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Lycos Internet Ltd Equitymaster Agora Research Private Limited 11 May, 2016 Lycos Internet Ltd. Market data Company overview Current price* Rs 17.6 (BSE) LYCOS Internet Limited offers digital marketing solutions to businesses, Market cap * Rs 8382 m agencies and online publishers around the world. The company is one of the original and most widely known internet brands in the world. The Face value Rs 2 company has evolved from one of the first search engines on the web, into BSE Code 532368 a comprehensive digital media destination for consumers across the No. of shares 476.3 m world. The company's segments include Digital Marketing and Software Free float 60.8% Development. The company's products and services include tools for 52 week H/L* Rs 47.2 /14.3 blogging, web publishing and hosting, online games, e-mail and search. *as on 10th May 16 The Company's network of sites and services include Lycos.com, Tripod, Angelfire, HotBot, Gamesville, WhoWhere and LYCOS Mail. The company also provides information technology implementation and Rs 100 invested is now worth outsourcing services. The company's LYCOS Life division is focused on BSE500 Lycos Internet Ltd. consumer internet products. 180 Company strengths 140 The launch of LYCOS Life division during the year have opened many 100 avenues for the company in the Internet of Things (IoT) space. The market 60 has been very positive of this product both in India and in the US. The Apr-15 Oct-15 Apr-16 company’s media division is positioned well than its peers. It recently added some of the leading publishers to its portfolio such as Play Buzz’, Stock price performance The Denver Post, Gannett Broadcasting, etc. The company has joined AOL’s market place as a premium traffic provider through their Ad Tech LYCOS BSE-500 exchange. With this, the company is able to sell traffic to some of the 1-Yr -23% -3% biggest Demand Side Platforms (DSP) in the industry. During the year 3-Yr 1% 39% 2015, the company signed agreements with ‘eBay’ a leading e-commerce 5-Yr -58% 41% arena and ‘Mobileye’, world leader for vehicle safety technology. Also, the company has enhanced its video segment in the digital media business to capitalize on the fast growing video monetization. Shareholding (Sep-2015) Industry overview Category (%) Promoters 39.2 India’s IT industry can be divided into six main components, viz. Software DIIs 0.0 Products, IT services, Engineering and R&D services, ITES/BPO (IT- enabled services/Business Process Outsourcing), Hardware, and e- FIIs 0.0 commerce. Export revenues continue to drive growth with IT Services. The Others 60.8 growth in e-commerce is unprecedented and has given a boost to the BPM Total 100.0 industry. The Indian IT sector will benefit significantly from the government’s schemes like Digital India, Make in India, and Start Up India. The Indian software sector’s value proposition remains unmatched in the Report prepared by world. Entry level wages remain 8x-10x lower than in developed nations. Equitymaster Agora Research The number of global delivery centers (GDC) have increased to about 640 Private Limited. in FY15 in about 78 countries. About 27% of incremental GDCs were set www.equitymaster.com up in India. India’s global market share grew to 55% by the end of FY15. [email protected] The new Indian government is emphasizing on better technology enabled delivery mechanisms for a multitude of government projects. Further, with the new digital India and start up Indian initiatives being launched, the domestic market for software services looks bright. Initiative of the BSE Investors’ Protection Fund Page 1 of 5 11 May, 2016 Financials at a glance (Rs m) FY11 FY12 FY13 FY14 FY15 Sales 4,674 12,632 16,011 16,734 19,570 Sales growth (%) 21.6% 170.3% 26.7% 4.5% 16.9% Operating profit 758 2,377 1,123 3,672 5,717 Operating profit margin (%) 16.2% 18.8% 7.0% 21.9% 29.2% Net profit 502 1,918 510 2,210 3,422 Net profit margin (%) 10.7% 15.2% 3.2% 13.2% 17.5% No. of shares (m) 476.25 476.25 476.25 476.25 476.25 Balance Sheet Current assets 3,109 11,999 11,269 12,953 13,666 Fixed assets 669 3,487 3,253 3,156 5,277 Investments 20 78 78 87 61 Other assets 865 1,426 1,451 1,833 1,846 Total Assets 4,663 16,991 16,052 