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Result Analysis

ASIAN PAINTS

For its second quarter ended September, sales at Asian Paints increased by 16 per cent to Rs 392.94 crore (Rs 338.33 crore), while net profit surged by 39 per cent to Rs 41.31 crore (Rs 29.62 crore). Operational expenditure moved up by 12 per cent to Rs 318.14 crore (Rs 284.92 crore), while operating profit rose by 40 per cent to Rs 74.80 crore (Rs 53.41 crore). Meanwhile, operating margin improved to 19 per cent from 16 per cent in the same period last year. Other income declined by 19 per cent to Rs 5.53 crore (Rs 6.82 crore). Interest burden reduced by 64 per cent to Rs 1.90 crore (Rs 5.31 crore). Total expenditure stood at Rs 331.48 crore (Rs 298.51 crore) up by 11 per cent. The stock currently trades at Rs 344.35 discounting its second quarter ended September annualised EPS of Rs 25.75 by 13.3 times. Still cheap and an excellent buy on declines.

VISUALSOFT TECHNOLOGIES

For its second quarter ended September,VisualSoft sales shot up by 28 per cent to Rs 29.91 crore (Rs 23.38 crore), while net profit has risen by a huge 72 per cent to Rs 8.07 crore (Rs 4.69 crore). Operational expenditure stood at Rs 19.85 crore (Rs 18.23 crore), up by 9 per cent, while operating profit moved up by a massive 95 per cent to Rs 10.06 crore (Rs 5.15 crore). Operating margin increased to 34 per cent from 22 per cent in the year ago quarter. Other Income fell by 37 per cent to Rs 1.01crore (Rs 1.61 crore). Total Income was Rs 30.92 crore (Rs 24.99 crore) up by 24 per cent, while total expenditure also increased by 11 per cent to Rs 22.20 crore (Rs 20.09 crore). Depreciation costs increased by 26 per cent to Rs 2.35 crore (Rs 1.86 crore). The stock currently trading at Rs 204.45 discounts its second quarter ended September annualised EPS of Rs 16.43 by 12.4 times. Looks cheap but the question is with Rs 8.07 crore profit why didn’t make a provision for tax'

HEXAWARE TECHNOLOGIES

For its third quarter ended September, Hexaware sales dropped by 64 per cent to Rs 25.16 crore (Rs 69.76 crore), while net profit was Rs 2.34 crore (Rs 0.50 crore) a meteoric rise of 368 per cent. Operational expenditure costs declined by 71 per cent to Rs 19.72 crore (Rs 66.98 crore). Operating profit jumped by 96 per cent to Rs 5.44 crore (Rs 2.78 crore), while operating margin improved to 22 per cent from the previous corresponding quarter’s 4 per cent. Total Income dropped by 65 per cent to Rs 25.71 crore (Rs 73.06 crore), while total expenditure declined by 68 per cent to Rs 23.36 crore (Rs 72.55 crore). The stock is currently quoted at Rs 93.45 discounting its third quarter ended September annualised EPS of Rs 4.24 by 22 times. Too expensive for now.

MASTEK

For its first quarter ended September, Mastek sales leapt by 75 per cent to Rs 33.75 crore (Rs 19.29 crore), while net profit was Rs 10.20 crore (Rs 1.62 crore), a stupendous rise of 530 per cent. Operational expenditure increased by 69 per cent to Rs 21.24 crore (Rs 12.58 crore). Operating profit rose by 86 per cent to Rs 12.51 crore (Rs 6.71 crore). Meanwhile, operating profit margin, improved to 37 per cent from the previous corresponding quarter’s 35 per cent. Total income increased by 72 per cent to Rs 34.16 crore (Rs 19.81 crore), while total expenditure rose by 30 per cent to Rs 22.94 crore (Rs 17.69 crore). Depreciation dropped by 59 per cent to Rs 1.66 crore (Rs 4.04 crore). The stock is currently trading at Rs 406.60 discounting its September quarter’s annualised EPS of Rs 58.29 by 6.9 times. Exceptionally cheap and should go up by at least 50 per cent from this level in a year if the same growth rates are maintained.

MphasiS BFL

For the September quarter, MphasiS’ income from operations moved up 35 per cent to Rs 102.89 crore (Rs 76.18 crore), while net profit was up 61 per cent to Rs 16.13 crore (Rs 10.02 crore). Operating profit stood at Rs 19.45 crore (Rs 6.07 crore), up 220 per cent. OPM touched 19 per cent from the previous corresponding quarter’s 8 per cent. Other income reduced to Rs 1.13 crore from Rs 3.29 crore in the same quarter last year. Total income stood at Rs 101.77 crore (Rs 79.47 crore), a rise of 28 per cent, while total expenditure went up 23 per cent to Rs 85.63 crore (Rs 69.45 crore). The stock, currently trading at Rs 550, discounts its September quarter annualised EPS of Rs 38 by 14 times.

Company        Total Income       Net profit        Equity       O. Income       EPS*

Asian Paints       392.94       41.31       64.18       5.53       25.75 VisualSoft       29.91       8.07       19.65       1.01       16.43 Hexaware##       25.16       2.34       22.09       0.55       4.24 Mastek#       33.75       10.2       7.00       0.41       58.29 MphasiS       102.89       16.13       17.15       1.13       38.00

n Figures in Rs crore; * annualised; # first quarter; ## third quarter results.

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