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Results
03-Nov-22
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Analysis
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MPS
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PAT up 24% YoY to Rs 26.85 cr in Q2FY2023
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On consolidated basis
Quarter ended September
2022 compared with Quarter ended September 2021.
Net sales (including other operating income) of MPS has increased 14.87% to Rs
126.6 crore. Sales of Content Solutions segment has gone up 9.72% to
Rs 67.14 crore (accounting for 53.03% of total sales). Sales of
Platform Solutions segment has gone down 7.23% to Rs 27.86 crore (accounting
for 22.01% of total sales). Sales of eLearning Solutions segment has
gone up 66.40% to Rs 31.60 crore (accounting for 24.96% of total
sales).
Profit before interest,
tax and other unallocable items (PBIT) has jumped 41.87% to Rs 43.47
crore. PBIT of Content Solutions segment rose 30.23% to Rs 27.10
crore (accounting for 62.34% of total PBIT). PBIT of Platform
Solutions segment rose 25.42% to Rs 9.72 crore (accounting for 22.36% of total
PBIT). PBIT of eLearning Solutions segment rose 219.71% to Rs 6.65
crore (accounting for 15.30% of total PBIT).
PBIT margin of Content
Solutions segment rose from 34.01% to 40.36%. PBIT margin of
Platform Solutions segment rose from 25.81% to 34.89%. PBIT margin
of eLearning Solutions segment rose from 10.95% to 21.04%. Overall
PBIT margin rose from 27.80% to 34.34%.
Operating profit margin
has jumped from 27.77% to 31.73%, leading to 31.23% rise in operating profit to
Rs 40.17 crore. Employee cost decreased from 47.40% to 43.25%.
Other expenses rose from 24.83% to 25.02%.
Other income fell 58.29%
to Rs 1.61 crore. PBIDT rose 21.21% to Rs 41.78
crore. Provision for interest fell 22.86% to Rs 0.27
crore. Loan funds declined from Rs 14.28 crore as of 30 September
2021 to Rs 10.35 crore as of 30 September 2022. Sundry debtors were
higher at Rs 72.75 crore as of 30 September 2022 compared to Rs 66.13 crore as
of 30 September 2021. Cash and bank balance declined from Rs 147.35
crore as of 30 September 2021 to Rs 109.06 crore as of 30 September
2022. Investments rose to Rs 5.19 crore as of 30 September 2022 from
Rs 4.66 crore as of 30 September 2021 .
PBDT rose 21.66% to Rs
41.51 crore. Provision for depreciation fell 1.94% to Rs 5.05
crore. Fixed assets increased to Rs 64.42 crore as of 30 September
2022 from Rs 33.25 crore as of 30 September 2021. Intangible assets
declined from Rs 114.91 crore to Rs 114.50 crore.
Profit before tax grew
25.85% to Rs 36.46 crore. Share of profit/loss were nil in both the
periods. Provision for tax was expense of Rs 9.61 crore, compared to
Rs 7.31 crore. Effective tax rate was 26.36% compared to 25.23%.
Minority interest was
nil in both the periods. Net profit attributable to owners of the
company increased 23.96% to Rs 26.85 crore.
Equity capital decreased
from Rs 18.05 crore as of 30 September 2021 to Rs 17.11 crore as of 30
September 2022 . Per share face Value remained same at Rs
10.00.
Promoters’ stake was
68.34% as of 30 September 2022 ,compared to 67.99% as of 30 September 2021
.
Year-to-date (YTD)
results analysis.
Net sales (including other operating income) of MPS has increased 6.20% to Rs
241.45 crore. Sales of Content Solutions segment has gone up 6.37%
to Rs 130.37 crore (accounting for 53.99% of total sales). Sales of
Platform Solutions segment has gone down 13.91% to Rs 54.82 crore (accounting
for 22.70% of total sales). Sales of eLearning Solutions segment has
gone up 36.82% to Rs 56.26 crore (accounting for 23.30% of total
sales).
Profit before interest,
tax and other unallocable items (PBIT) has jumped 23.29% to Rs 77.60
crore. PBIT of Content Solutions segment rose 22.71% to Rs 48.19
crore (accounting for 62.10% of total PBIT). PBIT of Platform
Solutions segment fell 5.66% to Rs 18.33 crore (accounting for 23.62% of total
PBIT). PBIT of eLearning Solutions segment rose 161.32% to Rs 11.08
crore (accounting for 14.28% of total PBIT).
