MPS hits the roof after board approves buyback

MPS hit an upper circuit of 5% at Rs 410.15 after the company's board approved a proposal to buyback shares worth up to Rs 34 crore at a price not exceeding Rs 600 per share.

The company is planning to buyback upto 5,66,666 equity shares (representing 3.04% equity) at Rs 600 per equity share for an aggregate amount not exceeding Rs 34 crore. As on 30 June 2020, promoter held 67.77% in the company.

On a consolidated basis, MPS net profit fell 9.9% to Rs 13.86 crore on 2.2% drop in net sales to Rs 81.77 crore in Q1 June 2020 over Q1 June 2019. Profit before tax (PBT) declined 12.7% to Rs 18.91 crore in Q1 June 2020 as against Rs 21.67 crore in Q1 June 2019. Current tax expense for the quarter slipped 21% to Rs 4.74 crore as against Rs 6 crore in Q1 June 2019. The Q1 result was declared after trading hours yesterday, 11 August 2020.

EBITDA rose 0.3% to Rs 21.32 crore in Q1 FY21 as against Rs 21.27 crore in Q1 FY20. EBITDA margin improved to 25.9% in Q1 FY21 as compared to 25.1% in Q1 FY20.

Total cash and cash equivalents (including investment in mutual funds) as on 30 June 2020 stands at Rs 139 crore and Rs 181 crore as on 31 March 2020 with zero debt.

MPS provides publishing solutions, including typesetting and data digitization services for overseas publishers and supports international publishers through every stage of the publishing process.

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