Get documents about "MIND
Document Sample
Regd off: MindTree House, 27th Cross, Banashankari 2nd Stage, Bangalore - 70
MINDTREE LIMITED E-Mail: usha_ram@mindtree.com
Web site: www.mindtree.com
Telephone: (080) 6706 1621 Fax: (080) 2671 4000
SOFTWARE MISCELLANEOUS Tr agent: Link Intime India, C-13 Pannalal Silk Mills Comp, LBS Marg, Mumbai - 78
Chairman: Ashok Soota (MD) SEC: Usha T. N AUD: BSR & Associates
Yr of Inc B. Code BL. Code F.V. Price % ch 1-m % ch 12-m P/E P/CF Yield Mkt cap Vol. ISIN
1999 532819 MTCL:IN 10 525.1 17.7 50.2 38.1 18.2 0.2 19,946.6 79.3 INE018I01017
SHAREHOLDING FX Transaction (FY09) ADJUSTED DAILY SHARE PRICE DATA
Indian Promoters : 29.7% Exports (fob) Rs m 0 (Rs)
Foreign collaborators : 4.8% Imports (cif) Rs m 150
Indian inst/Mut Fund : 1.6% Fx inflow Rs m 9,485 1000
FIIs/GDR : 9.2% Fx outflow Rs m 3,075 DAILY
Free float : 54.7% Net fx Rs m 6,410
Shareholders : 75,165
800 100 DMA
No. of months 12 12 12
Year ending 31/03/07 31/03/08 31/03/09 600
EQUITY SHARE DATA
High Rs 1,022 891 507
Low Rs 575 321 187 400
Sales per share Rs 156.4 195.1 325.7
Earnings per share Rs 23.9 27.2 13.8
Cash flow per share Rs 30.3 36.6 28.8
200
Dividends per share Rs 2.00 2.00 1.00
Dividend yield (eoy) % 0.3 0.3 0.3
0
Book value per share Rs 115.4 140.6 145.1
Shares outstanding (eoy) m 37.75 37.92 38.00 Mar-07 Nov-07 Aug-08 Jun-09
Bonus/Rights/Conversions PI,FV10,B ESOP ESOP
Price / Sales ratio x 5.1 3.1 1.1 No. of months 12 12 12
Avg P/E ratio x 33.5 22.2 25.2 Year ending 31/03/07 31/03/08 31/03/09
CASH FLOW
P/CF ratio (eoy) x 26.3 16.5 12.1
Price / Book Value ratio x 6.9 4.3 2.4 From Operations Rs m 820 914 1,798
Dividend payout % 8.4 7.3 7.3 From Investments Rs m -2,122 -1,501 -2,224
Avg Mkt Cap Rs m 30,143 22,980 13,186 From Financial Activity Rs m 1,807 373 226
No. of employees `000 4 6 6 Net Cashflow Rs m 505 -214 -200
Total wages/salary Rs m 3,263 4,357 6,363
Avg. sales/employee Rs Th 1,418.5 1,311.7 2,031.7 INTERIM RESULTS
Avg. wages/employee Rs Th 784.0 772.5 1,044.7 2QFY09 3QFY09 4QFY09 1QFY10
Avg. net profit/employee Rs Th 216.5 183.2 85.9 Net sales Rs m 2,546 2,755 2,566 2,888
Gross profit Rs m 710 840 1,027 451
INCOME DATA Gross profit margin % 27.9 30.5 40.0 15.6
Net Sales Rs m 5,904 7,398 12,375 Net profit Rs m 525 675 905 216
Other income Rs m 74 279 115 Net profit margin % 20.6 24.5 35.3 7.5
Total revenues Rs m 5,978 7,677 12,490
Gross profit Rs m 1,096 1,254 1,248 KEY DATA
Depreciation Rs m 244 356 570 Parameters Unit FY07 FY08 FY09
Interest Rs m 30 59 162 United States % of revenues 63.3 65.7 65.3
Profit before tax Rs m 896 1,118 631 Europe % of revenues 22.1 18.5 19.7
Minority Interest Rs m 0 0 -41 India % of revenues 5.2 5.7 6.3
Prior Period Items Rs m 0 0 0 Rest of the world % of revenues 9.4 10.1 8.7
Extraordinary Inc (Exp) Rs m 0 0 0
Tax Rs m -5 85 67
NOTES
Profit after tax Rs m 901 1,033 523
Gross profit margin % 18.6 17.0 10.1 MindTree is a mid-size IT and R&D services company. The company has two
Effective tax rate % -0.6 7.6 10.6 business units that focus on software development - IT services and R&D services.
Around 75% of the revenues come from IT services and the balance 25% come from
Net profit margin % 15.3 14.0 4.2
R&D services. MindTree's IT services business comprises of IT strategic consulting,
BALANCE SHEET DATA application development, data warehousing and business intelligence, application
maintenance, package implementation and application product engineering. The
Current assets Rs m 2,770 3,258 4,691 R&D services division is organised into two sub-divisions namely engineering and
Current liabilities Rs m 1,038 1,332 3,082 research.
Net working cap to sales % 29.3 26.0 13.0
Current ratio x 2.7 2.4 1.5 During FY09, Mindtree registered a topline growth of around 67% YoY. Further,
Inventory Turnover Days 0 0 0 operating margins expanded by 7% during FY09. Nevertheless, the successful
Debtors Turnover Days 72 87 82 acquisition and integration of Aztecsoft aided much of these gains, thereby making
Net fixed assets Rs m 699 2,625 2,962 FY09 performance a little less comparable to FY08. Mindtree's bottomline for FY09
Share capital Rs m 378 379 380 declined drastically by 49% mainly due to forex losses on the back of mark-to-market
"Free" reserves Rs m 3,964 4,919 5,189 provisions on their dollar hedges.
Net worth Rs m 4,355 5,331 5,513 Mindtree's business model previously focused more on consultancy and IP Licensing
Long term debt Rs m 90 516 1,394 and package implementation projects (all high end work), and less on lower-end
Total assets Rs m 5,610 7,493 10,126 annuity based services (only 24%) like maintenance and infrastructure management
Interest coverage x 30.9 19.9 4.9 projects. But taking a hit from the slowdown in global tech spending, the company is
Debt to equity ratio x 0.0 0.1 0.3 now changing its revenue mix whereby it is aiming to generate about 45% of its
Sales to assets ratio x 1.1 1.0 1.2 revenues from long-term deals in the application maintenance and testing spaces.
Return on assets % 20.9 18.7 9.9 This can be seen as a positive move. Further, it appears that its acquisitions like
Return on equity % 20.7 19.4 9.5 Aztecsoft have turn out well and are adding to company's IT service offering.
Return on capital % 20.8 20.1 10.9
Exports to sales % 0.0 0.0 0.0
Imports to sales % 2.8 3.5 1.2
GET MORE INFO AT WWW.EQUITYMASTER.COM
Related docs
