SecUR Credentials – FY18 results analysis

Analysis of SecUR results
 
Revenues of INR36.72cr and Profit after Tax (PAT) of INR5.16cr for FY18. Corresponding figures for FY17 – INR9.80cr and INR1.71cr. 275% YoY growth in Revenues and 201% YoY growth in PAT. EBITDA margins FY18 21% and  FY17 27%.
 
No long term debt. Short term debt (INR3.64cr). Cash equivalents of INR6cr. Trade receivables (INR15.31cr) are high. We understand that the general cycle of receivables is roughly ~120days and months of JFM (4QFY18) saw strong growth, hence the year end figure looks higher.
 
Price when posted – INR147 (30May2018). Market cap – INR72cr.
 
My brief notes on SecUR Credentials – https://kaustubhkalecapital.com/2018/01/19/securcred/

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