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Control Print: Robust Performance - Views on News from Equitymaster

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Control Print: Robust Performance
Feb 5, 2018

Control Print has announced the third quarter results of the financial year 2017-2018 (3QFY18). While the topline increased by 24% YoY, the bottomline increased by 320.5% YoY during the quarter.

Performance summary:
  • Total income increased by 24% YoY during 3QFY18. This is on the back of good volume growth of continuous inkjet printers and large character printers.
  • Operating profits increased by 74.7% YoY and the operating margin stood at 29.1%. The operating margin increased due to an increase in gross margins, which increased from 62% in 3QFY17 to 73% this quarter.
  • Depreciation declined by 49.7% YoY on the back of adaptation of Indian Accounting Standards (Ind As) rules 2015. Finance cost increased by 98.9% YoY.
  • Net profits accelerated by 320.5% YoY on the back of an increase in operating profit and reduction in depreciation. Net profit margins stood at 15.1% during 3QFY18.
  • The company declared an interim dividend of Rs 3 during the quarter (dividend yield ~0.7%).

    Financial Snapshot
    (In Rs m) 3QFY17 3QFY18 Change 9MFY17 9MFY18 Change
    Net Sales 339 421 24.0% 1,034 1,285 24.3%
    Total Expenses 269 299 10.8% 772 912 18.1%
    Operating profit (EBITDA) 70 122 74.7% 262 374 42.7%
    Operating profit margin (%) 20.6% 29.1%   25.3% 29.1%  
    Other Income 2 1 -67.0% 6 4 -32.9%
    Interest 4 8 98.9% 9 13 40.9%
    Exceptional Items -6 9   8 -7  
    Depreciation 40 20 -49.7% 118 57 -51.3%
    PBT 22 104 376.1% 149 300 101.5%
    Tax 7 41 498.1% 38 77 104.9%
    Net Profit 15 63 320.5% 111 223 100.3%
    Net Profit margin 4.4% 15.1%   10.8% 17.4%  
    No. of shares (m)         15.7  
    Earnings per share (Rs)         19.6  
    P/E ratio (x) *         23.4  

    * On trailing 12 month basis

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INTRODUCTION:
Equitymaster Agora Research Private Limited (hereinafter referred to as "Equitymaster"/"Company") was incorporated on October 25, 2007. Equitymaster is a joint venture between Quantum Information Services Private Limited (QIS) and Agora group. Equitymaster is a SEBI registered Research Analyst under the SEBI (Research Analysts) Regulations, 2014 with registration number INH000000537.

BUSINESS ACTIVITY:
An independent research initiative, Equitymaster is committed to providing honest and unbiased views, opinions and recommendations on various investment opportunities across asset classes.

DISCIPLINARY HISTORY:
There are no outstanding litigations against the Company, it subsidiaries and its Directors.

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DISCLOSURE WITH REGARDS TO OWNERSHIP AND MATERIAL CONFLICTS OF INTEREST:
  1. 'subject company' is a company on which a buy/sell/hold view or target price is given/changed in this Research Report.
  2. Equitymaster has financial interest in Control Print.
  3. Equitymaster’s investment in the subject company is as per the guidelines prescribed by the Board of Directors of the Company. The investment is however made solely for building track record of its services.
  4. Equitymaster's Associates and Research Analyst or his/her relative doesn't have any financial interest in the subject company.
  5. Neither Equitymaster, it's Associates, Research Analyst or his/her relative have actual/beneficial ownership of one percent or more securities of the subject company at the end of the month immediately preceding the date of publication of the research report.
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  7. Equitymaster's technical team/other research services have given a 'Buy' view on Control Print.
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