JOHNSON CONTROLS - HITACHI AC Announces Quarterly Results (2QFY20); Net Profit Down 230.6%

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JOHNSON CONTROLS - HITACHI AC Announces Quarterly Results (2QFY20); Net Profit Down 230.6%
Fri, 1 Nov

JOHNSON CONTROLS - HITACHI AC has announced its results for the quarter ended September 2019. Here is a detailed performance review of the same:

JOHNSON CONTROLS - HITACHI AC Quarterly Financials

No. of Mths
Qtr. Ending
3
Sep-18*
3
Jun-19*
3
Sep-19*
QoQ ChangeYoY Change
Net SalesRs m3,4699,5193,766-60.4%8.6%
Other incomeRs m64232928.4%-54.3%
TurnoverRs m3,5339,5423,795-60.2%7.4%
ExpensesRs m3,4178,4123,746-55.5%9.6%
Gross profitRs m521,10720-98.2%-62.2%
DepreciationRs m105127120-6.0%14.3%
InterestRs m2179-49.1%300.0%
Profit before taxRs m10985-79-108.0%-917.5%
TaxRs m5349-73-120.9%-1618.8%
Profit after taxRs m5636-6-101.0%-230.6%
Gross profit margin%1.511.60.5
Effective tax rate%49.535.591.9
Net profit margin%0.16.7-0.2
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster


Year-on-Year Performance:
  • The company's operating income during the quarter grew 8.6% on a year-on-year (YoY) basis. The expenses were up by 9.6% YoY during the same period.
  • The company's operating profit declined by 62.2% YoY during the quarter. Consequently, operating profit margins witnessed a decline and stood at 0.5% in 2QFY20 as against 1.5% in 2QFY19.
  • Depreciation charges increased by 14.3% and finance costs increased by 300.0% YoY, respectively.
  • Other income declined by 54.3% YoY during the quarter.
  • Net profit for the quarter declined by 230.6% YoY. Net profit margins during the quarter declined from 0.1% in 2QFY19 to -0.2% in 2QFY20.
Quarter-on-Quarter Performance:
  • The company's operating income during the quarter fell 60.4% on a quarter-on-quarter (QoQ) basis. The expenses were down by 55.5% QoQ during the same period.
  • The company's operating profit declined by 98.2% QoQ during the quarter. Consequently, operating profit margins witnessed a decline and stood at 0.5% in 2QFY20 as against 11.6% in 1QFY19.
  • Net profit for the quarter declined by 101.0% QoQ, while net profit margins declined from 6.7% in 1QFY19 to -0.2% in 2QFY20.

To see how JOHNSON CONTROLS - HITACHI AC has performed over the last eight quarters,please visit here.

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JOHNSON CONTROLS - HITACHI AC Share Price Performance

Over the last one year,JOHNSON CONTROLS - HITACHI AC share price has moved up from Rs 1,728.9 to Rs 2,125.0, registering a Gain of Rs 396.1 or around 22.9%.

Meanwhile, the S&P BSE CONSUMER DURABLES Index is trading at Rs 26,827.5 (down 0.2%). Over the last one year it has moved up from 19,340.1 to 26,827.5, a gain of 7,487 points (up 38.7%).

Overall, the S&P BSE SENSEX is up 16.7% over the year.

Current Valuations

At the current price of Rs 2,125.0, the price to earnings (P/E) ratio of JOHNSON CONTROLS - HITACHI AC stands at 59.2 times its trailing twelve months earnings, while its price to book value (P/BV) ratio stands at 10.8 times.

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