Valuation Update With 7 Day Price Move • Apr 23
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₹81.55, the stock trades at a trailing P/E ratio of 23.4x. Average trailing P/E is 22x in the Professional Services industry in India. Total returns to shareholders of 27% over the past three years. Valuation Update With 7 Day Price Move • Apr 06
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₹65.08, the stock trades at a trailing P/E ratio of 18.7x. Average trailing P/E is 22x in the Professional Services industry in India. Total returns to shareholders of 15% over the past three years. Reported Earnings • Feb 11
Third quarter 2026 earnings released: EPS: ₹0.92 (vs ₹0.27 in 3Q 2025) Third quarter 2026 results: EPS: ₹0.92 (up from ₹0.27 in 3Q 2025). Revenue: ₹270.0m (up 21% from 3Q 2025). Net income: ₹13.5m (up 421% from 3Q 2025). Profit margin: 5.0% (up from 1.2% in 3Q 2025). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Tillkännagivande • Feb 05
MITCON Consultancy & Engineering Services Limited to Report Q3, 2026 Results on Feb 09, 2026 MITCON Consultancy & Engineering Services Limited announced that they will report Q3, 2026 results on Feb 09, 2026 New Risk • Jan 21
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: ₹910.2m (US$9.95m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.9x net interest cover). Market cap is less than US$10m (₹910.2m market cap, or US$9.95m). Minor Risk Profit margins are more than 30% lower than last year (3.5% net profit margin). Reported Earnings • Nov 16
Second quarter 2026 earnings released: EPS: ₹0.56 (vs ₹1.11 in 2Q 2025) Second quarter 2026 results: EPS: ₹0.56. Revenue: ₹298.7m (up 7.3% from 2Q 2025). Net income: ₹9.27m (up 2.2% from 2Q 2025). Profit margin: 3.1% (down from 3.3% in 2Q 2025). The decrease in margin was driven by higher expenses. New Risk • Oct 21
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 6.9% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.5x net interest cover). Minor Risks Share price has been volatile over the past 3 months (6.9% average weekly change). Profit margins are more than 30% lower than last year (3.5% net profit margin). Market cap is less than US$100m (₹1.16b market cap, or US$13.2m). Valuation Update With 7 Day Price Move • Oct 21
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₹76.20, the stock trades at a trailing P/E ratio of 28x. Average trailing P/E is 29x in the Professional Services industry in India. Total returns to shareholders of 30% over the past three years. Tillkännagivande • Sep 17
MITCON Consultancy & Engineering Services Limited, Annual General Meeting, Sep 26, 2025 MITCON Consultancy & Engineering Services Limited, Annual General Meeting, Sep 26, 2025, at 12:30 Indian Standard Time. New Risk • Sep 10
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: ₹875.4m (US$9.93m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.5x net interest cover). Market cap is less than US$10m (₹875.4m market cap, or US$9.93m). Minor Risk Profit margins are more than 30% lower than last year (3.5% net profit margin). Reported Earnings • Aug 15
First quarter 2026 earnings released First quarter 2026 results: EPS: ₹0.82. Revenue: ₹248.1m (up 1.5% from 1Q 2025). Net income: ₹10.9m (down 60% from 1Q 2025). Profit margin: 4.4% (down from 11% in 1Q 2025). The decrease in margin was driven by higher expenses. Valuation Update With 7 Day Price Move • May 23
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₹88.92, the stock trades at a trailing P/E ratio of 21.7x. Average trailing P/E is 29x in the Professional Services industry in India. Total returns to shareholders of 25% over the past three years. Valuation Update With 7 Day Price Move • Feb 25
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₹78.76, the stock trades at a trailing P/E ratio of 19.2x. Average trailing P/E is 28x in the Professional Services industry in India. Total returns to shareholders of 6.1% over the past three years. Reported Earnings • Feb 15
