HCL Info: 3QFY01 net up by 12.1%YoY - Views on News from Equitymaster

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HCL Info: 3QFY01 net up by 12.1%YoY

Apr 18, 2001

HCL Infosystems Ltd has posted a net profit of Rs 182 m for the 3QFY01 as compared to Rs 162 m in the corresponding in FY00. On a sequential (QoQ) basis the rise in net profit is 4%.Total Income for the 3QFY01 is Rs 3,387 m. This translates to a QoQ growth of 17%. The company's superb growth in topline has come at the expense of its operating margins. The operating margins have decreased by about 170 basis points compared 2QFY01.This decline in operating margins is due to the rise in cost of sales (76% of revenues in 3QFY01 from 73% in 2QFY01). However, the company has seen a decline in employee costs during the above period.

The growth in bottomline contains a huge figure of Rs 25 m as other income. Excluding this the company would have shown a QoQ drop in net profits by 9%.

(Rs m) 2QFY01 3QFY01 Change
Sales 2,826 3,361 18.9%
Other Income 4 25.7 542.8%
Expenditure 2,600 3,147 21.0%
Operating Profit (EBDIT) 226 214 -5.1%
Operating Profit Margin (%) 8.01% 6.38% -20.3%
Interest 10 7 -26.8%
Depreciation 31 32 2.9%
Profit before Tax 189 201 6.3%
Tax 14 20 42.9%
Profit after Tax/(Loss) 175 181 3.4%
Net profit margin (%) 6.20% 5.39% -13.1%
Diluted number of shares 31.9 31.9 0.0%
Diluted Earnings per share* 22 23 3%
*(annualised)
P/E (x) 3.7

At a market price of Rs 84, the stock is trading at a P/E multiple of 3.7 times in 3QFY01 earnings.

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