MASTEK Announces Quarterly Results (1QFY19); Net Profit Up 53.2%

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MASTEK Announces Quarterly Results (1QFY19); Net Profit Up 53.2%
Wed, 25 Jul

MASTEK has announced its results for the quarter ended June 2018. Here is a detailed performance review of the same:

MASTEK Quarterly Financials

No. of Mths
Qtr. Ending
3
Jun-17*
3
Mar-18*
3
Jun-18*
QoQ ChangeYoY Change
Net SalesRs m1,8562,2372,4409.1%31.5%
Other incomeRs m257131-56.0%27.8%
TurnoverRs m1,8802,3082,4727.1%31.5%
ExpensesRs m1,6321,9582,1318.8%30.6%
Gross profitRs m22427830911.1%38.2%
DepreciationRs m5136398.6%-22.6%
InterestRs m141613-19.2%-8.7%
Profit before taxRs m184298289-3.0%57.2%
TaxRs m3710464-38.3%73.0%
Profit after taxRs m14719422515.9%53.2%
Gross profit margin%12.112.412.7
Effective tax rate%20.234.922.2
Net profit margin%7.88.49.1
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster


Year-on-Year Performance:
  • The company's operating income during the quarter grew 31.5% on a year-on-year (YoY) basis. The expenses were up by 30.6% YoY during the same period.
  • The company's operating profit increased by 38.2% YoY during the quarter. Consequently, operating profit margins witnessed a growth and stood at 12.7% in 1QFY19 as against 12.1% in 1QFY18.
  • Depreciation charges and finance costs declined by 22.6% YoY and 8.7% YoY, respectively.
  • Other income increased by 27.8% YoY during the quarter.
  • Net profit for the quarter increased by 53.2% YoY. Net profit margins during the quarter increased from 7.8% in 1QFY18 to 9.1% in 1QFY19.
Quarter-on-Quarter Performance:
  • The company's operating income during the quarter grew 9.1% on a quarter-on-quarter (QoQ) basis. The expenses were up by 8.8% QoQ during the same period.
  • The company's operating profit increased by 11.1% QoQ during the quarter. Consequently, operating profit margins witnessed a growth and stood at 12.7% in 1QFY19 as against 12.4% in 4QFY18.
  • Net profit for the quarter increased by 15.9% QoQ, while net profit margins increased from 8.4% in 4QFY18 to 9.1% in 1QFY19.

To see how MASTEK has performed over the last eight quarters, please visit here.

MASTEK Share Price Performance

Over the last one year, MASTEK share price has moved up from Rs 324.1 to Rs 545.4, registering a Gain of Rs 221.4 or around 68.3%.

Meanwhile, the S&P BSE IT Index is trading at Rs 14,652.2 (down 0.1%). Over the last one year it has moved up from 10,457.9 to 14,652.2, a gain of 4,194 points (up 40.1%).

Overall, the S&P BSE SENSEX is up 0.1% over the year.

Current Valuations

At the current price of Rs 545.4, the price to earnings (P/E) ratio of MASTEK stands at 19.0 times its trailing twelve months earnings, while its price to book value (P/BV) ratio stands at 2.7 times.

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For the quarter ended September 2019, MASTEK has posted a net profit of Rs 246 m (down 1.8% YoY). Sales on the other hand came in at Rs 2 bn (down 5.2% YoY). Read on for a complete analysis of MASTEK's quarterly results.

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