Third quarter 2025 earnings released: EPS: ₹0.27 (vs ₹0.52 in 3Q 2024) Third quarter 2025 results: EPS: ₹0.27 (down from ₹0.52 in 3Q 2024). Revenue: ₹228.5m (down 5.4% from 3Q 2024). Net income: ₹2.59m (down 75% from 3Q 2024). Profit margin: 1.1% (down from 4.3% in 3Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 43% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Tillkännagivande • Feb 05
MITCON Consultancy & Engineering Services Limited Announces Cessation of Archana Girish Lakhe as Independent Woman Director MITCON Consultancy & Engineering Services Limited announced that Board of Directors also at their meeting held on February 5, 2025, has taken note of Cessation of Mrs. Archana Girish Lakhe (DIN:07079209) as an Independent Woman Director of the Company upon completion of her second term of 5 (five) consecutive years with closure of business hours on February 05,2025 and consequently also ceased to be Member(s) /Chairperson(s) as the case maybe, of Committee(s) of the Board. New Risk • Dec 20
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Indian stocks, typically moving 9.1% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.8x net interest cover). Share price has been highly volatile over the past 3 months (9.1% average weekly change). Minor Risk Market cap is less than US$100m (₹1.54b market cap, or US$18.1m). Reported Earnings • Nov 14
Second quarter 2025 earnings released: EPS: ₹1.11 (vs ₹0.60 in 2Q 2024) Second quarter 2025 results: EPS: ₹1.11. Revenue: ₹286.3m (down 20% from 2Q 2024). Net income: ₹9.07m (down 18% from 2Q 2024). Profit margin: 3.2% (up from 3.1% in 2Q 2024). The increase in margin was driven by lower expenses. Tillkännagivande • Sep 16
MITCON Consultancy & Engineering Services Limited, Annual General Meeting, Sep 27, 2024 MITCON Consultancy & Engineering Services Limited, Annual General Meeting, Sep 27, 2024, at 12:30 Indian Standard Time. Location: kubera chambers, shivaji nagar, pune - 411005, pune India Reported Earnings • Aug 15
First quarter 2025 earnings released First quarter 2025 results: EPS: ₹2.17. Revenue: ₹250.7m (down 15% from 1Q 2024). Net income: ₹27.0m (up 73% from 1Q 2024). Profit margin: 11% (up from 5.3% in 1Q 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 69% per year but the company’s share price has only increased by 38% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jun 12
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₹146, the stock trades at a trailing P/E ratio of 36.8x. Average trailing P/E is 27x in the Professional Services industry in India. Total returns to shareholders of 283% over the past three years. New Risk • Jun 04
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 8.1% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.7x net interest cover). Minor Risks Share price has been volatile over the past 3 months (8.1% average weekly change). Market cap is less than US$100m (₹1.63b market cap, or US$19.5m). Reported Earnings • May 23
Full year 2024 earnings released: EPS: ₹4.20 (vs ₹3.15 in FY 2023) Full year 2024 results: EPS: ₹4.20 (up from ₹3.15 in FY 2023). Revenue: ₹1.33b (up 59% from FY 2023). Net income: ₹53.3m (up 26% from FY 2023). Profit margin: 4.0% (down from 5.1% in FY 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 80% per year but the company’s share price has only increased by 53% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • May 14
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to ₹142, the stock trades at a trailing P/E ratio of 41x. Average trailing P/E is 25x in the Professional Services industry in India. Total returns to shareholders of 271% over the past three years. Valuation Update With 7 Day Price Move • Mar 14
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ₹107, the stock trades at a trailing P/E ratio of 30.7x. Average trailing P/E is 23x in the Professional Services industry in India. Total returns to shareholders of 168% over the past three years. Reported Earnings • Feb 10
Third quarter 2024 earnings released Third quarter 2024 results: EPS: ₹0.52. Revenue: ₹246.7m (up 28% from 3Q 2023). Net income: ₹10.4m (up 108% from 3Q 2023). Profit margin: 4.2% (up from 2.6% in 3Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 91% per year but the company’s share price has only increased by 53% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jan 15
