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High Margins in IT Sector May Not Sustain for Long

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High Margins in IT Sector May Not Sustain for Long • WEDNESDAY, 4 NOVEM 13EH 2020 mint MUMllAI 05 TOP STIR ES High margins in IT sector KENT Smart Chef Appliances may not sustain for long Smart Kitchen Appliances For Healthy Cooking Corporate Gifting E'nquiries Solicited A majority of costs saved such as travel, deferral of wage revisions will fade over time Nasr•'l Sultana @::JJi::I'lliffJ=,.~irJ'.. :1111.-_ .... [email protected] Strong performance MUMBAI An analysis of 18 IT companies showed that adjusted net profit grew 7.63% in Q2 from a year ago, while operating Vegetable Power Grinder Kettles Sandwich Oven profit margin rose to 27.10. For the top-five IT companies, adjusted net profit grew 7.68% in July-September. Disinfectants & Blender+ Grill [OTGsl ndian software servicescompa­ ATTA& BREAD MAKER I RICE COOKERS I MIXERS & GRINDERS I INDUCTION COOKTOPS n ie • better-than-expected EBITm CBI arrests Deputy www.kent.co.in I For Sales & Corporate Enquiry Call: 9582-123•456 gains in profitability in the Sep­ 30 - Commission Itember qua1ier contributed by erof cost- aving measures during Customs, the pandemic, and much of these '5' exporter in case related benefits may fadeawayinthecom­ to forging Export growth falters again ing months, said analy ts. bitJy/2HZVkdj AMintanalysisofl8 information 20 technology companies that have in Oct after Sep expansion reported eptemberquarterearn­ 15 ings showed t hat n et sales improvecl4.33% from a year earlier As1t RanJan Mishra Export Organisations' presi· while adjusted neL prol'il grew 10 · asit.m@l ivemint.com clentSharadK wnarSaraf said 7.63% with operating profit margin NEW DELH I nominal decline in exports rising to 27.10. For the top-live IT during October has been companies , net sales improved 5 he merchandise exports mainly bec,w se of a seve re 4.31%, while adjusted net prof1t Tg rowth that India wit­ container shortage and hike grew7,68% in July-September. nessed in September in sea freight, which has upset 0 Only a small partofthe earnings TCS Wipro HCLTech Tech Mahinelra L&T lnfatech Mphasis Mindtree after a gap ofs ix months could exports. ''With the upcoming before interest and taxes (EBIT) Source: Camp.,nies, Kotak Institutional Equities not be sustained in October, Christmas ,met New Year sea· margin expansion reported by wilh outbound shipmen ts son, both lhe global and the SAR:VESH KU MAR SHARMA/MINT mostcompa11ies in Q2 is sustai na­ contracting 5.4 •% aJ many of India economy are slated For ble, saidKawaljeetSaluja andSath­ Mar ch. "A 23-24% Ebit margin ·'Like large-r..ap companies, most I-Iota, head of research, Sharekhan the European markets economic revival. Exporters ishkwnarS., analystsat Kotalllnsti­ bandcannotbeconsideredsustain­ of m id-tier IT companies are cur­ l>y BNP P;u-ibas. imposed fresh lockdown have continuously been lulional Equities. "Benefits ofmany able for now; this will have to be rently trading higher lhan histori· o far this year, the ESE IT index meaSLLres with a second wave receiving a lot of enquiries of t he costs saved such as travel, keenly monitored. Notwithstand­ ca l averag multiples considering has gained nearl y 35% against a of coronaviru infections and orders further adding to facilities co ts, low r clling and ing the higher variable payouts, the the acceleration of growth over the declineof4%ofbenchmarkScnsex. weeping the continent. the positive sentiment. with marketing and deferral of wage company delivered robust margin next few years. Note that so me Midcap firms such as Mastek, Expo1is fell to $24.8 bill ion, Ind ia's trade deficit for Oct signa lsoffu1iher resilience in revisions wi 11 fade over a period of expansion in t he quarter. We quality m id-cap companies are Mindtree and Mphasis have while imports contrac ted stood at $8.8 bi llion. BLOOMBERG Lh e global supply chain," he Li me. Uliliza lion ratecan vary con­ believe some of jumped 47·140% 11.6% to $33.6 billion, result­ added. siderably and may not be a sustain ­ the margin tai l- UNSUSTAINABLE LEVELS while TCS, Infosys ing in a trade deficit of $8.8 time in 18 years. Aditi Nayar, principal econ­ able margin lever. Retention of wind are not sus­ and Wipro shares billion, according to prelimi­ Data compiled by the omist at I CRA Ratings, said some of the benefits will depend on tainable, and their WITH several IT cos ONLY a small part of STEEP va luations of rallied 2H5% in nary data released by the Worl d T racie Organization non-oil merchandise exports the compelilive environment and benents woul d having reinstated Ebit margin growth some IT stocks, 2020so fai-. commerce