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Aptech : Other income ensures profitability

Apr 26, 2001

Aptech has managed to post profits due to an other income figure of Rs 27 m in 1QFY02. Excluding this the company would have posted losses. For 1QFY02 its has posted a drop of 8% in revenues compared to 1QFY01. However, the net figure has jumped by 39%. For 1QFY02, 88% of the revenues came from the education business and the remaining 12% came from software business.

The company's operating margins have dipped by 10 basis points. Aptech's education courses might be under pressure due to the job scenario in the software market becoming tough. Also, with the .NET platform catching up Aptech might have to incur expenditure on developing new course material and training its faculties to meet the demand. This could put further pressure on the margins.

(Rs m) 1QFY01 1QFY02 Change
Net Sales 726 670 -7.7%
Other income 1 27 2627.0%
Expenses 623 575 -7.7%
Operating profit 103 95 -8.1%
Operating margin 14.2% 14.1%  
Depreciation 78 95 21.5%
Interest 3 -  
Profit before tax 24 27 13.3%
Tax 4 -  
Profit after tax 20 27 35.9%
Net profit margin 2.8% 4.1%  
Fully diluted no.
of shares (m)
30.3 30.3  
EPS* 3 4  
P/E (x)   39.0  
*(annualised)      

At a current market price of Rs 140, the stock is trading at a P/E multiple of 39 times its 1QFY02 annualised earnings.


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