Vakrangee Ltd reported impressive set of numbers for Q3FY18 on all fronts. The top-line grew by impressive 84.1% yoy and 16.2% qoq to Rs1,802cr. EBITDA came in at Rs358cr, up 53.9% yoy and 24.5% qoq. EBITDA margin contracted by 391bps yoy to 19.9% but were up 132bps qoq. PAT grew by 87.5% yoy and 30% qoq to Rs247cr.
• Revenue growth is largerly driven by 160.4% yoy growth in Vakrangee Kendra (VK) revenues to Rs1,664cr.
• VK revenue contribution has increased from 65.3% in Q3FY17 to 92.3% in Q3FY18.
• Higher contribution from lower margin VK business (vs. e-governance) resulted in EBITDA margin depletion of 391bps yoy. However, the same has improved by 132bps yoy on 122bps decline in VK business salience on qoq basis.
• Other income grew from Rs0.8cr in Q3FY17 to Rs8cr in Q3FY18.
• 95.8% yoy decline in depreciation expense and 90.2% yoy decline in interest expense resulted in PAT growth of 87.5% yoy.
Vakrangee Ltd is currently trading at Rs. 452.35, up by 6.8 points or 1.53% from its previous closing of Rs. 445.55 on the BSE.
The scrip opened at Rs. 451 and has touched a high and low of Rs. 455.35 and Rs. 447.20 respectively. So far 20,28,401(NSE+BSE) shares were traded on the counter. The stock is currently trading below its 50 DMA.
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