Financial Results & Auditors Report for June 30, 2013
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Results Press Release, Fact Sheet Q1 & Analyst Earnings Call Q1
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SPA Capital Advisors Limited has submitted to the Exchange copy of advertisement published in newspapers on August 09, 2013 regarding completion of 25% of the Buy-Back Offer
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Frankly speaking, the results were much below expectations, especially considering the fact that the current rupee-dollar environment is very good for IT Companies.
On consolidated basis, the revenues stands at 402 Cr against 319 Cr YoY (26% growth) and 360 Cr QoQ (12% growth)
Net Profit stands at 24.56 Cr against 35.39 Cr YoY (30.6% down) and 29.8 Cr QoQ (17.5% down)
My Views:
Frankly speaking, the stock is going up just because of heavy buy back process going on. Otherwise you cannot get 30% rise in about 2 months, especially with slightly disappointing last 2 quarter numbers. If one asks me, I would advice to book some profit (may be about 20%) at levels around 120, and then wait for next few quarters, to see if there is improvement in numbers going ahead. The delivery percentage was on high side even on the day after such numbers, means that some buy back took place on that day also, which probably was the reason for just a mild downside on stock price. Long term investors looking for price of 150-200 will have to wait for some more quarters to see if numbers improve and then take a decision.
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