Power packed performance by Polaris, But… - Views on News from Equitymaster

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Power packed performance by Polaris, But…

Jul 14, 2000

Most of you must be wondering why the But! Well, Polaris Software has indeed reported a YoY 125% growth in its net profits to Rs 110 m in 1QFY01 on a revenues of Rs 519 m. But compared to previous quarter (4QFY00), the company's profits declined by 3%. If one were to exclude the other income from the profits, the company has actually grown its profits by 17% to Rs 102 m.

(Rs m)4QFY001QFY01Change
Sales 463 519 12.2%
Other Income 27 9 -68.2%
Expenditure 366 403 10.1%
Operating Profit (EBDIT) 96 116 20.5%
Operating Profit Margin (%)20.8%22.4% 
Interest 0 0  
Depreciation 8 11 48.1%
Profit before Tax116113-2.2%
Tax 2 3 68.7%
Profit after Tax/(Loss) 114 110 -3.3%
Net profit margin (%)24.6%21.2% 
No. of Shares (eoy) (m) 34.1 34.1  
Diluted number of shares 34.1 34.1  
Diluted Earnings per share*13.412.9 
*(annualised)   

It has been able to improve its operating profit margins to 22.4% due to less than proportionate increase in the expenditure. But net profit margins declined to 21.2%(1QFY01 - 24.6%) because of higher interest cost and depreciation charge.

During the quarter e-commerce solutions have contributed around 24% to the revenues of the company. It is in the process of setting up subsidiaries in Australia, Germany and Switzerland

At the current market price of Rs 813, Polaris Software is available at a P/E of 63 times its 1QFY01 annualised earnings.

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