Mastek Ltd

Mastek is a provider of vertically-focused enterprise technology solutions. The Companys offering portfolio includes business and technology services comprising of Application Development, Application Maintenance, Business Intelligence and Data Warehousing, Testing & Assurance and Legacy Modernisation.(Source : 201903 Annual Report Page No: 152)

Pros:
Company is virtually debt free.
Stock is trading at 1.09 times its book value
Company has been maintaining a healthy dividend payout of 21.89%
Cons:
Company has a low return on equity of 12.72% for last 3 years.
Promoters have pledged 57.00% of their holding.
Promoter holding has decreased by -3.89% over last 3 years.

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

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Quarterly Results Consolidated Figures in Rs. Crores / View Standalone

Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019
126 179 186 198 210 224 244 257 265 267 248 244
112 162 163 175 184 196 213 226 229 232 215 215
Operating Profit 14 17 22 24 26 28 31 31 36 35 33 29
OPM % 11% 9% 12% 12% 12% 12% 13% 12% 14% 13% 13% 12%
Other Income 2 1 2 6 6 7 3 9 6 7 5 9
Interest 2 2 1 1 1 2 1 2 1 1 1 1
Depreciation 3 5 5 5 5 4 4 5 4 4 6 6
Profit before tax 11 11 18 23 25 30 29 33 37 37 31 31
Tax % -11% 5% 20% 23% 27% 35% 22% 24% 21% 27% 23% 21%
Net Profit 12 11 15 17 18 19 22 25 27 27 24 25
EPS in Rs 5.17 4.57 6.27 7.45 7.82 8.19 9.47 10.55 11.12 11.47 9.58 10.26
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

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

Jun 2008 Jun 2009 Jun 2010 Jun 2011 Jun 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 TTM
894 943 714 594 734 683 923 1,013 527 560 817 1,033 1,023
734 783 627 613 710 626 833 965 512 515 718 928 890
Operating Profit 160 159 87 -18 24 57 90 47 15 45 100 105 133
OPM % 18% 17% 12% -3% 3% 8% 10% 5% 3% 8% 12% 10% 13%
Other Income 22 22 8 -7 12 9 11 14 18 12 21 52 28
Interest 4 5 1 1 1 0 1 1 0 4 6 6 4
Depreciation 33 30 27 29 29 22 33 37 16 15 19 17 20
Profit before tax 146 147 67 -56 5 44 68 22 16 39 96 133 137
Tax % 14% 4% -1% -1% 91% 22% 24% 20% 17% 17% 27% 24%
Net Profit 126 141 68 -56 0 34 52 18 14 32 70 101 103
EPS in Rs 43.88 50.78 24.59 0.00 0.19 17.89 23.45 8.00 5.67 13.86 29.52 42.31 42.43
Dividend Payout % 22% 19% 13% -0% 0% 22% 19% 32% 42% 25% 20% 20%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:%
5 Years:2.28%
3 Years:25.16%
TTM:9.52%
Compounded Profit Growth
10 Years:%
5 Years:14.56%
3 Years:95.59%
TTM:20.38%
Stock Price CAGR
10 Years:-0.69%
5 Years:6.33%
3 Years:34.83%
1 Year:-20.09%
Return on Equity
10 Years:%
5 Years:8.81%
3 Years:12.72%
Last Year:15.06%

Balance Sheet Consolidated Figures in Rs. Crores / View Standalone

Jun 2008 Jun 2009 Jun 2010 Jun 2011 Jun 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Sep 2019
14 13 13 13 14 12 11 11 12 12 12 12 12
Reserves 381 495 534 477 522 521 549 585 308 457 537 704 806
Borrowings 88 70 42 18 7 2 2 29 0 66 70 70 67
273 226 255 136 215 207 192 207 108 197 221 200 193
Total Liabilities 756 805 845 645 757 742 754 832 428 731 840 987 1,078
225 250 242 240 256 247 261 279 66 180 179 167 175
CWIP 22 37 36 0 0 3 0 1 0 0 2 1 2
Investments 80 101 20 65 43 40 84 54 50 274 284 396 458
429 417 548 340 458 452 409 498 312 278 375 422 443
Total Assets 756 805 845 645 757 742 754 832 428 731 840 987 1,078

Cash Flows Consolidated Figures in Rs. Crores / View Standalone

Jun 2008 Jun 2009 Jun 2010 Jun 2011 Jun 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
92 206 31 10 -4 80 89 59 32 43 65 75
-129 -55 65 -50 16 -12 -62 -28 -84 -127 -18 -54
-1 -64 -57 -28 -14 -43 -67 22 -4 65 -7 -16
Net Cash Flow -37 87 39 -68 -2 26 -40 53 -57 -20 40 5

Ratios Consolidated Figures in Rs. Crores / View Standalone

Jun 2008 Jun 2009 Jun 2010 Jun 2011 Jun 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
ROCE % 35% 28% 12% -5% 0% 8% 12% 5% 3% 10% 17% 19%
Debtor Days 127 78 100 66 90 80 46 48 67 55 78 74
Inventory Turnover