Allsec Technologies Ltd // BPO/KPO

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249.20

Pros:

Company has reduced debt.

Company is virtually debt free.

Company has a good return on equity (ROE) track record: 3 Years ROE 32.19%

Cons:

Though the company is reporting repeated profits, it is not paying out dividend

Though the company is reporting regular profits, it is not paying out tax

** Remarks:

Some businesses are provided tax benefits to encourage their development

Peer Comparison

S.No.	Name	CMP Rs.	P/E	Mar Cap Rs.Cr.	Div Yld %	NP Qtr Rs.Cr.	Qtr Profit Var %	Sales Qtr Rs.Cr.	Qtr Sales Var %	ROCE %
1.	Firstsour.Solu.	70.95	14.99	4895.47	2.10	92.87	43.10	897.30	0.56	15.17
2.	eClerx Services	1290.35	18.22	4989.02	0.08	64.73	-14.32	361.13	8.93	45.78
3.	Hinduja Global	771.35	7.99	1605.51	1.29	48.28	33.32	1003.89	6.80	14.94
4.	Allsec Tech.	249.20	6.35	379.78	0.00	12.36	-20.82	60.78	-19.84	78.66
5.	Xchanging Sol.	45.50	19.03	506.87	0.00	5.74	82.80	44.08	-34.17	2.07
6.	Mold-Tek Technol	40.75	20.26	112.32	1.45	0.77	-75.32	18.16	-5.91	2.73
7.	CES	8.18	0.22	1.06	0.00	0.84	-42.07	20.15	12.63	34.08

Detailed Comparison with

	Jun 2015	Sep 2015	Dec 2015	Mar 2016	Jun 2016	Sep 2016	Dec 2016	Mar 2017	Jun 2017	Sep 2017	Dec 2017	Mar 2018
	50.97	55.29	57.46	69.66	71.93	82.63	87.73	75.82	84.24	91.22	88.72	60.78
	46.35	47.70	49.46	56.13	59.22	64.65	71.60	59.44	68.39	73.54	71.19	50.94
Operating Profit	4.62	7.59	8.00	13.53	12.71	17.98	16.13	16.38	15.85	17.68	17.53	9.84
OPM %	9.06%	13.73%	13.92%	19.42%	17.67%	21.76%	18.39%	21.6%	18.82%	19.38%	19.76%	16.19%
Other Income	2.18	4.33	2.08	1.44	2.05	0.27	2.51	2.47	2.50	1.65	0.60	3.18
Depreciation	2.23	2.13	1.75	1.28	1.45	1.42	1.24	1.74	1.25	1.05	1.12	1.08
Interest	0.37	0.50	0.56	0.39	0.29	0.16	0.15	0.76	0.11	0.29	0.29	0.08
Profit before tax	4.20	9.29	7.77	13.30	13.02	16.67	17.25	16.35	16.99	17.99	16.72	11.86
Tax	0.31	0.15	0.79	2.33	0.12	0.23	0.48	0.74	1.89	0.90	1.59	-0.50
Net Profit	3.89	9.14	6.98	10.97	12.90	16.44	16.77	15.61	15.10	17.09	15.13	12.36

	Mar 2006	Mar 2007	Mar 2008	Mar 2009	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	TTM
	93	127	97	103	134	158	183	320	199	150	233	322	324
	67	95	112	118	141	155	184	283	236	160	199	260	264
Operating Profit	26	31	-14	-14	-6	2	-1	36	-37	-9	33	62	60
OPM %	27.82%	24.84%	-15.26%	-14.39%	-5.16%	1.75%	-0.55%	11.38%	-18.65%	-6.06%	14.52%	19.31%	18.74%
Other Income	1	3	6	17	10	4	5	4	2	9	10	7	7
Interest	0	0	0	0	0	0	0	5	6	1	1	0	0
Depreciation	6	10	8	11	13	13	14	14	12	11	7	5	4
Profit before tax	20	24	-17	-9	-9	-7	-10	20	-53	-12	34	63	63
Tax	0	0	2	0	0	0	4	11	-16	1	3	1	3
Net Profit	20	24	-19	-9	-10	-7	-16	1	-24	-14	30	61	59
EPS (unadj)	16.40	15.38	0.00	0.00	0.00	0.00	0.00	1.28	0.00	9.22	20.30	40.32
Dividend Payout %	29.22%	30.81%	-0.0%	-0.0%	-0.0%	-0.0%	-0.0%	0.0%	-0.0%	-0.0%	0.0%	0.0%

	Mar 2006	Mar 2007	Mar 2008	Mar 2009	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017
	17	15	15	15	15	15	15	15	15	15	15	15
Reserves	57	147	127	119	107	100	83	86	64	46	76	134
	0	0	0	0	2	3	2	4	16	14	7	0
Other Liabilities	23	22	12	17	20	27	37	55	38	20	37	28
Total Liabilities	92	184	155	152	146	146	138	161	135	96	136	179
	43	33	34	38	43	48	46	42	39	26	22	21
CWIP	0	0	2	0	0	2	0	6	0	0	0	0
Investments	0	72	31	31	13	18	5	8	10	1	19	61
	48	77	87	82	89	75	86	102	84	67	94	95
Total Assets	92	184	155	152	146	146	138	161	135	96	136	179

	Mar 2006	Mar 2007	Mar 2008	Mar 2009	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017
	20	22	-17	-4	-7	6	-10	27	-6	-5	34	67
	-33	-85	46	-10	3	-22	4	-21	-11	7	-19	-42
	29	72	-14	0	1	0	-1	2	10	-2	-7	-7
Net Cash Flow	16	9	14	-14	-2	-15	-7	8	-7	0	7	16