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UTV Software an underperformer: ICICIdirect.com
ICICIdirect.com has downgraded its rating on UTV Software Communications as an underperformer with a target price of Rs 254. On consolidated basis, UTV Software reported Q4FY09 results with total revenue of Rs 208.69 crore (included forex gain of Rs 26.63 crore which the company classifies as other operating income).
ICICIdirect.com has downgraded its rating on UTV Software Communications as an underperformer with a target price of Rs 254 in its April 29, 2009 research report.
"On consolidated basis, UTV Software reported Q4FY09 results with total revenue of Rs 208.69 crore (included forex gain of Rs 26.63 crore which the company classifies as other operating income). Revenue from core operations stood at Rs 182.06 crore recording a growth of 35% QoQ and de-growth of 2.7% YoY. EBITDA margin was down by 303 bps QoQ and 225 bps YoY to3.53%. The dip in margins was primarily due to increase in direct expenses. PAT margin was further down by 475 bps QoQ due to lower other income and higher depreciation and interest expenses. The company reported a PAT of Rs 11.23 crore."
"We use SOTP method to value the company and arrive at a target price of Rs 254. Our target price discounts FY10 EPS by 13.3x. We downgrade the stock to underperformer,"says ICICIdirect.com's research report.
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