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Results
28-Jul-22
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Analysis
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MPS
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Revenue down 2% YoY to Rs 114.85 cr in Q1FY2023
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On consolidated basis
Quarter ended June 2022 compared
with Quarter ended June 2021.
Net sales (including other operating
income) of MPS has declined 1.96% to Rs 114.85 crore. Sales of
Content Solutions segment has gone up 3.03% to Rs 63.23 crore (accounting for
55.05% of total sales). Sales of Platform Solutions segment has gone
down 19.88% to Rs 26.96 crore (accounting for 23.47% of total
sales). Sales of eLearning Solutions segment has gone up 11.43% to Rs
24.66 crore (accounting for 21.47% of total sales).
Profit
before interest, tax and other unallocable items (PBIT) has jumped 5.73% to Rs
34.13 crore. PBIT of Content Solutions segment rose 14.31% to Rs
21.09 crore (accounting for 61.79% of total PBIT). PBIT of Platform
Solutions segment fell 26.28% to Rs 8.61 crore (accounting for 25.23% of total
PBIT). PBIT of eLearning Solutions segment rose 106.05% to Rs 4.43
crore (accounting for 12.98% of total PBIT).
PBIT
margin of Content Solutions segment rose from 30.06% to 33.35%. PBIT
margin of Platform Solutions segment fell from 34.71% to
31.94%. PBIT margin of eLearning Solutions segment rose from 9.72%
to 17.96%. Overall PBIT margin rose from 27.55% to 29.72%.
Operating profit margin has declined
from 26.84% to 25.76%, leading to 5.92% decline in operating profit to Rs 29.58
crore. Employee cost increased from 45.13% to 46.09%.
Other expenses rose from 28.03% to 28.15%.
Other
income rose 1.54% to Rs 3.3 crore. PBIDT fell 5.22% to Rs 32.88
crore. Provision for interest fell 34.15% to Rs 0.27
crore.
PBDT
fell 4.87% to Rs 32.61 crore. Provision for depreciation fell 17.03%
to Rs 4.53 crore.
Profit
before tax down 2.57% to Rs 28.08 crore. Share of profit/loss were
nil in both the periods. Provision for tax was expense of Rs 7.44
crore, compared to Rs 7.41 crore. Effective tax rate was 26.50%
compared to 25.71%.
Minority interest was nil in both
the periods. Net profit attributable to owners of the company
decreased 3.60% to Rs 20.64 crore.
Promoters’
stake was 68.34% as of 30 June 2022 ,compared to 67.99% as of 30 June 2021
.
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Full year results analysis.
Net sales (including other operating
income) of MPS has increased 6.23% to Rs 448.88 crore. Sales of
Content Solutions segment has gone up 8.15% to Rs 242.20 crore (accounting for
53.96% of total sales). Sales of Platform Solutions segment has gone
down 1.94% to Rs 123.34 crore (accounting for 27.48% of total
sales). Sales of eLearning Solutions segment has gone up 14.43% to
Rs 83.34 crore (accounting for 18.57% of total sales).
Profit
before interest, tax and other unallocable items (PBIT) has jumped 20.00% to Rs
128.72 crore. PBIT of Content Solutions segment rose 6.03% to Rs
76.65 crore (accounting for 59.55% of total PBIT). PBIT of Platform
Solutions segment rose 2.73% to Rs 40.64 crore (accounting for 31.57% of total
PBIT). PBIT of eLearning Solutions reported profit of Rs 11.43 crore
compared to loss of Rs 4.58 crore.
PBIT
margin of Content Solutions segment fell from 32.28% to 31.65%. PBIT
margin of Platform Solutions segment rose from 31.45% to
32.95%. PBIT margin of eLearning Solutions segment rose from
negative 6.29% to 13.71%. Overall PBIT margin rose from 25.39% to
28.68%.
Operating profit margin has jumped
from 25.27% to 28.07%, leading to 18.01% rise in operating profit to Rs 126.01
crore. Employee cost decreased from 47.93% to 44.94%.
Other expenses rose from 26.80% to 26.98%.
Other
income rose 42.76% to Rs 14.09 crore. PBIDT rose 20.10% to Rs 140.1
crore. Provision for interest fell 24.51% to Rs 1.54
crore. Loan funds declined from Rs 18.35 crore as of 31 March 2021
to Rs 11.98 crore as of 31 March 2022. Sundry debtors were lower at
Rs 85.70 crore as of 31 March 2022 compared to Rs 90.54 crore as of 31 March
2021. Cash and bank balance rose to Rs 132.83 crore as of 31 March
2022 from Rs 102.63 crore as of 31 March 2021. Investments declined
from Rs 12.15 crore as of 31 March 2021 to Rs 5.85 crore as of 31 March
2022.
PBDT
rose 20.90% to Rs 138.56 crore. Provision for depreciation fell
2.92% to Rs 20.6 crore. Fixed assets declined from Rs 69.06 crore as
of 31 March 2021 to Rs 56.20 crore as of 31 March 2022. Intangible
assets increased from Rs 85.29 crore to Rs 87.00 crore.
Profit
before tax grew 26.31% to Rs 117.96 crore. Share of profit/loss were
nil in both the periods. Provision for tax was expense of Rs 30.84
crore, compared to Rs 34.83 crore. Effective tax rate was 26.14%
compared to 37.30%.
Minority
interest was nil in both the periods. Net profit attributable to
owners of the company increased 48.77% to Rs 87.12 crore.