ministry. (WTO) showed g lobal mer­ hikes and promotion reported by firms in especially in tier-2 conliJ1ued lo report a growth operational rigour," the ana.lysts wane out partially cycles, emp loyee Q2 is sustainable, say firms, may take shine Devang \1ehta, India's merchandise trade c handise trade declined by For the second consecu tive said in a29 Octobcrnote. as travel comes costs are likely to rise Kotak analysts away from the sector head of equity advi­ wa weakening even before 21 % in t he June quarter. month, although the pace o f With several IT companies hav­ back and the attri­ sory at Centrum the covid -19 outbreak due to According to the WTO, global the same expectedly moder· ing reinslated wage hikes and pro­ tion and olTs hore Wealth Manage­ declining external demand. In volumes ormercha ndise tmde ated followi11ga resm-genceof motion cycles, employee costs are ratio normalizes, .. analysts atMoti­ trading on a par with Tata Consult· ment, however, said t hat despite 14, ofthe past 16 months, stait­ issettodecline9.2% in 2020, covid-19 infections in many al o expected tori e, they aid. lal O walsaid. ancy Services Ltd given elevated the elevated va luation, , market.~ ing June 2019, the country's followed by a 7.2% rise in trading partners. "The For instance, Infosys Ltd, which Elevated valuations of some of growth trajectory, deal wins con­ are willing to g ive th em a exports were in the negative. 2021. In April, the trade body renewed lockdowns in some reported record deal wins in the thesecompaniesarealsoweighing sistency, strong balance sheet with thumbs-upon premium valuations Since .March 2020, both had projected global mer ­ advanced economies will September quarter, forecast a 2- 3% on se ntiment. Steep valuations of superior return ratios. healthy free astheyaredeliveringgrowth. "Visi­ exports and imports started c handise trade to drop by severely test the durability of revenue growth for FY2I at con­ somelTstock ,espe ially intier-2 cash tlow generation and higher bility in terms ofrevenucs, margins fa lling- in high double digits, 13-32% in 2020 because of the the uptrend in non-oil mer­ stant currency, indicating modest companies, may take the shine payout ratio. We have a positive and profitability look good for the temporarily leading to a trade covid-19 crisis. chandise exports in the ongo­ growth in the six months to 31 away [rom l heseclor,analystssaid. stance on the sector," saidSai1jeev next two to three years,'' he said. surplus in June for the f1rst Federation or Indian ing month," she added. ('t In cro,es ) Dabur India Limited Rel!d. Office: 8/3, Maf All Road, New Dclhl -1 IO 002. Cl : Ll42l0D11975PICOOi908, Tel NO. 011 ·23253488. fax No. 011 -23222051, l'lebslle: www.dabur.com, Particulars Quailcr en ded HalfYci!I ended ~futci~ e-mail: co,pcomm@dabu r.com (.10/09/1020) (30/09/1020) RESERVE BANK OF INDIA www.rbi.org.in 2,516.04 4, 490.02 221I-W AUCTION OF GOVERNMENT OF INDIA DATED SECURITIES India Domestic et Prolll for the period (before Jax, c,ccpUonal Hems and share ol 589.90 1.013-71 501.60 FOR" 29,000 CRORE ON NOVEMBER 06, 2020 ~ JUBILANT FOODWORKS FMCGGrowth FMCGVolume pro111/Uoss) ol Join! vcnlurc) Growth ON: L7489~:i~ ~ LC043677 'el Profil for the period before 1ax lafler exceplfonal Items and share of The Government of India (Gol) has announced the sale (Issue and J::::f. 19,8% HEALTH 58957 1,013.39 461.81 re-issue) of four dated securities: ~egd. Office: Plot 1A. S.CIO< 16A, JUICES 16.8% profil/(loss) of Joi nt vent ure) Nolda-201:101 jU.P.) Sr. Nomenclature Notified amount Earmarked for Retail Ttl: +91-12o-lOII0500, fax: +91-12ll-l09059!1 Net Pro fit fo r the period after Jax. excepllonal Hems and share of profil/ !loss) of 101111 ven1ure 481.86 824.16 403.64 No Nominal (in f Crore) Investors• (in ? Crore) Emal!: lnvnta<@lublfood.com Don't stress about illnesses• 1. New GS 2022 2,000 100 Webs~e:www.lubQantloc>dwotks.com cl Profit for lhf~ Period after tax: {a ft t::r non u>nlrolling; in1ere5 1, share or profil/(lossl or I0 1nI ven ture and excep ti onal Hems) 481.68 823.46 402.97 2. New GS 2025 11,000 550 liOilCE oo5t your Immunity with Pursuant to Regulation 29&47 of the 3. 5. 77% GS 2030 9,000 450 SEBI (Lis ting Ob ligations and Total Comprehensive In come for lhc period (comprising proOt for lhc 4. 7,000 6.80% GS 2060 350 Disclosure Requirements) Regula­ DaburJ... H .!.!:!!th .Juices period (aficr taxi and other comprehensive Income !after taxi l 411 .56 783.51 44lJ2 Gol wil l have the option to retain additional subscription up to tions, 2015, NOTICE is here by given , 2,000 crore against each securities mentioned above. that a meeting of 1he Board of Paid•up equity .share capital •Face V~ lue of 'l'.
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