ECLERX · Services
eClerx Services Ltd. reported revenue of ₹854 cr for October to December 2024, +13.4% on the year and +2.6% on the quarter. It is the highest quarterly revenue in the last 7 quarters on record.
Operating profit (EBITDA) was ₹207 cr, a margin of 24.2%, −325 bps on the year and −172 bps on the quarter. Over the last 7 quarters the margin has ranged from 21.2% to 28.4%, averaging 25.3%. Operating costs grew +18.5%, faster than revenue at +13.4%, so operating profit grew less than sales.
Net profit was ₹137 cr, −1.4% on the year and −2.1% on the quarter, with earnings per share of ₹14.38. Profit before other income, one-offs and tax fell 3.0%, so the profit growth came from the business itself. The tax rate of 25% is in line with its recent average.
On earnings per share of ₹53.79 over the last four quarters, the stock at ₹1,527.50 trades at 28.4 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
Operating margin fell sharply on the year. Pricing, input costs, or mix?
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹722 cr | ₹753 cr | ₹767 cr | ₹782 cr | ₹832 cr | ₹854 cr | ₹898 cr | ₹935 cr | ₹1,005 cr | ₹1,070 cr | ₹1,107 cr | ₹1,152 cr |
| YoY | — | — | — | +14% | +15% | +13% | +17% | +20% | +21% | +25% | +23% | +23% |
| EBITDA margin | 28.4% | 27.5% | 25.6% | 21.2% | 26.0% | 24.2% | 24.4% | 24.0% | 27.0% | 25.8% | 25.6% | 23.0% |
| Other income, % of PBT | 8% | 10% | 13% | 14% | 7% | 11% | 16% | 6% | 11% | 12% | 12% | 8% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 25% | 26% | 28% | 24% | 26% | 25% | 23% | 25% | 25% | 23% | 25% | 25% |
| Net profit | ₹136 cr | ₹139 cr | ₹130 cr | ₹112 cr | ₹140 cr | ₹137 cr | ₹153 cr | ₹142 cr | ₹183 cr | ₹192 cr | ₹190 cr | ₹164 cr |
| YoY | — | — | — | +5% | +3% | −1% | +18% | +27% | +31% | +40% | +24% | +15% |
| Core profit YoY | — | — | — | −5% | +4% | −3% | +7% | +39% | +25% | +35% | +33% | +14% |
| EPS | ₹13.86 | ₹14.13 | ₹13.31 | ₹11.38 | ₹14.72 | ₹14.38 | ₹15.97 | ₹14.87 | ₹19.22 | ₹20.40 | ₹20.13 | ₹17.47 |
| Flags | · | · | · | 1 | ✓ | 1 | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
eClerx Services Ltd. reported revenue of ₹854 cr (+13.4% on the year) and net profit of ₹137 cr (−1.4% on the year) for October to December 2024.
Profit before other income, exceptional items and tax moved −3.0% on the year, against −1.4% for reported profit.
1 check raised a question: Operating margin fell sharply on the year. Pricing, input costs, or mix?
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