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Thursday, November 01, 2012

Aptech Ltd: Ready To Blast Upwards
Aptech Ltd continues to retain its leadership in IT Training in  International markets such as Vietnam, Russia and Pakistan. 
It came out with decent set of numbers for Q2FY13. For the half year ended Sept 30, 2012 on a standalone basis, Aptech Ltd has reported (a) Turnover of Rs.47.60 Cr (b) Profit before tax of Rs.9.31 Cr and (c) Profit aftet tax of Rs.7.70 Cr. For the quarter and half yearly ended September, 2011 and year ended March, 2012, the Company has recognized MAT credit entitlement under section 115JAAA of IT Act 1961 of Rs.1.04 Cr, 1.90 Cr and Rs.3.08 Cr respectively. On a consolidated basis the total revenue (income from operations) of the company came out to be Rs.45.22 Cr as against Rs.38.69 in Q1FY13 speaking sequentially. The profit from operations before other income came out to be Rs.6.26 Cr as against Rs.90 lakhs in Q1FY13. The profit after interest but before tax almost doubled to Rs.8.07 Cr as against Rs.4.58 Cr in Q1FY13. Profit after Tax and Minority Interest came out to be Rs.5.96 Cr as against Rs.3.77 Cr in Q1FY13. The EPS of the company jumped to Rs.1.22 in Q2FY13 as against Re.0.77 in Q1FY13. 
In 2011-12, its International business has grown by 20% over the Individual  Training (excluding MAAC, excluding China) revenue. With  21.5% revenue CAGR over the last 3 years, the EBITDA profits have grown  at 96.8% every year. This business has achieved leadership position in the Academic Assessment segment within India. It opened its first international centre for MAAC in Vietnam,  first Arena centre in Nigeria and first Aptech Aviation centre in Mauritius. 
Aptech Ltd has either divested or shut loss making business, reduced capital employed, reduced overheads and thereby improving profitability and free cash flows. Aptech English has turned profitable at the EBITDA  level, while Aptech Aviation''s EBITDA losses is slowly coming down. 
Its operating EBITDA went-up by 13%, average Capital employed reduced from Rs.243.14 million to Rs.200.94 million over 2011-12 in retail business, a drop of 17% and in non-retail business has dipped by 85% vis-a-vis 2010-11. Free cash flows from operations in 2011-12 were Rs.166.40 million. Coupled with the Rs.503.84 million dividend received from BJB Career Education Co. Ltd.  (Chinese entity where we hold 22.4% stake), the focus on profitability and cash flow has resulted in the net cash & cash equivalents (including current investments) on its balance sheet rising from Rs.0.57 billion as on 31st March 2011 to Rs.1.03 billion as on 31st March 2012.
Going forward, Aptech Ltd will continue to focus on the key growth businesses of Animation & Multimedia training, International business and Aptech Testing. It has invested in Retail training through an alliance with  TRRAIN Foundation, in Mobile Education through a partnership with Hungama Digital Entertainment and in Poland through minority stake in Syntea SA, to develop more success stories for Aptech.
In short it is a Rakesh Jhunjhunwala & Rekha Jhunjhunwala company, hence gains are assured from the current price of Rs.67.45. Rakesh Jhunjhunwala with his investment vehicle Rare Equity Pvt Ltd and his family owns 34.96% stake in Aptech. This stock was recommended to the Premium Members during the market  hours.