SQS India BFSI Ltd

SQS India BFSI is an India based software service provider primarily delivering software validation and verification services to the banking, financial services and insurance industry worldwide.

Pros:
Company is virtually debt free.
Stock is providing a good dividend yield of 4.66%.
Company has a good return on equity (ROE) track record: 3 Years ROE 26.38%
Company has been maintaining a healthy dividend payout of 85.74%
Cons:
The company has delivered a poor growth of 11.36% over past five years.

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

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Quarterly Results Consolidated Figures in Rs. Crores / View Standalone

Mar 2016 Jun 2016 Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018
72.20 73.10 68.40 60.90 57.53 60.74 69.67 70.40 75.64 73.11 75.78 70.54
55.70 57.90 57.70 53.30 49.53 48.36 59.31 61.49 63.17 60.37 58.57 62.14
Operating Profit 16.50 15.20 10.70 7.60 8.00 12.38 10.36 8.91 12.47 12.74 17.21 8.40
OPM % 22.85% 20.79% 15.64% 12.48% 13.91% 20.38% 14.87% 12.66% 16.49% 17.43% 22.71% 11.91%
Other Income 0.20 0.40 0.10 0.10 0.43 3.15 2.08 0.62 3.78 0.98 4.93 0.80
Interest 0.10 0.10 0.00 0.00 0.20 0.00 0.00 0.00 0.29 0.00 0.00 0.03
Depreciation 0.80 1.00 1.30 1.50 1.41 1.44 1.36 1.35 1.40 1.39 1.36 1.36
Profit before tax 15.80 14.50 9.50 6.20 6.82 14.09 11.08 8.18 14.56 12.33 20.78 7.81
Tax % 32.91% 37.24% 35.79% 35.48% 32.55% 36.12% 33.75% 35.21% 29.05% 32.04% 34.36% 38.16%
Net Profit 10.60 9.10 6.10 4.00 4.60 9.00 7.34 5.30 10.33 8.38 13.65 4.84
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

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

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
58 74 92 83 83 121 161 194 214 264 260 276 295
47 62 78 73 80 109 131 155 177 210 219 231 244
Operating Profit 12 12 14 10 3 13 30 40 37 54 41 46 51
OPM % 20% 16% 16% 12% 3% 11% 19% 20% 17% 20% 16% 17% 17%
Other Income 0 0 4 1 3 10 2 10 2 6 1 8 10
Interest 0 0 0 0 0 0 1 2 2 0 0 0 0
Depreciation 2 1 2 1 3 4 5 6 5 4 5 6 6
Profit before tax 10 11 16 9 3 18 26 42 32 56 37 48 55
Tax % 9% 9% 10% 9% 42% 38% 27% 29% 32% 34% 36% 33%
Net Profit 9 10 14 8 2 11 19 30 22 37 24 32 37
EPS in Rs 8.02 1.70 10.52 18.23 27.71 15.62 29.82 22.30 29.86
Dividend Payout % 15% 16% 6% 12% 54% 44% 31% 31% 117% 69% 108% 80%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:14.05%
5 Years:11.36%
3 Years:8.88%
TTM:14.22%
Compounded Profit Growth
10 Years:12.53%
5 Years:10.63%
3 Years:14.02%
TTM:41.77%
Return on Equity
10 Years:22.69%
5 Years:26.02%
3 Years:26.38%
Last Year:25.00%

Balance Sheet Consolidated Figures in Rs. Crores / View Standalone

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Sep 2018
7 8 9 10 10 10 10 10 11 11 11 11 11
Reserves 16 25 38 59 60 65 78 98 91 98 116 118 114
Borrowings 0 0 0 0 0 0 14 12 10 0 0 0 0
8 12 17 15 19 26 26 27 54 73 43 63 67
Total Liabilities 31 45 64 84 89 102 128 147 165 182 171 191 192
2 2 3 3 8 11 31 27 24 25 27 22 20
CWIP 0 0 0 1 3 0 0 1 1 0 0 0 0
Investments 0 0 0 0 0 0 0 0 0 0 0 0 0
29 42 61 80 78 91 97 119 139 157 144 169 172
Total Assets 31 45 64 84 89 102 128 147 165 182 171 191 192

Cash Flows Consolidated Figures in Rs. Crores / View Standalone

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018
6 10 13 15 -2 6 18 24 33 58 42 25
-1 -5 2 -6 -20 -0 -23 -1 -6 11 -14 -18
-2 -1 1 14 -1 -4 6 -13 -11 -39 -31 -31
Net Cash Flow 3 4 15 23 -23 2 2 10 16 30 -2 -23

Ratios Consolidated / View Standalone

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018
ROCE % 54% 39% 39% 16% 5% 26% 31% 40% 29% 51% 32% 38%
Debtor Days 116 100 95 70 101 71 93 105 97 75 60 90
Inventory Turnover