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| 11/1/2012 9:00 PM Thursday

Glodyne Technoserve

I am holding 3500 shares of Glodyne Technoserve bought at Rs 129 per share. I can hold these for another three to five years, provided the company stays in existence. Please guide me as to what I should do with these.

- Ajay Sood, Via Email

Glodyne Technoserve, BSE/NSE Code 532672/GLODYNE, with a face value of Rs 10, is currently trading at Rs 59. Its 52-week high/low stand at Rs 441 and Rs 52 respectively. The stock is currently trading at a 54 per cent discount to your acquisition cost.

Glodyne (formerly Paradyne Infotech) provides technology infrastructure management services (IMS) and application software services in India, Canada and the United States. It provides E-governance, financial inclusion, project management, education and human resource management services. Glodyne Technoserve serves the government/PSU, IT/ITES, banking financial services insurance, manufacturing, retail, media, telecom, education, travel and healthcare sectors.

On the financial front, the company has put up a good performance for Q1FY13. At Rs 678 crore, its topline witnessed a growth of 13.29 per cent on a YoY basis as against Rs 598 crore for Q1FY12. The bottomline was slightly flat, having gone up by 6.55 per cent YoY to Rs 59.71 crore against Rs 56.04 crore in Q1FY12.

On the valuations front, the stock trades at a PE of merely 1.23x. The EV/EBITDA stands at 2.55x and the dividend yield on the stock is a healthy 7.15 per cent. However, the company has a debt-to-equity ratio of 1.08x, which is not often the case with IT companies. We suggest that you hold on to the counter for a couple of quarters more and then take a call.

Indowind Energy

Is it the right time to buy the stock of Indowind Energy at its current price with a two-year time horizon?

- M S Edwin Innocent, Tamil Nadu

Indowind Energy, BSE/NSE Code 532894/INDOWIND, with a face value of Rs 10, is currently trading at Rs 3.95. Its 52-week high/low stand at Rs 9 and Rs 3 respectively.

Indowind Energy operates as an independent power producer in the field of renewable energy in India. The company is involved in developing, setting, operating, managing and maintaining wind farms primarily in Karnataka and Tamil Nadu. It generates wind power for utilities and corporate customers, and also provides turnkey project management and asset management services.

On the financial front, the first half of the present fiscal has not been very great for the company. Its topline witnessed a growth of 11.04 per cent on a YoY basis, standing at Rs 18.11 crore as against Rs 16.31 crore for H1FY12. The bottomline dropped by 15.48 per cent in H1FY13 to Rs 2.84 crore as against Rs 3.36 crore in H1FY12.

On the valuations front, the stock discounts its trailing 12-month earnings by 10.09x and the EV/EBITDA stands at 14.75x. The company’s debt-to-equity ratio stands at 1.18x. The fall in the PAT levels can be attributed to rising Other Expenses and depreciation, which have gone up by 36 per cent and 31 per cent respectively. At present, we suggest that you avoid the stock and look to other investment options that can be value accretive in the true sense.

 

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