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Opto Circuits: Growth propelled by acquisitions

Feb 29, 2012

Opto Circuits has announced its December quarter results. The company has reported a 46.4% growth in consolidated topline and a 30.7% YoY growth in profits. It may be noted that the current quarter results are not strictly comparable as prior period results includes just one month performance of Cardiac Science Corporation, a key subsidiary of the company. Here is our analysis of the results.

Performance summary
  • Consolidated topline grows by 46.4% YoY during the quarter.
  • Operating margins contract by more than 1.4% as higher other expenditure takes toll.
  • Bottomline grows by 30.7% YoY, lower than the topline growth, mainly on account of fall in other income and rise in interest expenses.
  • The company has proposed to issue a bonus of 3 equity shares for every 10 shares held, subject to the approval of the shareholders.
Consolidated financial snapshot
(Rs m) 3QFY11 3QFY12 Change 9MFY11 9MFY12 Change
Net sales 4,177 6,113 46.4% 10,410 16,942 62.7%
Expenditure 2,948 4,403 49.3% 7,154 12,253 71.3%
Operating profit (EBDITA) 1,228 1,710 39.3% 3,256 4,689 44.0%
EBDITA margin (%) 29.4% 28.0%   31.3% 27.7%  
Other income 105 (42) -140.6% 117 (44)  
Interest (net) 88 168 89.9% 202 415 105.6%
Depreciation 153 141 -7.8% 358 400 11.6%
Profit before tax 1,091 1,359 24.5% 2,812 3,829 36.2%
Extraordinary items (4) 5   (2) 5  
Tax 127 109 -14.1% 243 200 -17.6%
Profit after tax/(loss) & before MI 959 1,254.2 30.7% 2,568 3,635 41.5%
Minority Interest (MI) (3) (3)   (7) (9)  
Profit after tax/(loss) 957 1,251 30.7% 2,561 3,625 41.5%
Net profit margin (%) 23.0% 20.5%   24.7% 21.5%  
No. of shares (m)         186.4  
Diluted earnings per share (Rs)         19.45  
Price to earnings ratio (x)*         10.7  

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