Hinduja Global Solutions Ltd

Hinduja Global Solutions is engaged in Business Process Management. HGS with its subsidiaries offer voice and non-voice based services such as contact center solutions and back offi ce transaction.

Pros:
Stock is trading at 0.75 times its book value
Cons:
Company has a low return on equity of 13.32% for last 3 years.
Company might be capitalizing the interest cost
Debtor days have increased from 70.68 to 88.38 days

Peer Comparison Sector: IT - Software // Industry: Computers - Software - Medium / Small

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Quarterly Results Consolidated Figures in Rs. Crores / View Standalone

Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019
905 956 940 927 943 976 1,004 1,101 1,159 1,273 1,285 1,290
809 842 838 828 838 876 900 1,028 1,081 1,134 1,136 1,141
Operating Profit 96 114 102 99 105 100 104 73 78 139 149 150
OPM % 11% 12% 11% 11% 11% 10% 10% 7% 7% 11% 12% 12%
Other Income 1 3 3 4 13 1 4 31 43 -32 2 7
Interest 11 10 10 9 9 8 9 9 9 11 11 25
Depreciation 37 36 37 37 35 37 32 35 47 46 66 75
Profit before tax 49 72 58 58 74 56 67 60 65 49 74 57
Tax % 24% 34% 26% 23% 30% 7% 23% 33% 31% 26% 26% 29%
Net Profit 37 48 43 44 52 52 52 40 45 36 55 40
EPS in Rs 18.12 22.87 20.65 21.40 25.24 25.00 24.92 19.26 22.04 17.51 26.29 18.97
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss Consolidated Figures in Rs. Crores / View Standalone

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 TTM
637 798 892 1,073 1,554 1,983 2,505 2,808 3,321 3,711 3,849 4,817 5,006
543 662 734 917 1,370 1,760 2,183 2,495 3,010 3,293 3,440 4,375 4,492
Operating Profit 94 135 158 156 184 224 322 313 311 418 409 442 515
OPM % 15% 17% 18% 14% 12% 11% 13% 11% 9% 11% 11% 9% 10%
Other Income 36 22 37 29 29 28 34 25 26 23 21 43 20
Interest 1 11 13 9 29 44 39 39 40 43 35 41 56
Depreciation 28 33 39 45 61 77 86 105 136 143 141 197 233
Profit before tax 101 114 143 130 122 131 231 193 160 255 254 248 245
Tax % 13% 18% 9% 18% 13% 31% 27% 15% 37% 30% 22% 29%
Net Profit 87 94 130 107 106 91 170 165 101 180 201 177 176
EPS in Rs 40.86 43.10 59.79 48.96 48.27 40.59 82.83 75.78 48.67 86.56 96.45 85.02 84.81
Dividend Payout % 24% 33% 32% 38% 39% 45% 24% 25% 31% 12% 10% 12%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:19.70%
5 Years:13.97%
3 Years:13.19%
TTM:24.44%
Compounded Profit Growth
10 Years:5.66%
5 Years:0.97%
3 Years:20.68%
TTM:-10.55%
Stock Price CAGR
10 Years:0.38%
5 Years:-2.78%
3 Years:0.61%
1 Year:-15.98%
Return on Equity
10 Years:11.76%
5 Years:12.53%
3 Years:13.32%
Last Year:11.25%

Balance Sheet Consolidated Figures in Rs. Crores / View Standalone

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
21 21 21 21 21 21 21 21 21 21 21 21
Reserves 716 935 928 978 1,128 1,215 1,431 1,054 1,168 1,316 1,499 1,623
Borrowings 75 87 115 151 733 551 634 641 838 662 586 603
108 146 144 214 264 283 348 367 443 614 615 821
Total Liabilities 920 1,189 1,208 1,363 2,145 2,070 2,434 2,082 2,470 2,613 2,721 3,068
231 281 296 376 888 942 1,088 772 936 949 919 1,033
CWIP 13 17 4 0 0 4 2 4 14 32 1 5
Investments 2 1 1 5 6 8 7 9 10 5 11 15
673 891 907 982 1,250 1,117 1,337 1,298 1,509 1,627 1,789 2,016
Total Assets 920 1,189 1,208 1,363 2,145 2,070 2,434 2,082 2,470 2,613 2,721 3,068

Cash Flows Consolidated Figures in Rs. Crores / View Standalone

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
58 93 20 95 148 132 235 191 146 409 343 170
-94 -36 -26 -94 -619 98 -130 -62 -186 -120 -55 -226
61 -20 -17 -21 495 -268 -14 -90 -69 -246 -136 -83
Net Cash Flow 25 37 -23 -20 23 -37 91 40 -109 43 152 -138

Ratios Consolidated Figures in Rs. Crores / View Standalone

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
ROCE % 14% 15% 14% 13% 10% 10% 14% 12% 11% 15% 15% 13%
Debtor Days 65 60 71 61 64 66 68 53 50 46 78 88
Inventory Turnover