PBIT margin of Content
Solutions segment rose from 32.04% to 36.96%. PBIT margin of
Platform Solutions segment rose from 30.51% to 33.44%. PBIT margin
of eLearning Solutions segment rose from 10.31% to 19.69%. Overall
PBIT margin rose from 27.68% to 32.14%.
Operating profit margin
has jumped from 27.29% to 28.89%, leading to 12.41% rise in operating profit to
Rs 69.75 crore. Employee cost decreased from 46.23% to 44.61%.
Other expenses rose from 26.48% to 26.51%.
Other income fell 30.94%
to Rs 4.91 crore. PBIDT rose 7.95% to Rs 74.66
crore. Provision for interest fell 28.95% to Rs 0.54
crore. Loan funds declined from Rs 14.28 crore as of 30 September
2021 to Rs 10.35 crore as of 30 September 2022. Sundry debtors were
higher at Rs 72.75 crore as of 30 September 2022 compared to Rs 66.13 crore as
of 30 September 2021. Cash and bank balance declined from Rs 147.35
crore as of 30 September 2021 to Rs 109.06 crore as of 30 September
2022. Investments rose to Rs 5.19 crore as of 30 September 2022 from
Rs 4.66 crore as of 30 September 2021 .
PBDT rose 8.36% to Rs
74.12 crore. Provision for depreciation fell 9.71% to Rs 9.58
crore. Fixed assets increased to Rs 64.42 crore as of 30 September
2022 from Rs 33.25 crore as of 30 September 2021. Intangible assets
declined from Rs 114.91 crore to Rs 114.50 crore.
Profit before tax grew
11.68% to Rs 64.54 crore. Share of profit/loss were nil in both the
periods. Provision for tax was expense of Rs 17.05 crore, compared
to Rs 14.72 crore. Effective tax rate was 26.42% compared to 25.47%.
Minority interest was
nil in both the periods. Net profit attributable to owners of the
company increased 10.26% to Rs 47.49 crore.
Equity capital decreased
from Rs 18.05 crore as of 30 September 2021 to Rs 17.11 crore as of 30
September 2022 . Per share face Value remained same at Rs
10.00.
Promoters’ stake was
68.34% as of 30 September 2022 ,compared to 67.99% as of 30 September 2021
.
Cash flow from operating
activities decreased to Rs 44.53 crore for YTD ended September 2022 from Rs
59.78 crore for YTD ended September 2021. Cash flow used in
acquiring fixed assets during the YTD ended September 2022 stood at Rs 2.00
crore, compared to Rs 2.82 crore during the YTD ended September
2021.
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 56.58 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:
Merger: The Board of Directors of the company have accorded
the In-principle approval for merger of E.I. Design with MPS Interactive
Systems Limited (MPSI). MPSI is a direct subsidiary, E.I. Design is a step-down
subsidiary of MPS. | MPS : Consolidated Results | | | Quarter ended | Year to Date | Year ended |
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| Particulars | 202209 | 202109 | Var.(%) | 202209 | 202109 | Var.(%) | 202203 | 202103 | Var.(%) |
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| Net Sales (including other operating income) | 126.60 | 110.21 | 14.87 | 241.45 | 227.36 | 6.20 | 448.88 | 422.55 | 6.23 | | OPM (%) | 31.73 | 27.77 | 396 bps | 28.89 | 27.29 | 160 bps | 28.07 | 25.27 | 280 bps | | OP | 40.17 | 30.61 | 31.23 | 69.75 | 62.05 | 12.41 | 126.01 | 106.78 | 18.01 | | Other Inc. | 1.61 | 3.86 | -58.29 | 4.91 | 7.11 | -30.94 | 14.09 | 9.87 | 42.76 | | PBIDT | 41.78 | 34.47 | 21.21 | 74.66 | 69.16 | 7.95 | 140.10 | 116.65 | 20.10 | | Interest | 0.27 | 0.35 | -22.86 | 