MASTEK Announces Quarterly Results (2QFY20); Net Profit Down 1.8%

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MASTEK Announces Quarterly Results (2QFY20); Net Profit Down 1.8%
Fri, 18 Oct

MASTEK has announced its results for the quarter ended September 2019. Here is a detailed performance review of the same:

MASTEK Quarterly Financials

No. of Mths
Qtr. Ending
3
Sep-18*
3
Jun-19*
3
Sep-19*
QoQ ChangeYoY Change
Net SalesRs m2,5712,4752,436-1.6%-5.2%
Other incomeRs m87519177.8%4.8%
TurnoverRs m2,6582,5272,5270.0%-4.9%
ExpensesRs m2,2582,1472,1500.1%-4.8%
Gross profitRs m313329287-12.9%-8.5%
DepreciationRs m485756-1.7%17.5%
InterestRs m24894.9%-64.5%
Profit before taxRs m328315313-0.6%-4.7%
TaxRs m777266-8.3%-13.9%
Profit after taxRs m2512422461.7%-1.8%
Gross profit margin%12.213.311.8
Effective tax rate%23.523.021.2
Net profit margin%9.49.69.7
* 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 fell 5.2% on a year-on-year (YoY) basis. The expenses were down by 4.8% YoY during the same period.
  • The company's operating profit declined by 8.5% YoY during the quarter. Consequently, operating profit margins remained same and stood at 11.8% in 2QFY20.
  • Depreciation charges increased by 17.5% and finance costs declined by 64.5% YoY, respectively.
  • Other income increased by 4.8% YoY during the quarter.
  • Net profit for the quarter declined by 1.8% YoY. Net profit margins during the quarter increased from 9.4% in 2QFY19 to 9.7% in 2QFY20.
Quarter-on-Quarter Performance:
  • The company's operating income during the quarter fell 1.6% on a quarter-on-quarter (QoQ) basis. The expenses were up by 0.1% QoQ during the same period.
  • The company's operating profit declined by 12.9% QoQ during the quarter. Consequently, operating profit margins witnessed a decline and stood at 11.8% in 2QFY20 as against 13.3% in 1QFY19.
  • Net profit for the quarter increased by 1.7% QoQ, while net profit margins increased from 9.6% in 1QFY19 to 9.7% in 2QFY20.

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

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MASTEK Share Price Performance

Over the last one year,MASTEK share price has moved down from Rs 463.4 to Rs 335.8, registering a Loss of Rs 127.6 or around 27.5%.

Meanwhile, the S&P BSE IT Index is trading at Rs 15,372.0 (up 0.1%). Over the last one year it has moved up from 14,677.6 to 15,372.0, a gain of 694 points (up 4.7%).

Overall, the S&P BSE SENSEX is up 12.7% over the year.

Current Valuations

At the current price of Rs 335.8, the price to earnings (P/E) ratio of MASTEK stands at 8.8 times its trailing twelve months earnings, while its price to book value (P/BV) ratio stands at 1.7 times.

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