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HCL Technologies: Poor show!

Sep 16, 2003

HCL Technologies has reported a dismal performance for both, the June quarter and full year FY03. While topline has grown poorly by 1% in 4QFY03 on a sequential basis, that for FY03 has risen by a meagre (relative to its peers) 13%. Also, the bottomline performance for FY03 has been disappointing as the same has fallen by around 16% YoY. Bottomline growth for 4QFY03 seems good but it includes a substantial other income portion, excluding which the bottomline growth sinks deep in the red.

Rs m 3QFY03 4QFY03 Change FY02 FY03 Change
Sales 4,658 4,710 1.1% 15,888 18,009 13.3%
Other Income 161 589 264.8% 1,099 896 -18.5%
Expenditure 3,696 3,923 6.1% 12,585 14,314 13.7%
Operating Profit (EBDIT) 962 787 -18.2% 3,303 3,695 11.9%
Operating Profit Margin (%) 20.7% 16.7% 20.8% 20.5%
Interest - - - -
Depreciation 226 233 3.1% 581 861 48.3%
Profit before Tax 897 1,142 27.3% 3,822 3,730 -2.4%
Extraordinary items (191) - - (186)
Stock-based sales incentive (4) (11) 4 (17)
Tax 63 90 42.0% 407 347 -14.9%
Minority interest & income of equity investee (35) (84) 233 (129)
Profit after Tax/(Loss) 604 958 58.6% 3,652 3,053 -16.4%
Net profit margin (%) 13.0% 20.3% 23.0% 17.0%
No. of Shares 285.4 285.4 285.4 285.4
Diluted Earnings per share* (Rs) 8.5 13.4 12.8 10.7
P/E Ratio (x) 19 12 13 15
(* annualised)

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