0.54 | 0.76 | -28.95 | 1.54 | 2.04 | -24.51 | | PBDT | 41.51 | 34.12 | 21.66 | 74.12 | 68.40 | 8.36 | 138.56 | 114.61 | 20.90 | | Depreciation | 5.05 | 5.15 | -1.94 | 9.58 | 10.61 | -9.71 | 20.6 | 21.22 | -2.92 | | PBT | 36.46 | 28.97 | 25.85 | 64.54 | 57.79 | 11.68 | 117.96 | 93.39 | 26.31 | | Share of Profit/(Loss) from Associates | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | PBT before EO | 36.46 | 28.97 | 25.85 | 64.54 | 57.79 | 11.68 | 117.96 | 93.39 | 26.31 | | EO Income | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | PBT after EO | 36.46 | 28.97 | 25.85 | 64.54 | 57.79 | 11.68 | 117.96 | 93.39 | 26.31 | | Taxation | 9.61 | 7.31 | 31.46 | 17.05 | 14.72 | 15.83 | 30.84 | 34.83 | -11.46 | | PAT | 26.85 | 21.66 | 23.96 | 47.49 | 43.07 | 10.26 | 87.12 | 58.56 | 48.77 | | Minority Interest (MI) | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | Net profit | 26.85 | 21.66 | 23.96 | 47.49 | 43.07 | 10.26 | 87.12 | 58.56 | 48.77 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 26.85 | 21.66 | 23.96 | 47.49 | 43.07 | 10.26 | 87.12 | 58.56 | 48.77 | | EPS (Rs)* | 15.70 | 12.66 | 23.96 | 27.76 | 25.18 | 10.26 | 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 | td>-| | Quarter ended | Year to Date | Year ended |
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| % of (Total) | 202209 | 202109 | Var.(%) | % of (Total) | 202209 | 202109 | Var.(%) | % of (Total) | 202203 | 202103 | Var.(%) |
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| Sales | | Content Solutions | 53.03 | 67.14 | 61.19 | 9.72 | 53.99 | 130.37 | 122.56 | 6.37 | 53.96 | 242.20 | 223.94 | 8.15 | | Platform Solutions | 22.01 | 27.86 | 30.03 | -7.23 | 22.70 | 54.82 | 63.68 | -13.91 | 27.48 | 123.34 | 125.78 | -1.94 | | eLearning Solutions | 24.96 | 31.60 | 18.99 | 66.40 | 23.30 | 56.26 | 41.12 | 36.82 | 18.57 | 83.34 | 72.83 | 14.43 | | Total Reported Sales | 100.00 | 126.60 | 110.21 | 14.87 | 100.00 | 241.45 | 227.36 | 6.20 | 100.00 | 448.88 | 422.55 | 6.23 | | Less: Inter segment revenues | | 0.00 | 0.00 | - | | 0.00 | 0.00 | | 0.00 | 0.00 | - | | Net Sales | 100.00 | 126.60 | 110.21 | 14.87 | 100.00 | 241.45 | 227.36 | 6.20 | 100.00 | 448.88 | 422.55 | 6.23 | | PBIT | | Content Solutions | 62.34 | 27.10 | 20.81 | 30.23 | 62.10 | 48.19 | 39.27 | 22.71 | 59.55 | 76.65 | 72.29 | 6.03 | | Platform Solutions | 22.36 | 9.72 | 7.75 | 25.42 | 23.62 | 18.33 | 19.43 | -5.66 | 31.57 | 40.64 | 39.56 | 2.73 | | eLearning Solutions | 15.30 | 6.65 | 2.08 | 219.71 | 14.28 | 11.08 | 4.24 | 161.32 | 8.88 | 11.43 | -4.58 | LP | | Total PBIT | 100.00 | 43.47 | 30.64 | 41.87 | 100.00 | 77.60 | 62.94 | 23.29 | 100.00 | 128.72 | 107.27 | 20.00 | | Less : Interest | | 0.27 | 0.35 | -22.86 | | 0.54 | 0.76 | -28.95 | | 1.54 | 2.04 | -24.51 | | Add: Other un-allcoable | | -6.74 | -1.32 | -410.61 | | -12.52 | -4.37 | -186.50 | | -9.22 | -11.84 | 22.13 | | PBIT Margin(%) | | Content Solutions | | 40.36 | 34.01 | 635.46 | | 36.96 | 32.04 | 492.26 | | 31.65 | 32.28 | -63.36 | | Platform Solutions | | 34.89 | 25.81 | 908.12 | | 33.44 | 30.51 | 292.48 | | 32.95 | 31.45 | 149.78 | | eLearning Solutions | | 21.04 | 10.95 | 1,009.12 | | 19.69 | 10.31 | 938.30 | | 13.71 | -6.29 | 2,000.35 | | PBT | 100.00 | 36.46 | 28.97 | 25.85 | 100.00 | 64.54 | 57.81 | 11.64 | 100.00 | 117.96 | 93.39 | 26.31 |
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