Equity
capital decreased from Rs 18.05 crore as of 31 March 2021 to Rs 17.11 crore as
of 31 March 2022 . Per share face Value remained same at Rs
10.00.
Promoters’
stake was 68.34% as of 31 March 2022 ,compared to 67.99% as of 31 March 2021
.
Cash
flow from operating activities increased to Rs 114.32 crore for year ended
March 2022 from Rs 99.37 crore for year ended March 2021. Cash flow
used in acquiring fixed assets during the year ended March 2022 stood at Rs
4.39 crore, compared to Rs 6.74 crore during the year ended March
2021.
Others:
Mr Sunil Malhotra, CFO and Company Secretary of the company has been
appointed as the Compliance Officer with effect from July 29,2022.
| MPS : Consolidated Results | | | Quarter ended | Year ended |
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| Particulars | 202206 | 202106 | Var.(%) | 202203 | 202103 | Var.(%) |
|---|
| Net Sales (including other operating income) | 114.85 | 117.15 | -1.96 | 448.88 | 422.55 | 6.23 | | OPM (%) | 25.76 | 26.84 | -108 bps | 28.07 | 25.27 | 280 bps | | OP | 29.58 | 31.44 | -5.92 | 126.01 | 106.78 | 18.01 | | Other Inc. | 3.30 | 3.25 | 1.54 | 14.09 | 9.87 | 42.76 | | PBIDT | 32.88 | 34.69 | -5.22 | 140.10 | 116.65 | 20.10 | | Interest | 0.27 | 0.41 | -34.15 | 1.54 | 2.04 | -24.51 | | PBDT | 32.61 | 34.28 | -4.87 | 138.56 | 114.61 | 20.90 | | Depreciation | 4.53 | 5.46 | -17.03 | 20.6 | 21.22 | -2.92 | | PBT | 28.08 | 28.82 | -2.57 | 117.96 | 93.39 | 26.31 | | Share of Profit/(Loss) from Associates | 0 | 0 | - | 0 | 0 | - | | PBT before EO | 28.08 | 28.82 | -2.57 | 117.96 | 93.39 | 26.31 | | EO Income | 0 | 0 | - | 0 | 0 | - | | PBT after EO | 28.08 | 28.82 | -2.57 | 117.96 | 93.39 | 26.31 | | Taxation | 7.44 | 7.41 | 0.40 | 30.84 | 34.83 | -11.46 | | PAT | 20.64 | 21.41 | -3.60 | 87.12 | 58.56 | 48.77 | | Minority Interest (MI) | 0 | 0 | - | 0 | 0 | - | | Net profit | 20.64 | 21.41 | -3.60 | 87.12 | 58.56 | 48.77 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 20.64 | 21.41 | -3.60 | 87.12 | 58.56 | 48.77 | | EPS (Rs)* | 12.07 | 12.52 | -3.60 | 50.93 | 34.23 | 48.77 | | | * EPS is on current equity of Rs 17.11 crore, Face value of Rs 10, Excluding extraordinary items. | | # EPS is not annualised | | bps : Basis points | | EO : Extraordinary items | | Figures in Rs crore | | Source: Capitaline Corporate Database |
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| MPS : Consolidated Segment Results | | | Quarter ended | Year ended |
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| % of (Total) | 202206 | 202106 | Var.(%) | % of (Total) | 202203 | 202103 | Var.(%) |
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| Sales | | Content Solutions | 55.05 | 63.23 | 61.37 | 3.03 | 53.96 | 242.20 | 223.94 | 8.15 | | Platform Solutions | 23.47 | 26.96 | 33.65 | -19.88 | 27.48 | 123.34 | 125.78 | -1.94 | | eLearning Solutions | 21.47 | 24.66 | 22.13 | 11.43 | 18.57 | 83.34 | 72.83 | 14.43 | | Total Reported Sales | 100.00 | 114.85 | 117.15 | -1.96 | 100.00 | 448.88 | 422.55 | 6.23 | | Less: Inter segment revenues | | 0.00 | 0.00 | - | | 0.00 | 0.00 | - | | Net Sales | 100.00 | 114.85 | 117.15 | -1.96 | 100.00 | 448.88 | 422.55 | 6.23 | | PBIT | | Content Solutions | 61.79 | 21.09 | 18.45 | 14.31 | 59.55 | 76.65 | 72.29 | 6.03 | | Platform Solutions | 25.23 | 8.61 | 11.68 | -26.28 | 31.57 | 40.64 | 39.56 | 2.73 | | eLearning Solutions | 12.98 | 4.43 | 2.15 | 106.05 | 8.88 | 11.43 | -4.58 | LP | | Total PBIT | 100.00 | 34.13 | 32.28 | 5.73 | 100.00 | 128.72 | 107.27 | 20.00 | | Less : Interest | | 0.27 | 0.41 | -34.15 | | 1.54 | 2.04 | -24.51 | | Add: Other un-allcoable | | -5.78 | -3.05 | -89.51 | | -9.22 | -11.84 | 22.13 | | PBIT Margin(%) | | Content Solutions | | 33.35 | 30.06 | 329.09 | | 31.65 | 32.28 | -63.36 | | Platform Solutions | | 31.94 | 34.71 | -277.41 | | 32.95 | 31.45 | 149.78 | | eLearning Solutions | | 17.96 | 9.72 | 824.90 | | 13.71 | -6.29 | 2,000.35 | | PBT | 100.00 | 28.08 | 28.82 | -2.57 | 100.00 | 117.96 | 93.39 | 26.31 |
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