Tata Infotech: Routine performance - Views on News from Equitymaster

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Tata Infotech: Routine performance

Jul 24, 2001

Tata Infotech has posted a routine performance for 1QFY02. The company's topline has dropped by 5% (QoQ). The fall in net profits is a significant 57%. However, on a YoY basis the company has shown a growth of 21% in topline. In 1QFY01 Tata Infotech had made operating losses against which, it has posted a profit of Rs 54 m in 1QFY02. The company's operating margins have come down by about 250 basis points compared to 4QFY01. The revenues from education and hardware business contribute to about 20% to the total revenues. The seasonal nature of the business could have affected the margins of the company.

(Rs m) 4QFY01 1QFY02 Change
Sales 1,387 1,317 -5.0%
Other Income 41 17 -59.2%
Expenditure 1,248 1,219 -2.3%
Operating Profit (EBDIT) 139 98 -29.1%
Operating Profit Margin (%) 10.0% 7.5%  
Interest 7 4 -45.2%
Depreciation 41 42 2.0%
Profit before Tax 132 69 -47.4%
Tax 4 15 284.6%
Profit after Tax/(Loss) 128 54 -57.6%
Net profit margin (%) 9.2% 4.1%  
Diluted number of shares (m) 18.4 18.4  
Diluted Earnings per share* 27.8 11.8 -57.6%
P/E (at current price)   11.1  

At the current market price of Rs 131 the stock is trading at a P/E multiple of 11 times 1QFY01 annualised earnings. As the performance is routine the results are not going to have material impact on its stock price.

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