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Analyst Meet / AGM
02-Aug-11
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Conference Call
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E-Clerx
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Business diversification continues to be key strategic priority
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e-Clerx held a conference call to discuss the results of Q1 FY12 addressed by Mr. V.K. Mundhra, Executive Director, Mr. Anjan Malik, Director and other members of the senior management.
- Total revenues during Q1 FY12 were Rs 106.9 crore, up 4% q-o-q and 28% y-o-y and operating revenues were up 4% q-o-q and 29% y-o-y to Rs 99.6 crore or 6% q-o-q and 33% y-o-y to USD 22.3 million in USD terms. EBITDA was up 3% q-o-q and 33% y-o-y to Rs 46.3 crore. New tax rules impact Net income which was Rs 35.2 crore, up 19% q-o-q and 20% y-o-y. Operating margins stood at 37%.
- The management follows a consistent policy of hedging receivables for next 12-18 months and current forward equivalent hedge position is USD 45.1 million for FY12 and USD 30.6 million for FY13.
Total Cash and Cash equivalents is Rs 197.1 crore, zero debt on balance sheet equivalent to Rs 68.2 per share.
Book value per share is Rs 95.
- Exchange rate had a positive impact of 10bps at OPM level on y-o-y basis, Employee costs have come down as % of revenues and positively impacted OPM by 160bps on y-o-y basis while G&A expenses are flat.
- Business efficiency continue to remain high. Other costs including onshore costs broadly flat y-o-y as % of revenues.
- MAT on SEZ has increased the tax bill and negatively impacted NPM by 340bps on y-o-y basis, overall tax rate in Q1 FY12 is 20% and forex gain had a negative impact of 220bps.
- DSO increased to 67 days from 59 days q-o-q.
- 4 new clients were added and revenues were accrued from 48 clients in Q1. Revenue contribution of Fortune 500 clients stood at 97%.
- Headcount stood at 4015, net addition of 357 and 67% of all the employees were billed in Q1. Attrition stood at 29.3%
- Top 5 clients contributed 88% in Q1FY12 against 86% in Q4FY11.
- Q-o-Q top (%) revenues decreased in Q1 due to lag effect of chronic under investment in onshore.
- The management has decided to continue with Mumbai and Pune as delivery hubs after review. Also, with contiguous space taken in central Mumbai, seek to add capacity in both cities at advantageous rates.
- Business diversification continues to be key strategic priority and plans to invest further 1.5% to 2% of revenues to onshore going forward.
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