MINDTREE Announces Quarterly Results (2QFY20); Net Profit Down 34.6%

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MINDTREE Announces Quarterly Results (2QFY20); Net Profit Down 34.6%
Fri, 18 Oct

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

MINDTREE Quarterly Financials

No. of Mths
Qtr. Ending
3
Sep-18*
3
Jun-19*
3
Sep-19*
QoQ ChangeYoY Change
Net SalesRs m17,55418,34219,1434.4%9.1%
Other incomeRs m524220197-10.5%-62.4%
TurnoverRs m18,07818,56219,3404.2%7.0%
ExpensesRs m14,85516,50116,6611.0%12.2%
Gross profitRs m2,6991,8412,48234.8%-8.0%
DepreciationRs m4036697075.7%75.4%
InterestRs m11301386.2%13700.0%
Profit before taxRs m2,8191,2621,83445.3%-34.9%
TaxRs m75633548444.5%-36.0%
Profit after taxRs m2,0639271,35045.6%-34.6%
Gross profit margin%15.410.013.0
Effective tax rate%26.826.526.4
Net profit margin%11.45.07.0
* 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 9.1% on a year-on-year (YoY) basis. The expenses were up by 12.2% YoY during the same period.
  • The company's operating profit declined by 8.0% YoY during the quarter. Consequently, operating profit margins witnessed a decline and stood at 13.0% in 2QFY20 as against 15.4% in 2QFY19.
  • Depreciation charges increased by 75.4% and finance costs increased by 13700.0% YoY, respectively.
  • Other income declined by 62.4% YoY during the quarter.
  • Net profit for the quarter declined by 34.6% YoY. Net profit margins during the quarter declined from 11.4% in 2QFY19 to 7.0% in 2QFY20.
Quarter-on-Quarter Performance:
  • The company's operating income during the quarter grew 4.4% on a quarter-on-quarter (QoQ) basis. The expenses were up by 1.0% QoQ during the same period.
  • The company's operating profit increased by 34.8% QoQ during the quarter. Consequently, operating profit margins witnessed a growth and stood at 13.0% in 2QFY20 as against 10.0% in 1QFY19.
  • Net profit for the quarter increased by 45.6% QoQ, while net profit margins increased from 5.0% in 1QFY19 to 7.0% in 2QFY20.

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

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MINDTREE Share Price Performance

Over the last one year,MINDTREE share price has moved down from Rs 979.0 to Rs 730.0, registering a Loss of Rs 249.0 or around 25.4%.

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 730.0, the price to earnings (P/E) ratio of MINDTREE stands at 20.2 times its trailing twelve months earnings, while its price to book value (P/BV) ratio stands at 3.8 times.

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