Aptech zooms on buy back price
Aptech is doing very well today. The stock is up almost 9% at Rs.63.50, with an intra day high at Rs.65.80. Its 52-week high stands at Rs.81.90.
The stock has zoomed up after the company announced today that the Board has approved buy back of shares from the open market at a price of Rs.82, which is close to its 52-week high. The will be buying up to 25% of the capital and free reserve of the company as per the audited accounts as on March 31, 2013.The aggregate consideration for buyback will be upto Rs 64.66 crore.
It also declared its numbers for quarter ended 31st March 2013, wherein it posted a 58% (YoY) rise in consolidated net profit at Rs.15.54 crore. More than operational efficiency, this surge was more on account of a one-time gain of Rs.8 crore due to sale of premises. The growth in total income was relatively realistic at Rs.48 crore, up 19% (YoY). For FY13, the company’s income from operations was down 3% at Rs.169 crore and net profit came in at Rs.31 crore, down 59%. And this was despite the exceptional gain. Its tax outgo for the year at Rs.7 crore more or less nullified the effect of the gain of Rs.8 crore.
The company currently has cash of Rs.120 crore in its books, with no debt. The company has declared a final dividend of Rs.4 per share on Rs.10 face value.