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VisualSoft: Slow and steady

Jan 24, 2003

VisualSoft continues to grow steadily. The company has posted a 6% sequential growth in revenues. However, higher depreciation and lower other income has caused the bottomline growth to be marginally below the topline growth figure at 4%. While the sequential growth numbers do not look impressive, YoY comparison clearly highlights the strong performance VisualSoft has posted. On a YoY basis, the revenues are up 30%. The net profits have grown at a faster pace (51%) on the back of improved margins.

(Rs m) 2QFY03 3QFY03 Change 9mFY02 9mFY03 Change
Net Sales 299 316 5.6% 763 894 17.1%
Other Income 10 8 -21.7% 42 30 -28.5%
Expenditure 199 207 4.1% 550 592 7.6%
Operating Profit (EBDIT) 101 109 8.4% 213 302 41.7%
Operating Profit Margin (%) 33.6% 34.6%   27.9% 33.8%  
Interest - -   - -  
Depreciation 24 26 10.2% 53 72 35.5%
Profit before Tax 87 91 4.4% 201 259 28.8%
Tax 7 8 15.4% 9 21 141.4%
Profit after Tax/(Loss) 81 84 3.6% 193 238 23.7%
Net profit margin (%) 27.0% 26.5%   25.3% 26.7%  
No. of Shares 19.7 19.7   19.7 19.7  
Diluted Earnings per share* 16.4 17.0   19.6 24.2  
P/E Ratio   12.1     8.5  
(* annualised)            

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