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Crompton Greaves: Power systems continues to hurt - Views on News from Equitymaster
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Crompton Greaves: Power systems continues to hurt
Dec 8, 2015

Crompton Greaves has announced second quarter results of financial year 2015-16 (2QFY16). The company has reported 6% YoY fall in topline. Net profits fell by 25% YoY. Here is our analysis of the results.

Performance summary

  • Consolidated topline falls by about 6% YoY during the quarter.
  • Operating profits grew by 19% YoY during the quarter. Operating margins expanded 1.3% YoY during the quarter to 5.9% in 2QFY16.
  • Net profits fall 25% YoY during the quarter.

Consolidated snapshot

(Rs m) 2QFY15 2QFY16 Change 1HFY15 1HFY16 Change
Net sales 34,303 32,161 -6.2% 68,719 63,819 -7.1%
Expenditure 32,716 30,276 -7.5% 65,307 60,542 -7.3%
Operating profit (EBDITA) 1,587 1,885 18.8% 3,412 3,277 -3.9%
EBDITA margin (%) 4.6% 5.9%   5.0% 5.1%  
Other income 552 195 -64.6% 840 578 -31.3%
Interest (net) 225 347 54.0% 470 627 33.4%
Depreciation 661 676 2.3% 1,332 1,356 1.8%
Exceptional items - (1)   - (12)  
Profit before tax 1,252 1,056 -15.7% 2,451 1,860 -24.1%
Tax 570 557 -2.2% 1,119 1,210 8.1%
Share of profit in associates 14 11   6 20  
Minority interest (1) 11   (1) 12  
Profit after tax/(loss) 696 521 -25.1% 1,336 682 -49.0%
Net profit margin (%) 2.0% 1.6%   1.9% 1.1%  
No. of shares (m)         626.8  
Diluted earnings per share (Rs)*         2.3  
Price to earnings ratio (x)*         84.9  

* On a trailing 12 months basis

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