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Moil Ltd: Weak Realisations Impact Topline - Views on News from Equitymaster
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Moil Ltd: Weak Realisations Impact Topline
Sep 6, 2016

Moil Ltd has announced the first quarter results of financial year 2016-2017 (1QFY17). While the topline increased by 0.4% YoY, bottomline declined by 47.5% YoY during the quarter.

Performance summary:
  • Income from operations increased marginally by 0.4% YoY during 1QFY17. This is on the back of increased sales volume of Non-fine (2.15 Lakh Tonne in 1QFY17 vs 1.88 Lakh Tonne in 1QFY16). Although, realisations remained depressed and stood at Rs 7172 per tonne this quarter compared to Rs 8223 per tonne in 1QFY16, a decline of 12.8%. Similarly, volumes and realisations of fines disappointed during the quarter compared to 1QFY16.
  • Operating profit declined by 57.4% YoY and EBITDA Margin stood at 18.6% this quarter compared to 44% in 1QFY16. Operating profit declined on the back of an increase in operating and manufacturing expenses which increased by 16.1% YoY.
  • Exceptional items represent adjustment relating to write down value of inventory of finished goods below cost to net realisable value, as per accounting policy for stock of finished goods.
  • Other income declined during this quarter by 12.3%.
  • On the back of decline in operating profit and other income, net profit declined by 47.5% YoY.

    Financial Snapshot
    (Rs m) 1QFY16 1QFY17 Change
    Total Income 1,828 1,835 0.4%
    Total Expenses 1,024 1,493 45.8%
    Operating profit (EBITDA) 803 342 -57.4%
    Operating profit margin (%) 44.0% 18.6%
    Other income 676 593 -12.3%
    Finance cost 0 0
    Depreciation 118 121 2.2%
    Profit before tax & exceptional items 1,362 815 -40.2%
    Exceptional Item -94
    Tax 463 250 -46.1%
    Net Profit 899 471 -47.5%
    Net profit margin (%) 49.2% 25.7%
    No. of shares (m) 168
    Basic diluted earnings per share (Rs) ^ 7.8
    P/E ratio (x) * 34

    * On trailing 12 month basis

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