Mastek: Inconsistency prevails - Views on News from Equitymaster

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Mastek: Inconsistency prevails

Jan 15, 2004

In continuation with its show of staid performances, Mastek has, reported a mixed performance in its latest results for the quarter and half-year ending December 2003. While the company's topline and bottomline have improved sequentially by 5% and 35% respectively for 2QFY04, the performance for 1HFY04 has been poor. For this period, while revenues have dropped by 3%, the company's profits have taken a hit of around 78%. What is graver is the fact that despite a marginal (190 basis points) improvement in its operating margins for the second quarter, these have declined by over 1,300 basis points for the half-year.

Financial performance: A snapshot
(Rs m) 1QFY04 2QFY04 Change 1HFY03 1HFY04 Change
Sales 885 931 5.2% 1,869 1,817 -2.8%
Other Income 29 24 -16.1% 22 53 139.1%
Expenditure 831 857 3.1% 1,488 1,688 13.4%
Operating Profit (EBDIT)** 54 74   381 128  
Operating Profit Margin (%) 6.1% 8.0%   20.4% 7.1%  
Interest 1 4 245.5% 3 5 63.3%
Depreciation 49 57 15.0% 52 106 103.5%
Profit before Tax 32 38 16.3% 348 70 -79.8%
Tax 2 (3)   32 (1)  
Profit after Tax/(Loss) 30 41 35.0% 316 71 -77.5%
Net profit margin (%) 3.4% 4.4%   16.9% 3.9%  
No. of Shares 14.0 14.0   14.0 14.0  
Diluted Earnings per share* (Rs) 8.7 11.7   45.1 10.2  
P/E Ratio (x)   27.0     31.0  
* annualised            

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