Concurrent revenues, net profit, OPM and EPS get a sudden boost in March quarter

According to BSE data, Concurrent’s OPM has shown a boost of 9.38% during the March quarter from 2.12% and 1.15% recorded during the December and September quarters, respectively

Concurrent (India) Infrastructure Ltd, earlier known as Kushagra Software Ltd, reported revenues of Rs65.1 crore and a net profit of Rs4.9 crore for the year to end-March 2010. Out of the total revenues, it earned Rs51.5 crore of its revenues from the March quarter alone. At the same time, Concurrent's expenses in this quarter were also its highest at Rs46.7 crore.
Surprisingly, during the December and September quarters of FY10, the company's total revenues were just Rs5.3 crore and Rs4.5 crore, respectively.
According to Koneru Sudhir Babu, the chairman and managing director of Concurrent who met Moneylife on Wednesday, in the March quarter, the company had added revenues from its infrastructure activities whereas in the previous quarters, its main business was software along with a few infrastructure projects.
However, with the kind of jump in revenues in the March quarter, Concurrent's earnings per share (EPS) rose to 1.1 from 0.02 and 0.01 recorded in preceding quarters. Similarly, according to BSE data, the company's operating margins (OPM) have shown a hike of 9.38% during the March quarter from 2.12% and 1.15% recorded during the December and September quarters, respectively.
Although strict comparison of Concurrent with other infrastructure companies is not possible, let's see how one of its peer group companies has performed. During the December quarter, Brahmaputra Infraproject Ltd had total revenues of Rs59.2 crore and net profit of Rs4.1 crore translating into an EPS of 5.84 and OPM of 11.35%. In the quarter to end-September, Brahmaputra recorded total revenues of Rs43.9 crore; net profit of Rs3.2 crore; EPS of 4.56 and OPM of 13.1%.
During the five quarters from December 2008 to December 2009, Brahmaputra has recorded an average OPM of 12.6%. Concurrent, on the other hand, has recorded an average OPM of 1.7% during the reported preceding quarters, excluding the March quarter. When you include the March quarter performance, Concurrent's average OPM for the five quarters rises to 3.26%. (There are no financial records of Concurrent for almost a year from September 2008 to September 2009).
Concurrent also does not provide balance sheets for any reporting period. When we clicked on the 'quarterly results' link on its website, we were transferred to its results page on the BSE site. The company has promised to send a copy of its balance sheet to Moneylife and said it will also make the same available on its website for all investors.
Separately, Mr Babu denied having any knowledge of the bunch of investors (mentioned in our previous article, read here: Contrary to the claims made by Arun K Mukherjee, self-styled stocks guru, Mr Babu said that he does not even know him and had never interacted with him. He, however, said he had a discussion with some investors, after he took over the company, and Mr Mukherjee may have been present there.

Some readers, who had commented on our previous article, wanted to know about Concurrent's projects. Although we discussed the same with Mr Babu, we think it is apt for the company itself to disclose this information through the regulatory channel.

Meanwhile, Concurrent shares continued their downward journey on Wednesday as well. The share hit the lower circuit and closed 4.8% down at Rs26.65 while the benchmark Sensex ended the day 0.04% down at 17,743 points.




6 years ago

Dear Editor,

After publishing of your first artcile, lots of questions been raised about the company which were genuine and need to appreciate for putting forward. Now, in this posting regarding revenues, you appeared to be neutral and surprised with their march results. We want you opinion about the financial results and what investors needed to do at this point.

We want your suggestions on the growth story of concurrent and the authencity of the informed projects. We want your views which could help us to decide on our investment on the company.

Please comeout with your views on the company, we are unable to decide if the projects are paper projects or real ones. The announced results are real or manipulated ones.


Suvendu Rath

6 years ago

Dear Sincere Human
You must be crazy to bring personal things on a media forum.
If you have any complaint against ID Puli 98 you can go and complaint where its published.
I strongly condemn personal issues
Kind Regards

hiren patel

6 years ago

conngratulation and thanks to Money Life Digital team to researsh and publish such useful article to open the eyes of investor.

Rajat Ghosh

6 years ago


Some one is wrongly posting provocative posts here. Puli98 id is of mine and my name is Rajat Ghosh from Kolkata.

That sincerehuman, who posted here,
has asked you to investigate this blizzard cum dimpy cum another 10 id posted here.

