MINDTREE Announces Quarterly Results (1QFY20); Net Profit Down 41.4%

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MINDTREE Announces Quarterly Results (1QFY20); Net Profit Down 41.4%
Thu, 18 Jul

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

MINDTREE Quarterly Financials

No. of Mths
Qtr. Ending
3
Jun-18*
3
Mar-19*
3
Jun-19*
QoQ ChangeYoY Change
Net SalesRs m16,39518,39418,342-0.3%11.9%
Other incomeRs m279290220-24.1%-21.1%
TurnoverRs m16,67418,68418,562-0.7%11.3%
ExpensesRs m14,08515,59116,5015.8%17.2%
Gross profitRs m2,3102,8031,841-34.3%-20.3%
DepreciationRs m40042866956.3%67.3%
InterestRs m2801300.0%364.3%
Profit before taxRs m2,1612,6651,262-52.6%-41.6%
TaxRs m579681335-50.8%-42.1%
Profit after taxRs m1,5821,984927-53.3%-41.4%
Gross profit margin%14.115.210.0
Effective tax rate%26.825.626.5
Net profit margin%9.510.65.0
* 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 11.9% on a year-on-year (YoY) basis. The expenses were up by 17.2% YoY during the same period.
  • The company's operating profit declined by 20.3% YoY during the quarter. Consequently, operating profit margins witnessed a decline and stood at 10.0% in 1QFY20 as against 14.1% in 1QFY19.
  • Depreciation charges increased by 67.3% and finance costs increased by 364.3% YoY, respectively.
  • Other income declined by 21.1% YoY during the quarter.
  • Net profit for the quarter declined by 41.4% YoY. Net profit margins during the quarter declined from 9.5% in 1QFY19 to 5.0% in 1QFY20.
Quarter-on-Quarter Performance:
  • The company's operating income during the quarter fell 0.3% on a quarter-on-quarter (QoQ) basis. The expenses were up by 5.8% QoQ during the same period.
  • The company's operating profit declined by 34.3% QoQ during the quarter. Consequently, operating profit margins witnessed a decline and stood at 10.0% in 1QFY20 as against 15.2% in 4QFY19.
  • Net profit for the quarter declined by 53.3% QoQ, while net profit margins declined from 10.6% in 4QFY19 to 5.0% in 1QFY20.

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

MINDTREE Share Price Performance

Over the last one year,MINDTREE share price has moved down from Rs 1,062.6 to Rs 689.0, registering a Loss of Rs 373.6 or around 35.2%.

Meanwhile, the S&P BSE IT Index is trading at Rs 15,593.3 (down 0.7%). Over the last one year it has moved up from 14,470.3 to 15,593.3, a gain of 1,123 points (up 7.8%).

Overall, the S&P BSE SENSEX is up 7.2% over the year.

Current Valuations

At the current price of Rs 689.0, the price to earnings (P/E) ratio of MINDTREE stands at 17.1 times its trailing twelve months earnings, while its price to book value (P/BV) ratio stands at 3.6 times.

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