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VisualSoft : Products woes continue

Jul 20, 2001

VisualSoft has posted a QoQ dip of 17% in revenues for 1QFY02. The dip in the net profit figure (excl. extra-ordinary income of Rs 34 m in 4QFY01) is 29%. On a YoY basis the company's revenues have grown by 6% and the net profits have declined by 15%. The company's products sales continue to decline, which have adversely affected its financials. The product sales have declined 59% sequentially. The contribution of products to revenues is 19% compared to 37% in 4QFY01. The remaining 81% of the revenues came from the services business that has registered a sequential growth of 7%.

(Rs m) 4QFY01 1QFY02 Change
Sales 343 285 -17.0%
Other Income 2 10 449.4%
Expenditure 208 188 -9.3%
Operating Profit (EBDIT) 136 97 -28.9%
Operating Profit Margin (%) 39.5% 33.9%  
Interest - -  
Depreciation 13 16 24.1%
Profit before Tax 124 90 -27.5%
Tax 2 3 55.3%
Extraordinary income 34 -  
Profit after Tax/(Loss) 157 87 -44.2%
Net profit margin (%) 45.6% 30.7%  
Diluted number of shares (m) 19.7 19.7  
Diluted Earnings per share* 31.8 17.7  
P/E (at current price)   5.5  
*(annualised)      

At the current market price of Rs 98, the stock is trading at a P/E multiple of 6 times 1QFY02 annualised earnings.


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