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Honda Siel Power Products: Still Awaiting a Rural Recovery - Views on News from Equitymaster

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  • Dec 11, 2017 - Honda Siel Power Products: Still Awaiting a Rural Recovery

Honda Siel Power Products: Still Awaiting a Rural Recovery
Dec 11, 2017

Honda Siel Power Products Ltd announced results for the second quarter and half year ended September 2017. While the revenues grew by 1.5% YoY, net profits were down 10% YoY.

Performance Summary
  • Revenues for the quarter grew by 1.5% YoY.
  • Operating profits fell by 3% YoY as margins contracted by 0.6% to 13.7% in 2QFY18. For the first half of the fiscal, however, operating profits declined by 7% YoY.
  • Poor performance at the operating level coupled with substantial reduction in other income led to the 10% YoY decline in net profits. For the first half of the fiscal, while sales were up 4% YoY, net profits were down 13% YoY.
  • Consolidated Financial Snapshot
    (Rs m) 2QFY17 2QFY18 Change 1HFY17 1HFY18 Change
    Net sales 1,826 1,852 1.5% 3,520 3,675 4.4%
    Expenditure 1,564 1,598 2.2% 3,010 3,203 6.4%
    Operating profit (EBIDTA) 262 254 -2.8% 510 472 -7.4%
    Operating profit margin (%) 14.3% 13.7%   14.5% 12.8%  
    Other income 51 31 -39.2% 90 66 -27.1%
    Depreciation 58 57 -2.2% 114 116 1.1%
    Profit before tax 255 229 -10.3% 486 422 -13.1%
    Tax 88 79 -10.4% 168 146 -13.1%
    Profit after tax/ (loss) 167 150 -10.2% 318 276 -13.1%
    Net profit margin (%) 9.1% 8.1%   9.0% 7.5%  
    No. of shares (m)         10.1  
    Diluted earnings per share (Rs)*         51.6  
    P/E ratio (x)         10.0  

    * on a trailing twelve months basis excluding extraordinary items

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