He stated that he is no one but one named Basu who claims to be CFO of FIPO, MD/CEO of ESS BEE and more importantly work for concurrent india as adviser.

This is been highlighted to you earlier. This person still spam at another public forum with several bogus id including Puli 98.

Let me clarify you here, I have given my e-mail id to you. I dont know who the hell is this person linking some unknown names to this Puli98 id.

As an Analyst myself, my sincere suggestion always is only one thing.

Don't get provked by these indiscriminate posters.

We all hold with high esteem both you couple Debashish Ji and Sucheta Ji.

I strongly condemn someone's observation of Monelife getting sold.

If they read your book The Scam they will understand what kind of skills you couple have.

India's biggest scams are unearthed by one and only, Sucheta Dalal. No body else. We respect her.

Secondly with regard to Concurrent, we all are poor investors got stuck at higher levels, particularly after your postings the scripp has eroded the shareholders value and also 50 crores market cap of the company got eroded.

We all know that it is an upcoming and small company. But an upcoming company, where there is no apparent scam, linking that with some private blogs and putting down the image of the company may be a great injustice that you have been doing for small investors like us.

Beyond that we dont have any issues.

He Sincerehuman id poster here, How sincere you are and to whom you are sincere, I dont Know, but you are wrongly presuming the id of Puli98 to some Basu, whom I dont know. Better get your facts right, before posting here.

Let me also give a disclsoure here, I am an Analyst, working for a MNC brokerage and Our Firm doesnot have any exposure in Concurrent.

But I as an Individual keen to track the turn around stories and I have bought for myself 50,000 shares at various levels and also never traded only bought.

Stuck badly now after the moneylife stories, which has eroded my value of investments.

But I am long term investor, patiently wait for the dust to settle and I am confident that Company will perform as per my own analysis which is purely my own opinion.

Moneylife also as a Saviour of Investors Cause, I think should not come with speculative stories, but should also listen to the company what ever it is worth and put both side versions and leave it to the judgement of ardent readers like us.

Yours Truly
Rajat Ghosh
[email protected]


Sincere Human

In Reply to Rajat Ghosh 5 years ago

Karandeep basu
are you dead? I am requesting the editor to track this beherupia urf fraud name rajat ghosh . All the people who lost money are ready to whip his ***


6 years ago

hi. please check the bse website for management's clarification wherein they have denied all the speculations appearing in some private websites and blogs. Good Job done by your team.

Sincere Human

6 years ago

Please investigate this blizzard cum dimpy cum another 10 id posted here. He is no one but one named Basu who claims to be CFO of FIPO, MD/CEO of ESS BEE and more importantly work for concurrent india as adviser. This is been highlighted to you earlier. This person still spam at another public forum with several bogus id including Puli 98.


6 years ago

Okay. now sudhir babu has also bought moneylife which has been their greatest threat. how much did moneylife sell for?. i presume we may not see any more articles on concurrent on moneylife after their meeting with K.Sudhir babu.



In Reply to blizzard 6 years ago

Your comment is same like your name....bizzare. Sitting at Hyderabad, may in the Tank Bund, you might think that everything is there for sale, just like you. Either you dont know moneylife or an ignorant idiot. Even, the likes of Harshad Mehta and Ketan Parekh (dont ask who they are?) couldn't buy moneylife, do you think your poor neighbour have the guts to do so?
@Dimpy......this for the real investors and not for fool investors like you, who blindly puts money in any lallo-panju company.


6 years ago

there are so many stocks in the market operator driven.. why the hell are u after this stock.. are u sebi. we are small retail investor who bought stock at higher levels and as u came out of this story the stock is going down day by day.. will ur magazine going to compensate us.

hathi sethia

6 years ago

sir,you need to go to depth of the story and help innocent investors from being trapped by persons who think they can play as they like.i coomend your job and determination moneylife.

MF industry not ready for financial inclusion yet, says SEBI

The regulator is currently working on various proposals to contain mis-selling while CII is working on a policy paper for the mutual fund industry which is expected to come out in a couple of months

Market regulator Securities and Exchange Board of India (SEBI) seems to be in no mood to increase the penetration of the mutual fund industry and is first working towards eliminating toxic products and addressing the issue of mis-selling.
Speaking at the sidelines of a CII conference on mutual funds, KN Vaidyanathan, executive director of SEBI said,"Financial inclusion is a noble goal which I think is a long way off. It should not run ahead of ourselves. I don't think as a country we are ready for financial inclusion. Financial inclusion connotes including the bottom of the pyramid. The bottom of the MF industry should not be exposed to mutual funds." 