Investor sentiment improves as stock rises 26% After last week's 26% share price gain to ₹117, the stock trades at a trailing P/E ratio of 37.9x. Average trailing P/E is 26x in the Professional Services industry in India. Total returns to shareholders of 200% over the past three years. Tillkännagivande • Jan 08
Credentia Trusteeship Services Private Limited agreed to acquire MITCON Credentia Trusteeship Services Limited from MITCON Consultancy & Engineering Services Limited (NSEI:MITCON). Credentia Trusteeship Services Private Limited agreed to acquire MITCON Credentia Trusteeship Services Limited from MITCON Consultancy & Engineering Services Limited (NSEI:MITCON) on January 3, 2024. The consideration consists of 5.72 Class A Equity Shares with differential rights of INR 10 each, fully paid up of the MITCON Credentia Trusteeship Services for every 1 Equity Share of Rs.10 each fully paid up held in the Credentia Trusteeship Services. The scheme of Amalgamation was approved by board of both the companies. The Scheme shall be effective upon filing of certified copy of the aforesaid Order of Hon’ble NCLT with Registrar of Companies at Mumbai and Pune. Valuation Update With 7 Day Price Move • Nov 20
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to ₹103, the stock trades at a trailing P/E ratio of 33.6x. Average trailing P/E is 24x in the Professional Services industry in India. Total returns to shareholders of 63% over the past year. Reported Earnings • Aug 11
First quarter 2024 earnings released: EPS: ₹1.22 (vs ₹1.29 in 1Q 2023) First quarter 2024 results: EPS: ₹1.22. Revenue: ₹299.0m (up 64% from 1Q 2023). Net income: ₹15.6m (up 13% from 1Q 2023). Profit margin: 5.2% (down from 7.6% in 1Q 2023). The decrease in margin was driven by higher expenses. New Risk • Jul 09
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 33% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.3x net interest cover). Minor Risks Large one-off items impacting financial results. Market cap is less than US$100m (₹965.7m market cap, or US$11.7m). Recent Insider Transactions • Jun 11
Insider recently bought ₹1.2m worth of stock On the 9th of June, Ajita Agarwal bought around 18k shares on-market at roughly ₹69.39 per share. This transaction amounted to 13% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought ₹5.7m more in shares than they have sold in the last 12 months. Reported Earnings • May 19
Full year 2023 earnings released: EPS: ₹3.27 (vs ₹0.79 in FY 2022) Full year 2023 results: EPS: ₹3.27 (up from ₹0.79 in FY 2022). Revenue: ₹857.5m (down 20% from FY 2022). Net income: ₹42.3m (up 298% from FY 2022). Profit margin: 4.9% (up from 1.0% in FY 2022). The increase in margin was driven by lower expenses. Valuation Update With 7 Day Price Move • Apr 11
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₹75.90, the stock trades at a trailing P/E ratio of 31x. Average trailing P/E is 25x in the Professional Services industry in India. Total returns to shareholders of 92% over the past three years. Recent Insider Transactions • Apr 02
Insider recently bought ₹1.1m worth of stock On the 29th of March, Ajita Agarwal bought around 17k shares on-market at roughly ₹62.90 per share. This transaction amounted to 15% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought ₹4.4m more in shares than they have sold in the last 12 months. Reported Earnings • Feb 15
Third quarter 2023 earnings released: EPS: ₹0.21 (vs ₹0.30 in 3Q 2022) Third quarter 2023 results: EPS: ₹0.21. Revenue: ₹196.5m (down 15% from 3Q 2022). Net income: ₹4.99m (up 26% from 3Q 2022). Profit margin: 2.5% (up from 1.7% in 3Q 2022). The increase in margin was driven by lower expenses. Valuation Update With 7 Day Price Move • Jan 16
Investor sentiment improved over the past week After last week's 16% share price gain to ₹69.50, the stock trades at a trailing P/E ratio of 26x. Average trailing P/E is 26x in the Professional Services industry in India. Total returns to shareholders of 71% over the past three years. Recent Insider Transactions • Dec 29
