Mphasis–BFL Software: Back in the black - Views on News from Equitymaster

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Mphasis–BFL Software: Back in the black

Jul 15, 2000

BFL has registered a smart turnaround in the first quarter of the current year vis–a–vis the last quarter of the last year. While the topline has grown 16.8% it is the increase in operating margins that have powered the bottomline.

(Rs m) 4QFY00 1QFY01 Change
Sales 339 396 16.8%
Other Income 3 10 233.3%
Expenditure 328 346 5.5%
Operating Profit (EBDIT) 11 50 354.5%
Operating Profit Margin (%) 3.2% 12.6%  
Interest - -  
Depreciation 39 35 -10.3%
Profit before Tax -25 25 -200.0%
Other Adjustments      
Tax 3 2  
Profit after Tax/(Loss) (28) 23 -182.1%
Net profit margin (%) -8.3% 5.8%  
No. of Shares (m) (eoy) 9.3 15.8  
Diluted no. of shares (m) 15.8 15.8  
Diluted Earnings per share* -7.1 5.8  
*(annualised)      

BFL had been hit last year since its client concentration ratio was very high. Around 80% of the revenues of the company accrued from the top five customers.

In the current year the integration of Mphasis has helped the company to widen its customer base and improve billing rates. However, the equity has increased by over 6 m shares that were given to the promoters and employees of Mphasis.

The stock quotes at a price of Rs 525 which implies an earning multiple of 90.5 times.

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