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Control Print: Good Performance Continues... - Views on News from Equitymaster

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Control Print: Good Performance Continues...
Nov 17, 2017

Control Print has announced the second quarter results of the financial year 2017-2018 (2QFY18). While the topline increased by 20.5% YoY, the bottomline increased by 58.2% YoY during the quarter.

Performance summary:
  • Total income increased by 20.5% YoY during 2QFY18. This is on the back of good volume growth of continuous inkjet printers and large character printers.
  • Operating profit increased by 18.4% YoY and operating margin stood at 28.4%. Operating margin declined marginally due to an increase in raw material cost which rose by 35% YoY.
  • Depreciation declined by 52.5% YoY on the back of adaptation of Indian Accounting Standards (Ind As) rules 2015. Finance cost declined marginally by 2.8% YoY.
  • Net profit accelerated by 58.2% YoY on the back of an increase in operating profit and reduction in depreciation.
  • Net profit margins stood at 17.8% during 2QFY18.

    Financial Snapshot
    (In Rs m) 2QFY17 2QFY18 Change 1HFY17 1HFY18 Change
    Total Income 344 415 20.5% 694 865 24.5%
    Total Expenses 244 297 21.4% 503 613.0 22.0%
    Operating profit (EBITDA) 100 118 18.4% 192 252 31.1%
    Operating profit margin (%) 28.9% 28.4%   27.6% 29.1%  
    Other Income 4 1 -78.9% 4 3 -14.4%
    Interest 3 2 -2.8% 5 5 -0.5%
    Exceptional Items 0 -7   -14 17  
    Depreciation 40 19 -52.5% 78 37 -52.1%
    PBT 61 90 47.7% 127 196 54.1%
    Tax 14 16 13.2% 31 36 17.0%
    Net Profit 47 74 58.2% 96 160 65.9%
    Net Profit margin 13.6% 17.8%   13.9% 18.5%  
    No. of shares (m)         15.7  
    Earnings per share (Rs)         18.1  
    P/E ratio (x) *         23.8  
    * On trailing 12 month basis
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Equitymaster Agora Research Private Limited (hereinafter referred to as "Equitymaster"/"Company") was incorporated on October 25, 2007. Equitymaster is a joint venture between Quantum Information Services Private Limited (QIS) and Agora group. Equitymaster is a SEBI registered Research Analyst under the SEBI (Research Analysts) Regulations, 2014 with registration number INH000000537.

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DISCLOSURE WITH REGARDS TO OWNERSHIP AND MATERIAL CONFLICTS OF INTEREST:
  1. 'subject company' is a company on which a buy/sell/hold view or target price is given/changed in this Research Report.
  2. Equitymaster has financial interest in Control Print Limited.
  3. Equitymaster's investment in the subject company is as per the guidelines prescribed by the Board of Directors of the Company. The investment is however made solely for building track record of its services.
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