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MphasiS: Software services disappoint!

Jan 8, 2004

MphasiS BFL (the Group) has announced its consolidated results for the quarter and nine-months ending December 2003. For 3QFY04, the company has reported sequentially 4% and 12% growth in its revenues and profits respectively. For 9mFY04, the YoY growth in revenues and profits has been higher at 37% and 52% respectively. However, while the Group has marginally improved its operating margins in 3QFY04, its margins for 9mFY04 have declined by around 320 basis points.

Financial performance: A snapshot…
(Rs m) 2QFY04 3QFY04 Change 9mFY03 9mFY04 Change
Sales 1,429 1,486 4.0% 3,084 4,218 36.8%
Other Income 39 65 65.7% (6) 132  
Expenditure 1,210 1,258 3.9% 2,529 3,595 42.1%
Operating Profit (EBDIT)** 219 229 4.2% 555 623 12.4%
Operating Profit Margin (%) 15.3% 15.4%   18.0% 14.8%  
Interest (8) (11) 43.5% (17) (26) 54.0%
Depreciation - - - - - -
Profit before Tax 266 304 14.4% 565 781 38.2%
Extraordinary items - -   - -  
Tax 12 20 69.0% 83 47 -43.9%
Profit after Tax/(Loss) 255 285 11.9% 482 734 52.4%
Net profit margin (%) 17.8% 19.2%   15.6% 17.4%  
No. of Shares 34.6 34.6   34.6 34.6  
Diluted Earnings per share* (Rs) 29.4 32.9   18.6 28.3  
P/E Ratio (x)   21.9     25.5  
* annualised            
** includes depreciation and
amortisation of ESOPs
           

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