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MASTEK Announces Quarterly Results (2QFY19); Net Profit Up 43.5%

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MASTEK Announces Quarterly Results (2QFY19); Net Profit Up 43.5%
Fri, 9 Nov

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

MASTEK Quarterly Financials

No. of Mths
Qtr. Ending
3
Sep-17*
3
Jun-18*
3
Sep-18*
QoQ ChangeYoY Change
Net SalesRs m1,9852,4402,5715.3%29.5%
Other incomeRs m563187178.0%55.4%
TurnoverRs m2,0412,4722,6587.5%30.2%
ExpensesRs m1,7472,1312,2585.9%29.2%
Gross profitRs m2373093131.2%31.9%
DepreciationRs m51394821.9%-6.1%
InterestRs m14132492.1%68.1%
Profit before taxRs m22828932813.6%43.9%
TaxRs m53647720.1%45.2%
Profit after taxRs m17522525111.8%43.5%
Gross profit margin%12.012.712.2
Effective tax rate%23.322.223.5
Net profit margin%8.69.19.4
* 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 29.5% on a year-on-year (YoY) basis. The expenses were up by 29.2% YoY during the same period.
  • The company's operating profit increased by 31.9% YoY during the quarter. Consequently, operating profit margins remained same and stood at 12.2% in 2QFY19.
  • Depreciation charges declined by 6.1% and finance costs increased by 68.1% YoY, respectively.
  • Other income increased by 55.4% YoY during the quarter.
  • Net profit for the quarter increased by 43.5% YoY. Net profit margins during the quarter increased from 8.6% in 2QFY18 to 9.4% in 2QFY19.
Quarter-on-Quarter Performance:
  • The company's operating income during the quarter grew 5.3% on a quarter-on-quarter (QoQ) basis. The expenses were up by 5.9% QoQ during the same period.
  • The company's operating profit declined by 1.2% QoQ during the quarter. Consequently, operating profit margins witnessed a decline and stood at 12.2% in 2QFY19 as against 12.7% in 1QFY18.
  • Net profit for the quarter increased by 11.8% QoQ, while net profit margins increased from 9.1% in 1QFY18 to 9.4% in 2QFY19.

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 351.9 to Rs 476.5, registering a Gain of Rs 124.6 or around 35.4%.

Meanwhile, the S&P BSE IT Index is trading at Rs 14,156.2 (down 1.5%). Over the last one year it has moved up from 10,756.5 to 14,156.2, a gain of 3,400 points (up 31.6%).

Overall, the S&P BSE SENSEX is up 5.3% over the year.

Current Valuations

At the current price of Rs 476.5, the price to earnings (P/E) ratio of MASTEK stands at 15.1 times its trailing twelve months earnings, while its price to book value (P/BV) ratio stands at 2.3 times.

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