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Tata Infotech: Long way to go... - Views on News from Equitymaster

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Tata Infotech: Long way to go...

Feb 12, 2004

Tata Infotech (TTINF) announced its December quarter results recently, reporting 3% and 5% sequential rise in its topline and bottomline respectively. The performance for the nine-month period has been better still with revenues and profits growing by 40% and 499% respectively, on a YoY basis. Also, while operating margins for 3QFY04 improved by a marginal 20 basis points, the growth in the same for 9mFY04 has been whopping 1,100 basis points. Relatively lower rise on the expenditure front has helped the company improve its margins for these periods.

Financial performance: A snapshot
Rs m 2QFY04 3QFY04 Change 9mFY03 9mFY04 Change
Sales 1,421 1,466 3.2% 2,998 4,204 40.2%
Other Income 17 34 98.8% 71 116 62.2%
Expenditure 1,228 1,263 2.9% 2,975 3,705 24.5%
Operating Profit (EBDIT) 193 202 4.9% 23 499 2070.9%
Operating Profit Margin (%) 13.6% 13.8% 0.2% 0.8% 11.9% 11.1%
Interest 3 0 -92.6% 7 3 -57.4%
Depreciation 39 40 2.1% 101 106 4.8%
Profit before Tax 169 197   (14) 506  
Tax (2) 17   (92) 35  
Profit after Tax/(Loss) 171 180 5.1% 79 471 499.0%
Net profit margin (%) 12.0% 12.3%   2.6% 11.2%  
No. of Shares 18.4 18.4   18.4 18.4  
Diluted Earnings per share* (Rs) 37.2 39.1   5.7 34.2  
P/E Ratio (x)   12.5     14.3  
(* annualised)            

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