Allsec Technologies Ltd // BPO/KPO

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Pros:

Company is virtually debt free.

Company has a good return on equity (ROE) track record: 3 Years ROE 39.17%

Cons:

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.	64.30	12.69	4439.04	2.32	88.61	35.49	919.11	4.71	15.17
2.	eClerx Services	1100.30	16.70	4256.56	0.09	60.05	-24.22	351.94	5.63	29.96
3.	Hinduja Global	734.70	7.54	1529.86	1.36	40.31	-9.07	1100.83	18.73	14.67
4.	Allsec Tech.	279.10	8.05	425.35	1.79	8.12	-46.23	62.98	-25.24	51.84
5.	Xchanging Sol.	45.15	18.89	502.97	0.00	5.74	82.80	44.08	-34.17	2.07
6.	Mold-Tek Technol	43.20	18.51	119.07	1.36	2.40	60.00	19.35	5.16	2.73
7.	CES	8.18	0.26	1.06	0.00	0.73	-48.95	21.44	14.84	34.08

Detailed Comparison with

	Sep 2015	Dec 2015	Mar 2016	Jun 2016	Sep 2016	Dec 2016	Mar 2017	Jun 2017	Sep 2017	Dec 2017	Mar 2018	Jun 2018
	55.29	57.46	69.66	71.93	82.63	87.73	75.82	84.24	91.22	88.72	60.78	62.98
	47.7	49.46	56.13	59.22	64.65	71.6	59.44	68.39	73.54	71.19	50.94	53.14
Operating Profit	7.59	8.0	13.53	12.71	17.98	16.13	16.38	15.85	17.68	17.53	9.84	9.84
OPM %	13.73%	13.92%	19.42%	17.67%	21.76%	18.39%	21.6%	18.82%	19.38%	19.76%	16.19%	15.62%
Other Income	4.33	2.08	1.44	2.05	0.27	2.51	2.47	2.5	1.65	0.6	3.18	2.28
Depreciation	2.13	1.75	1.28	1.45	1.42	1.24	1.74	1.25	1.05	1.12	1.08	1.26
Interest	0.5	0.56	0.39	0.29	0.16	0.15	0.76	0.11	0.29	0.29	0.08	0.07
Profit before tax	9.29	7.77	13.3	13.02	16.67	17.25	16.35	16.99	17.99	16.72	11.86	10.79
Tax	0.15	0.79	2.33	0.12	0.23	0.48	0.74	1.89	0.9	1.59	-0.5	2.67
Net Profit	9.14	6.98	10.97	12.9	16.44	16.77	15.61	15.1	17.09	15.13	12.36	8.12

	Mar 2007	Mar 2008	Mar 2009	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	TTM
	128	98	104	135	159	183	320	200	151	233	318	325	304
	96	113	119	142	156	184	284	237	160	199	255	264	249
Operating Profit	32	-15	-15	-7	3	-1	36	-37	-9	34	63	61	55
OPM %	24.84%	-15.26%	-14.39%	-5.16%	1.75%	-0.55%	11.38%	-18.65%	-6.06%	14.52%	19.72%	18.78%	18.07%
Other Income	4	7	17	11	4	5	4	3	9	10	7	7	8
Interest	0	0	0	0	1	1	5	7	2	2	1	0	1
Depreciation	10	9	12	13	14	14	15	12	11	8	6	5	5
Profit before tax	25	-17	-9	-10	-7	-10	21	-54	-12	35	63	64	57
Tax	0	3	0	0	0	4	12	-17	2	4	2	4	5
Net Profit	25	-20	-10	-10	-8	-17	2	-25	-14	31	62	60	53
EPS	15.38	0.0	0.0	0.0	0.0	0.0	1.28	0.0	9.22	20.3	40.5	39.06
Dividend Payout %	30.81%	-0.0%	-0.0%	-0.0%	-0.0%	-0.0%	0.0%	-0.0%	-0.0%	0.0%	0.0%	12.8%

* Sales is net of excise duty and discounts

	Mar 2007	Mar 2008	Mar 2009	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018
	15	15	15	15	15	15	15	15	15	15	15	15
Reserves	147	127	120	108	100	84	86	64	46	76	134	192
Borrowings	0	0	1	3	3	2	5	17	14	8	1	1
	22	13	17	20	27	37	55	39	20	37	26	33
Total Liabilities	185	156	152	146	146	138	161	135	96	137	176	242
	34	34	38	44	49	46	43	39	27	22	22	24
CWIP	1	2	0	0	3	0	7	0	0	0	1	0
Investments	72	31	32	13	19	5	9	11	2	19	61	73
	78	88	83	89	76	87	103	85	68	95	93	144
Total Assets	185	156	152	146	146	138	161	135	96	137	176	242

	Mar 2007	Mar 2008	Mar 2009	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018
	23	-18	-4	-7	6	-11	27	-6	-6	35	70	53
	-86	46	-11	3	-22	5	-22	-12	8	-19	-45	-15
	72	-14	0	2	1	-2	3	10	-2	-8	-9	0
Net Cash Flow	10	14	-15	-2	-15	-7	8	-8	0	8	16	38