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ONTRACK SYSTEMS
 
Key Points
Ontrack Systems is a global IT and ITES company, which provides managed services, software development, maintenance and implementation services across various industries. The company has its global delivery centre in Kolkata, India and a Managed service centre in Maidenhead, UK.

It owns and operates www.tendertimes.com, India's first tender web daily and also runs www.IndiaOneStop.com one of the oldest B2B websites of India. IndiaOneStop has emerged to be an interactive web platform for exchange of business deals and information. Tendertimes is headquartered in Kolkata and the division hosts over 300 new tenders daily from different sectors of industry including major public sector enterprises and government departments. Among these divisions, revenue from tendertimes.com increased by 80% during FY05 as compared to FY04.

Unlike it peers, the company is mainly concentrating on European markets and expects the business to grow significantly from this region. During FY05, Europe contributed 74% of the revenue.

The company has adopted buy and build model as a the growth strategy and is in advance stages of negotiations with two overseas companies (one each in US and UK).

The revenue from exports is growing steadily and reported a growth of 21.5% YoY to Rs.213 mn during FY05.

The overall revenue grew by 13.4% YoY to Rs.277mn during FY05. The net profit increased significantly by 90% YoY to Rs.15.8mn. The stock is trading at 29x its FY05 EPS.

Key Data
 
Current Market Price (Rs) 61
Shares Outstanding (mn) 5.0
Market Cap (Rs mn) 306
52 week High/Low 72/16
Bloomberg Code OTS IN
Reuters Code ONTS.BO
Website www.ontrackindia.com
 
Key Financials FY02 FY03 FY04 FY05
 
Net Sales 109 166 244 277
Growth (%) 42.2 53.2 46.6 13.4
EBITDA 17 30 27 34
Growth (%) 91.4 77.2 -9.6 23.7
Reported Net Profit 6.9 15.7 8.3 15.8
Growth (%) 0.0 127.5 -47.1 90.4
 
Key Ratios (%) FY02 FY03 FY04 FY05
 
EBITDA Margin (%) 15.7 18.2 11.2 12.3
Net Profit Margin (%) 8.2 11.1 3.4 5.9
EPS (Rs) 1.8 3.7 1.7 3.3
P/E (x) 34.0 16.5 36.9 18.4
P/BV (x) 2.9 2.6 2.5 2.3
EV/EBITDA (x) 19.1 10.9 12.2 10.4
ROCE (%) 7.4 11.7 8.0 10.5
ROE (%) 8.5 15.7 6.7 12.4
 
Quarterly Results (Rs mn) Jun'05 Mar'05 Dec'04 Sep'04
 
Net Sales 62 92 65 56
YoY Growth (%) -33.1 42.0 16.2 2.7
EBITDA 10 13.1 6.4 4.5
YoY Growth (%) -23.6 104.7 42.2 7.14
Margin (%) 16.1 14.1 9.8 8.0
PAT 5.2 6.3 1.9 0.7
YoY Growth (%) -17.5 231.6 171.4 16.7
 
Income Statement check dec
 
Y/E Mar (Rs mn) FY02 FY03 FY04 FY05
 
Net Sales 109 166 244 277
Total Expenditure 92 136 217 243
EBITDA 17 30 27 34
EBITDA Margin (%) 15.7 18.2 11.2 12.3
Depreciation 7 14 15 15
Interest 3 4 5 7
EBT 7 13 8 12
Other Income 1 2 2 3
PBT 8 14 10 15
Extra ordinary Items 2 3 0 1
PBT after XO Items 10 17 10 15
Current Tax 1 3 2 0
Deferred Tax 0 -4 0 -1
Effective Tax Rate (%) 10.9 NM 15.3 NM
PAT 9 19 8 17
No of Shares 5 5 5 5
EPS 1.8 3.7 1.7 3.3
 
Balance Sheet
 
Y/E Mar (Rs Mn) FY02 FY03 FY04 FY05
Assets        
Assets 44 72 78 92
Net Fixed Assets 33 47 39 38
Capital WIP 10 0 0 0
Investments 0 0 1 11
Current Assets 95 112 138 175
Less: Current Liabilities 17 22 28 41
Net Current Assets 78 91 110 134
Misc. expenses not written off 12 7 3 0
Deferred Tax Assets (Net) -6 -1 -1 0
Total Assets 127 143 152 183
Liabilities        
Share Capital 50 50 50 50
Reserves 56 68 74 83
Networth 106 118 124 133
Total Debt 21 25 28 49
Total Liabilities 127 143 152 183
 
Ratios
 
Y/E Mar FY02 FY03 FY04 FY05
 
EPS (Rs) 1.8 3.7 1.7 3.3
CEPS (Rs) 9.1 17.6 16.2 18.5
BV (Rs) 21.3 23.6 24.7 26.7
P/E (x) 34.0 16.5 36.9 18.4
P/CEPS (x) 6.7 3.5 3.8 3.3
P/BV (x) 2.9 2.6 2.5 2.3
DPS (Rs) 0.5 0.6 0.7 1
Dividend Yield (%) 0.8 1.0 1.1 1.6
EV/EBITDA (x) 19.1 10.9 12.2 10.4
ROCE (%) 7.4 11.7 8.0 10.5
ROE (%) 8.5 15.7 6.7 12.4
Dividend Payout (%) 27.8 16.1 42.2 30.1
 
Break-up of Total Income
Share Price & Volume Graph
Sales & PAT Growth
 
Related Resources
Download ISO
Certificate Current (pdf: 784 KB)
Investor Alert
Download Annual
Report 2013(pdf: 828.0 KB)
Download Corporate
Brochure (pdf: 2.78MB)

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