18,029 20,849 Current liabilities 2,499 6,178 4,319 5,868 5,302 Net worth 1,720 9,307 10,382 11,592 15,299 Long term debt 170 606 515 408 60 Other liabilities 274 900 836 161 188 Total liabilities 4,663 16,991 16,052 18,029 20,849 Note: Financial results are consolidated wherever applicable else standalone Company Fundamentals Parameters FY13 FY14 FY15 Sales per share (Rs) 33.6 35.1 41.1 Sales/Net fixed assets (x) 4.9 5.3 3.7 Operating profit margin (%) 7.0% 21.9% 29.2% Net profit margin (%) 3.2% 13.2% 17.5% Inventory days 0.0 0.0 0.0 Debtor days 145.5 171.5 157.7 Fully diluted earnings per share (Rs) 1.1 4.6 7.2 Debt to equity Ratio (x) 0.0 0.0 0.0 ROE (%) 4.9 19.1 22.4 ROCE (%) 9.2 25.0 35.5 Earnings per share (Rs) 1.1 4.6 7.2 Initiative of the BSE Investors’ Protection Fund Page 2 of 5 11 May, 2016 Quarter Result Trend Qtr ending Dec-14 Mar-15 Jun-15 Sep-15 Net sales (Rs m) 1,066 1,222 1,158 1,111 Gross profit (Rs m) 67 -34 20 16 Gross profit margin (%) 6.3 -2.7 1.7 1.4 Net profit (Rs m) 0 16 1 1 Net profit margin (%) 0.0 1.3 0.0 0.1 Latest Quarter Result Performance Review Rs m Sep-14 Jun-15 Sep-15 QoQ ch YoY ch Net Sales 1,330.0 1,157.8 1,110.9 -4.1% -16.5% Other income 33.9 24.8 30.7 23.8% -9.4% Total Income 1,363.9 1,182.6 1,141.6 -3.5% -16.3% Expenses 1,241.6 1,137.8 1,095.1 -3.8% -11.8% Gross profit 88.3 20.1 15.8 -21.4% -82.1% Depreciation 60.1 4.7 4.7 0.0% -92.2% Interest 61.9 39.4 40.9 3.8% -33.9% Profit before tax 0.2 0.8 0.9 12.5% 350.0% Tax 0.1 0.3 0.3 0.0% 200.0% Profit after tax 0.2 0.5 0.6 20.0% 200.0% Gross profit margin 6.6% 1.7% 1.4% Effective tax rate 31.8% 32.9% 33.0% Net profit margin 0.0% 0.0% 0.1% Note: Quarter results exclude extraordinary / exceptional items | Wherever the results are consolidated we have taken consolidated numbers else standalone. NA = Not applicable. NM = Not meaningful Result performance review . During quarter ended September 2015, the company’s net sales declined by 4.1% on a quarter on quarter (QoQ) basis and 16.5% on a year on year (YoY) basis. Its other income decreased to Rs 30.7 m as compared to Rs 33.9 m during the corresponding quarter of the previous year. The company’s expenditure was down by 11.8% YoY. As such, it reported gross profit of Rs 15.8 m during the quarter. Depreciation decreased by 92.2% YoY, while interest declined by 33.9% YoY. At the bottom line, the company reported net profit of Rs 0.6 m for the quarter as compared to net profit of Rs 0.2 m during the same quarter of the previous year. Initiative of the BSE Investors’ Protection Fund Page 3 of 5 11 May, 2016 Current valuation The company’s stock trades at Rs 17.6 per share. Its P/E ratio is not meaningful. Charts Initiative of the BSE Investors’ Protection Fund Page 4 of 5 11 May, 2016 Important Message from Equitymaster: This report has been prepared exclusively for the BSE Investor Protection initiative. The data for this report has been sourced primarily from the company’s Annual Report and other publicly available information. Equitymaster did not meet the management of this company in person. Equitymaster insists that it makes no recommendation by way of presenting this report. The only purpose of this report is to present publicly available information on the company to readers in a format that is easy to understand. © Equitymaster Agora Research Private Limited. All rights reserved. Disclaimer: The information contained in this document has been compiled from sources we believe to be reliable, but we do not hold ourselves responsible for its completeness or accuracy. This document does not contain any views or opinions of Equitymaster and all such information is provided 'as is' without any warranty of any kind, and Equitymaster makes no representation or warranty, express or implied, as to the accuracy, timeliness or completeness of any such information. This document should not be construed as an offer to sell or solicitation of an offer to buy any security in any jurisdiction. Equitymaster and its affiliates, its directors, analyst and employees will not be responsible for any loss or liability incurred to any person as a consequence of his or any other person on his behalf taking any investment decisions based on this document.
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