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Result Analysis

Hughes Software

For the third quarter ended December 2002, mid-size software player Hughes Software has put up a rather uninspiring performance with total income at Rs 59 crore (Rs 62.90 crore) down 6 per cent from the year ago period. Against this, the total costs of the company having gone down by just about 2 per cent to Rs 47.60 crore (Rs 48.40 crore), its net profits slipped by a huge 21 per cent to Rs 11.40 crore against Rs 14.50 crore during the same period last year. Income from operations was down 5 per cent from the previous corresponding period to Rs 57.10 crore (Rs 59.90 crore) while the operational costs came down by 4 per cent from the previous corresponding quarter to Rs 39.30 crore (Rs 41.10 crore). Operating profit slumped 5 per cent over the year-ago period to Rs 17.80 crore (Rs 18.80 crore), while OPM was 31 per cent. Other income fell 37 per cent over the comparable period last year to Rs 1.90 crore (Rs 3 crore). Tax provision went up 78 per cent to Rs 3.20 crore (Rs 1.80 crore), thus pulling down the net profits by 21 per cent over the year-ago period to Rs 11.40 crore (Rs 14.50 crore). This was despite a 10 per cent fall in before tax profits. The stock currently trades at Rs 171 discounting its December quarter annualised EPS of Rs 27.14 by six times.

Geometric Software

Geometric Software has put up a dull performance for the third quarter ended December 2002 with total income of Rs 16.34 crore (Rs 16.99 crore), down 4 per cent over the previous corresponding quarter. Income from operations was down 4 per cent over the year-ago period to Rs 15.48 crore (Rs 16.09 crore), while its operational spending came down by 2 per cent to Rs 11.98 crore (Rs 12.24 crore). Operating profit was down 9 per cent from the comparable period to Rs 3.50 crore (Rs 3.85 crore), whereas the OPM fell by a percentage point to 23 per cent from 24 per cent during the same period last year. Other income at Rs 0.86 crore (Rs 0.90 crore) was 5 per cent below the previous corresponding quarter. PAT at Rs 2.99 crore (Rs 3.55 crore) was 16 per cent below the same period last year. The stock currently trades at Rs 416 discounts its December quarter annualised EPS of Rs 22.57 by 18 times.

MphasiS BFL

MphasiS BFL has turned out excellent numbers for the third quarter ended December 2002. Its consolidated income went up 42 per cent to Rs 115.18 crore (Rs 81.27 crore) over the previous corresponding quarter, whereas the total spending was also restricted to a 42 per cent growth at Rs 97 crore (Rs 68.36 crore). Income from operations jumped 44 per cent to Rs 115.95 crore (Rs 80.36 crore), while operational costs went up by only 36 per cent to Rs 93.78 crore (Rs 69.04 crore) thereby improving margins substantially. Operating profit spurted 96 per cent over the year-ago period to Rs 22.16 crore (Rs 11.33 crore), while OPM shot up to 19 per cent from 14 per cent during the previous corresponding quarter. It reported a net interest income of Rs 0.21 crore for the quarter against Rs 0.98 crore during the same period last year and despite tax provision at Rs 3.43 crore (Rs 0.31 crore) net profit rose 41 per cent over the same period last year. The stock currently trades at a PE of 17 times to its December quarter annualised EPS of Rs 42.13.

Credit Rating Information Services

For the third quarter ended December, Crisil’s revenues moved up 11 per cent to Rs 18.45 crore (Rs 16.64 crore) over the previous corresponding period. The total costs went up 16 per cent over the previous corresponding quarter to Rs 12.97 crore (Rs 11.17 crore), resulting in a stagnated profit, which at Rs 5.48 crore was just about 0.22 per cent up from the previous corresponding quarter. At Rs 17.37 crore, (Rs 16.08 crore) income from operations was up 8 per cent over the previous corresponding quarter (and 4 per cent sequentially). For the current quarter operational costs have gone up 14 per cent over the year-ago period (down 10 per cent sequentially), thereby squeezing margins on a year-on-year basis. Higher costs squeezed operating profit, which moved up by just about 3 per cent over the previous corresponding quarter (20 per cent sequentially). OPM was 52 per cent — down 3 percentage points from the 55 per cent it reported during the same period last year. Other income contributed Rs 1.08 crore (Rs 0.56 crore). After a tax provision of Rs 2.75 crore (Rs 2.30 crore), up 20 per cent from the same period last year, net profit was Rs 5.48 crore (Rs 5.47 crore). The stock currently trades at Rs 290, discounting its December quarter annualised EPS of Rs 35.17 by eight times.

Company        Total Income       Net profit        Equity       O. Income       EPS*

Hughes       57.10       11.40       16.80       1.90       27.14 Geometric       15.48       2.99       5.31       0.86       22.57 MphasiS       115.95       18.18       17.26       (0.77)       42.13 Crisil       17.37       5.48       6.23       1.08       35.17

n Figures in Rs crore; * annualised.

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