wipro.

    At the current market price of Rs 105, Aztec is trading at a P/E multiple of 23 times its 9 months annualised earnings. The company has successfully completed its public issue recently at offer price of Rs 80. It listed at a premium of more than 30% compared to its issue price and touched a high of Rs 139 in December 2000. The company's price has been hit by the recent meltdown in the software stocks.

     

     

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