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Result Analysis

MASTEK LTD

For its third quarter ended March 2003, Mastek has recorded a fall in profits, which sent the market in a tizzy. While sales increased by 16 per cent to Rs 30.71 crore (Rs 26.41 crore) net profit was down 28 per cent to Rs 5.40 crore (Rs 7.52 crore). Operational expenditure moved up by 38 per cent to Rs 22.40 crore (Rs 16.19 crore). Operating profit slipped 19 per cent to Rs 8.31 crore (Rs 10.22 crore), thus bringing down the OPM level to 27 per cent from the previous corresponding quarter’s 39 per cent. Depreciation went up by 12 per cent to Rs 3.12 crore (Rs 2.78 crore). From a high of Rs 595.90 on February 7, 2003, the stock had plunged to Rs 284.70 on April 10, 2003, a horrendous decline of 52 per cent. The company’s third quarter annualised EPS is Rs 15.32.

MphasiS BFL

For its financial year ended March 2003, MphasiS sales increased by 15 per cent to Rs 207.99 crore (Rs 180.76 crore), while net profit has risen by 37 per cent to Rs 67.79 crore (Rs 49.34 crore). Operational expenditure during the period under review has gone down by a marginal 1 per cent to Rs 136.72 crore (Rs 138.42 crore), while operating profit has moved up by a significant 68 per cent to Rs 71.28 crore (Rs 42.34 crore). Operating profit margin has hugely improved to 34 per cent from the previous corresponding year’s 23 per cent and is now on par with the best like Infosys Technologies. Provision for tax has risen to Rs 9.29 crore from Rs 1.11 crore. After touching a high of Rs 728.75 on February 17, 2003, the stock is now quoted at Rs 573.50, a drop of 21 per cent. The company’s full year earnings per share stands at Rs 39.15.

HUGHES SOFTWARE

Hughes has come out with a dismal performance. For its financial year ended March 2003, sales dropped by 6 per cent to Rs 220.40 crore (Rs 234.90 crore), while net profit slid by 27 per cent to Rs 37.90 crore (Rs 52.20 crore). Operational expenditure was down by 3 per cent to Rs 162.80 crore (Rs 168.40 crore), while operating profit has declined by 13 per cent to Rs 57.60 crore (Rs 66.50 crore). Operating profit margin has shrunk to 26 per cent from the previous year’s 28 per cent. Other income of the company during the period under review fell 33 per cent to Rs 8.90 crore (Rs 13.20 crore). Among costs, deprecation is down by a mere 2 per cent to Rs 20.60 crore (Rs 21.10 crore). Tax provision during the reported period has jumped by 25 per cent to Rs 8 crore (Rs 6.40 crore). The company’s full year earnings per share is Rs 11.28, while the currently traded price is Rs 184.25.

HDFC BANK

For its financial year ended March 2003, HDFC Bank’s total interest income has risen by 19 per cent to Rs 2,022.97 crore (Rs 1,702.99 crore), while net profit has increased by 30 per cent to Rs 387.60 crore (Rs 297.04 crore). Total income from investments increased by 29 per cent to Rs 1,112.95 crore (Rs 863.97 crore) and other income (mainly income from fees and trading) moved up by 42 per cent to Rs 473.10 crore (Rs 333.25 crore). Operating profit margin improved to 35 per cent from the previous year’s 32 per cent. Interest expenses moved up by 11 per cent to Rs 1,191.96 crore (Rs 1,073.74 crore), while operating expenses rose by 42 per cent to Rs 591.83 crore (Rs 417.95 crore). Operating profit went up by 31 per cent to Rs 712.28 crore (Rs 544.55 crore). Other provisions and contingencies rose by 19 per cent to Rs 141.43 crore (Rs 119.17 crore). Tax provision went up by 43 per cent to Rs 183.25 crore (Rs 128.34 crore). The bank’s full year earning per share works out to Rs 13.74.

Company        Total Income       Net profit        Equity       O. Income       EPS*

Mastek #       30.71       5.40       7.05       0.54       15.32 MphasiS       207.99       67.79       17.32       0.28       39.15 Hughes       220.40       37.90       16.80       8.90       11.28 HDFC Bank       2496.07       387.60       282.05       473.10       13.74

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

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