Mr Vaidyanathan also spoke about the proposed guidelines for right selling versus mis-selling which will chalk out measures to prevent mis-selling at the institutional level. The guidelines will be first implemented by national distributors and banks and then for independent financial advisors. Moneylife had first reported about SEBI's plans. (Read here:

The regulator is working on two key aspects of mis-selling like distorted commissions and selling & alignment of products with customer risk profile. These proposals are expected to come out in the next three months and will be evaluated by the mutual fund advisory committee. The mutual fund industry is also planning to create a blueprint in terms of a policy paper for the entire industry.

"The industry needs to refer to a policy paper. What is the role and function and where does the mutual fund industry stand. I am happy that CII has already started working on it and hopefully in a couple of months we will be able to have a policy on this," said UK Sinha, chairman of UTI Mutual Fund.

Besides, the regulator is also working on a platform with registrar & transfer agents CAMS and KARVY which will provide a single view of all mutual fund investments to investors.




6 years ago

Great, If u can.. do good to investors by regulating ULIPs

Deepak K Rao

6 years ago

Congratulations, SEBI is doing a great job. We are extremely happy with the developments in the MF industry for the last one year. Kindly set right the MF industry, educate and safeguard Investors interest which is of paramount importance.

SEBI chief blasts mutual funds

Charges fund companies with launching too many schemes but having very little connect with investors

Securities and Exchange Board of India (SEBI) chairman CB Bhave has spoken on why the mutual fund industry finds itself in its current mess. Speaking at the CII Mutual Fund Summit yesterday, he said, "The rationale of this industry as professional fund managers and aggregators of savings is to provide better returns through expertise and cost reduction. So why is it that we have difficulty in convincing investors that they can get better returns? Is something lacking in our delivery? Unless this fundamental issue is addressed, we cannot move forward.

Unless it is carried through to the investors with all the conviction that it is in their interest, they will not come. We need to focus on why is it that the communication is not going through and where do we have difficulty in communicating."

Mr Bhave also highlighted that various incentive structures in place in different institutions are posing a lot of problems for the industry. "Such incentive structures tend to drive institutions away from addressing customers' needs. This focus on short-term incentives ultimately results in a loss to investors."

He also pointed out the frivolity in launching a slew of products in the name of innovation. "Between the few mutual fund companies in the country, we have a few thousand schemes. I have no idea which scheme is good for me. Are these schemes really so different from each other? How much innovation is real and how much is driven by the tendency to look at short-term benefit?"

About 60% of schemes in the market today are suboptimal, pointed out Mr Bhave. "Investments in such schemes will not allow you to justify your claim that you are giving the benefit of aggregation of savings. The basic argument of why this industry exists is that we are able to aggregate savings on such a large scale that our costs of operating the portfolios are much less than what the individual's cost will be. And if that is not right, then who are we serving? Unless we ask these questions to ourselves, we will not find the right answers for long-term growth."



Tushar Choksi

6 years ago

Mr.Bhave will go down in history as one of the brightest mind who converted a sunrise industry into sunset industry.A typical bureocrat who thinks that business is crime and commissions are even greater crime.
He considers that entire AMC industry lacks vision as that is only SEBI chairmans prerogative.

Rakesh Malhotra

6 years ago

I think it is high time for Mr. Bhave to leave this position. He has created a mess which will take a lot of time to clear. Investors are clueless and are being hounded by the stock brokers to come invest in direct equity which is quite risky for the new entrants and by the way who has objected for the entry load in the mutual funds? Insurance cos. have also lost a good amount of business due to him. I don't know what is in his mind? No body is there to stop him or there is some thing fishy about all this?

Keshav B Bhat

6 years ago

I fail to understand why can't Mr Bhave and co can not realise the ground reality, how ever the best product it may be, it requires proper management and proper distribution system to reach to the end user and definitly it costs and definitly end user has to pay for everythig even the government taxes. End user will buy and continue to buy only if the product meets his/her requirements. If there is any problem with the distribution cannel it has to be addressed or rectified. Nowb for the big hue and cry about the entry load and agent commission and misselling, I do agree misselling has to be completely stopped, but for that the action taken by Mr Bhave is absolutely wrong. Today Mr Bhave and co is saying advisors/agents has to be paid according to the services received by the investor and investor has to decide how much commission he wants to pay to te abvisor/agent, but can you tell what remedy is there for the advisor/agent to get his dues?. Does Mr Bhave and co work with out receiving salery or perks? does these people are paid accoding to their work?
who is there judge their work?