Insider recently bought ₹626k worth of stock On the 22nd of December, Ajita Agarwal bought around 10k shares on-market at roughly ₹62.65 per share. This transaction amounted to 9.5% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Despite this recent purchase, insiders have collectively sold ₹921k more in shares than they bought in the last 12 months. Reported Earnings • Nov 16
Second quarter 2023 earnings released: EPS: ₹2.16 (vs ₹0.10 in 2Q 2022) Second quarter 2023 results: EPS: ₹2.16 (up from ₹0.10 in 2Q 2022). Revenue: ₹181.0m (down 40% from 2Q 2022). Net income: ₹28.9m (up ₹27.6m from 2Q 2022). Profit margin: 16% (up from 0.4% in 2Q 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 77% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 13
Second quarter 2023 earnings released: EPS: ₹2.16 (vs ₹0.10 in 2Q 2022) Second quarter 2023 results: EPS: ₹2.16 (up from ₹0.10 in 2Q 2022). Revenue: ₹181.0m (down 40% from 2Q 2022). Net income: ₹28.9m (up ₹27.6m from 2Q 2022). Profit margin: 16% (up from 0.4% in 2Q 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 77% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Recent Insider Transactions • Aug 24
Insider recently bought ₹1.0m worth of stock On the 16th of August, Ajita Agarwal bought around 14k shares on-market at roughly ₹70.09 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought ₹11m more in shares than they have sold in the last 12 months. Recent Insider Transactions • Jul 01
Insider recently bought ₹800k worth of stock On the 27th of June, Ajita Agarwal bought around 11k shares on-market at roughly ₹75.58 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought ₹14m more in shares than they have sold in the last 12 months. Reported Earnings • May 28
Full year 2022 earnings: EPS and revenues miss analyst expectations Full year 2022 results: EPS: ₹1.12 (up from ₹1.34 loss in FY 2021). Revenue: ₹1.08b (up 78% from FY 2021). Net income: ₹10.6m (up ₹28.6m from FY 2021). Profit margin: 1.0% (up from net loss in FY 2021). The move to profitability was driven by higher revenue. Revenue missed analyst estimates by 7.0%. Earnings per share (EPS) also missed analyst estimates by 32%. Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has increased by 18% per year, which means it is well ahead of earnings. Recent Insider Transactions • Mar 05
Non-Executive Non-Independent Director recently bought ₹1.8m worth of stock On the 28th of February, Ajay Agarwal bought around 20k shares on-market at roughly ₹87.75 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought ₹2.3m more in shares than they have sold in the last 12 months. Recent Insider Transactions • Feb 15
Insider recently sold ₹1.3m worth of stock On the 9th of February, Ajita Agarwal sold around 12k shares on-market at roughly ₹108 per share. This was the largest sale by an insider in the last 3 months. Despite this recent sale, insiders have collectively bought ₹3.4m more than they sold in the last 12 months. Recent Insider Transactions • Feb 11
Insider recently sold ₹1.3m worth of stock On the 9th of February, Ajita Agarwal sold around 12k shares on-market at roughly ₹108 per share. This was the largest sale by an insider in the last 3 months. Despite this recent sale, insiders have collectively bought ₹3.4m more than they sold in the last 12 months. Recent Insider Transactions • Feb 01
Insider recently sold ₹349k worth of stock On the 25th of January, Ajita Agarwal sold around 4k shares on-market at roughly ₹87.25 per share. In the last 3 months, there was an even bigger sale from another insider worth ₹862k. Despite this recent sale, insiders have collectively bought ₹4.7m more than they sold in the last 12 months. Recent Insider Transactions • Jan 28
Insider recently sold ₹862k worth of stock On the 21st of January, Shivani Agarwal sold around 12k shares on-market at roughly ₹71.85 per share. This was the largest sale by an insider in the last 3 months. Despite this recent sale, insiders have collectively bought ₹4.7m more than they sold in the last 12 months. Recent Insider Transactions • Dec 31
