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Control Print: A Good Quarter - Views on News from Equitymaster
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Control Print: A Good Quarter
Jun 12, 2017

Control Print has announced the fourth quarter results of financial year 2016-2017 (4QFY17). While the topline increased by 29.9% YoY, the bottomline grew by 19.6% YoY during the quarter.

Performance summary:
  • Total income rose by 29.9% YoY during 4QFY17. Income from operations increased by 33.5% YoY. Other operating income declined by 56.3% YoY in 4QFY17.
  • Operating profit increased by 41.4% YoY and operating margin increased by 2.3% and stood at 28%.
  • Depreciation expenses increased by 29.9% YoY.
  • Exceptional item includes the profit on account of sale of office premises at Bangalore, profit on sale of investments, Cenvat receivable of FY16 etc.
  • Net profit (before considering extraordinary item) increased by 37% YoY on the back of an increase in operating profit. This was partly offset by an increase in tax outgo, Higher depreciation and decline on other income. PAT margin stood at 17.9%.
  • The company declared a final dividend of Rs 3.5 per share. This is in addition to an interim dividend of Rs 2.5 per share. The total dividend for FY17 comes to Rs 6 per share. (dividend payout ratio of ~35%)

    Financial Snapshot
    (In Rs m) 4QFY16 4QFY17 Change FY16 FY17 Change
    Net Sales 343 458 33.5% 1,330 1,452 9.2%
    Other operating income 14 6 -56.3% 15 22 40.0%
    Total Income 357 464 29.9% 1345 1473 9.5%
    Total Expenses 265 334 25.9% 989 1092 10.4%
    Operating profit (EBITDA) 92 130 41.4% 356 382 7.1%
    Operating profit margin (%) 25.7% 28.0%   26.5% 25.9%  
    Other Income 1 1 -56.4% 6 7 25.5%
    Interest 4 2 -60.4% 16 11 -35.2%
    Exceptional Items 0 -9   16 -3  
    Depreciation 8 10 29.9% 29 40 38.0%
    PBT 82 111 35.3% 333 335 0.6%
    Tax 21 27 30.5% 78 80 2.5%
    Net Profit 61 83 37.0% 255 255 0.1%
    Extraordinary Items 10 2   7 3  
    Net Profit After Extraordinary Item 71 85 19.6% 261 258 -1.4%
    Net Profit margin 17.0% 17.9%   18.9% 17.3%  
    No. of shares (m)         15.7  
    Earnings per share (Rs)         16.5  
    P/E ratio (x) *         17.9  

    * 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 Limited.
  3. Equitymaster's Associates and Research Analyst or his/her relative doesn't have any financial interest in the subject company.
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