6 years ago

Mr Bhave has only one task to get his salary-''criticise MF industry'and he is
doing this job very efficiently-
he looses no chance to make comments and issue new foolish norms overnite without any consultation-
some body go and tell this man that why every month mobile cos launch several new models though old simple mobiles do same work-why auto cos launch new models every six months though old models are pretty good-
who is he to decide what suits to investor and what one should eat or drink-
does he thinks he is Dictator?
he has no morale to comment for market related products?
recently i went to purchase a antibiotic tablet which had printed price of Rs 250for 6 tablet-the chemist was ready to give me at discounted price of Rs 100-but same tablet was available at Rs 60 of Mankind brand-what a disparity in profit margin?
has soem one tried to control prices and cost where there is no control?
in MF 2% is open secret and thats the lowest for any industry-then why this guy is bent on eliminating this 2% if medicines are sold at 500% profit?


6 years ago

Somebody tell this nut case, people will only want to manage their money when they find the need. If not, no matter how many policies you put in place or how many products you design for their benefit - THEY'D CARE a DAMN

R Balakrishnan

6 years ago

Someone with no stake in the industry. No experience of taking risk or running a business. Pity that personal agendas drive an industry to extinction. RBI did that to the leasing industry in India. SEBI is now doing it to the MF industry.

Sunil Takalkar

6 years ago

With full respect to his knowledge , experience, I feel that Mr. Bhave is also partly responsible for this mess . e.g SEBI_ IRDA conflict,abolition of upfront commission since August 2009.etc.

Are these moves good for a service industry? Instead of blaming MF Industry ,it is high time he should resign and give opportunity to non-egoistic professional from the Finance sector.



In Reply to Sunil Takalkar 6 years ago

Good point. Not just that, he should also be taken to task for creating so much of chaos


6 years ago

Mr. Bhave expresses his concern for the "small investor" with great passion when it comes to speaking to the MF industry. Wonder why he could not convince the Finance Ministry about the dis service ULIP products are doing to the same small investor and why they (ulips) need to be regulated by SEBI. Whatever Mr Bhave thinks he is doing for the investor through his "reforms" in the mutual fund industry has got undone in one stroke by the same Govt he works for by keeping ULIPs away from SEBI's regulation. The gullible small investor who was loosing the "very huge 2.25%" by way of entry load in MFs is continuing to loose even more by buying ULIPs and that too with the "blessings" of the Government !

Deepak K Rao

6 years ago

Mr. Bhave is absolutely right. We only educate people regarding investments, since we strongly believe that, ' AN EDUCATED INVESTOR IS A SUCCESSFUL INVESTOR'. It is also the primary duty of Investors to do some homework on understanding the concept of Investment before blindly following the advice of any Financial Advisor. "INVEST YOUR TIME BEFORE YOU INVEST YOUR MONEY"


6 years ago

Bhave has got it wrong to see the usefulness of mutual fund industry only in terms of cost saving.

There are a very large number of people who either have no knowledge of entering the equity market on their own or dont have time to monitor the stocks on a regular basis to trade on their own. Isn't this one of the reasons why mutual funds were brought in?

When we talk of cost, here is a pointer. If an investor has Rs.100,000/- to invest in the market and he puts it through a mutual fund. When the entry load existed, his direct cost would have been about 2.25% and the fund management charges which gets adjusted in the NAV. So he would have ended up spending about 2,250/- on his investment.

If the same investor invests the money in the market directly, his upfront brokerage is about .50%. And he needs to trade in his account a few times to make the investment grow. He has to keep shelling out this .50% brokerage every time he buys or sells the shares. Which at the end of the day may prove more costly for him.

But then, coming from Bhave, I am not surprised he has taken such a stupid logic to argue that MFs are bad!!!

Rajnish Joshi

6 years ago

We are writing from time to time about bringing NFOs by AMCs. Investors are confused and even Distributors are worried about these NFOs. Go through our new Article i.e, Launching of NFO or New TV Serials. AMC will have to learn a few lessons.

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