Insider recently sold ₹599k worth of stock On the 30th of December, Shivani Agarwal sold around 10k shares on-market at roughly ₹59.90 per share. This was the largest sale by an insider in the last 3 months. Despite this recent sale, insiders have collectively bought ₹5.7m more than they sold in the last 12 months. Recent Insider Transactions • Dec 10
Insider recently bought ₹1.1m worth of stock On the 3rd of December, Aparna Joshi bought around 20k shares on-market at roughly ₹54.66 per share. In the last 3 months, there was an even bigger purchase from another insider worth ₹3.8m. Insiders have collectively bought ₹5.0m more in shares than they have sold in the last 12 months. Recent Insider Transactions • Nov 30
Non-Executive Non-Independent Director recently bought ₹841k worth of stock On the 22nd of November, Ajay Agarwal bought around 16k shares on-market at roughly ₹52.56 per share. In the last 3 months, they made an even bigger purchase worth ₹3.8m. Insiders have collectively bought ₹3.9m more in shares than they have sold in the last 12 months. Reported Earnings • Nov 12
First half 2022 earnings released The company reported a mediocre first half result with flat earnings, revenues and profit margins. First half 2022 results: Revenue: (flat on 1H 2021). Net income: (flat on 1H 2021). Profit margin: (in line with 1H 2021). Recent Insider Transactions • Sep 29
Non-Executive Non-Independent Director recently bought ₹3.8m worth of stock On the 27th of September, Ajay Agarwal bought around 66k shares on-market at roughly ₹57.00 per share. In the last 3 months, they made an even bigger purchase worth ₹4.0m. Insiders have collectively bought ₹2.7m more in shares than they have sold in the last 12 months. Recent Insider Transactions • Sep 01
Non-Executive Non-Independent Director recently bought ₹4.0m worth of stock On the 30th of August, Ajay Agarwal bought around 76k shares on-market at roughly ₹52.17 per share. This was the largest purchase by an insider in the last 3 months. Despite this recent purchase, insiders have collectively sold ₹1.8m more in shares than they bought in the last 12 months. Recent Insider Transactions • Aug 14
Non-Executive Non-Independent Director recently sold ₹761k worth of stock On the 12th of August, Ajay Agarwal sold around 14k shares on-market at roughly ₹54.36 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of ₹5.8m more than they bought in the last 12 months. Upcoming Dividend • Jul 29
Upcoming dividend of ₹0.20 per share Eligible shareholders must have bought the stock before 05 August 2021. Payment date: 11 September 2021. Trailing yield: 0.4%. Lower than top quartile of Indian dividend payers (1.4%). Lower than average of industry peers (1.7%). Reported Earnings • Jul 28
Full year 2021 earnings released: ₹1.34 loss per share (vs ₹1.48 profit in FY 2020) The company reported a poor full year result with weaker earnings and control over costs, although revenues were flat. Full year 2021 results: Revenue: ₹606.9m (flat on FY 2020). Net loss: ₹18.0m (down 194% from profit in FY 2020). Over the last 3 years on average, earnings per share has fallen by 32% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Recent Insider Transactions • Jul 24
Non-Executive Non-Independent Director recently bought ₹2.8m worth of stock On the 23rd of July, Ajay Agarwal bought around 62k shares on-market at roughly ₹45.38 per share. This was the largest purchase by an insider in the last 3 months. Despite this recent purchase, insiders have collectively sold ₹7.4m more in shares than they bought in the last 12 months. Reported Earnings • Jun 12
Full year 2021 earnings released: ₹1.34 loss per share (vs ₹1.48 profit in FY 2020) The company reported a poor full year result with weaker earnings and control over costs, although revenues were flat. Full year 2021 results: Revenue: ₹606.9m (flat on FY 2020). Net loss: ₹18.0m (down 194% from profit in FY 2020). Over the last 3 years on average, earnings per share has fallen by 39% per year but the company’s share price has only fallen by 17% per year, which means it has not declined as severely as earnings. 
