Docstoc

MIND

Document Sample
MIND Powered By Docstoc
					                                                                                             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

				
DOCUMENT INFO
Shared By:
Categories:
Tags:
Stats:
views:10
posted:11/6/2010
language:English
pages:1