BHARAT FORGE Announces Quarterly Results (1QFY20); Net Profit Down 25.7%

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BHARAT FORGE Announces Quarterly Results (1QFY20); Net Profit Down 25.7%
Wed, 14 Aug

BHARAT FORGE has announced its results for the quarter ended June 2019. Here is a detailed performance review of the same:

BHARAT FORGE Quarterly Financials

No. of Mths
Qtr. Ending
3
Jun-18*
3
Mar-19*
3
Jun-19*
QoQ ChangeYoY Change
Net SalesRs m14,79716,68613,466-19.3%-9.0%
Other incomeRs m343501401-20.0%17.1%
TurnoverRs m15,13917,18713,867-19.3%-8.4%
ExpensesRs m10,51111,5139,970-13.4%-5.1%
Gross profitRs m4,2865,1733,495-32.4%-18.4%
DepreciationRs m8248218867.9%7.5%
InterestRs m25331538823.2%53.4%
Profit before taxRs m3,5524,5382,622-42.2%-26.2%
TaxRs m1,2071,543881-42.9%-27.0%
Profit after taxRs m2,3452,9951,741-41.9%-25.7%
Gross profit margin%29.031.026.0
Effective tax rate%34.034.033.6
Net profit margin%15.517.412.6
* 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 fell 9.0% on a year-on-year (YoY) basis. The expenses were down by 5.1% YoY during the same period.
  • The company's operating profit declined by 18.4% YoY during the quarter. Consequently, operating profit margins witnessed a decline and stood at 26.0% in 1QFY20 as against 29.0% in 1QFY19.
  • Depreciation charges increased by 7.5% and finance costs increased by 53.4% YoY, respectively.
  • Other income increased by 17.1% YoY during the quarter.
  • Net profit for the quarter declined by 25.7% YoY. Net profit margins during the quarter declined from 15.5% in 1QFY19 to 12.6% in 1QFY20.
Quarter-on-Quarter Performance:
  • The company's operating income during the quarter fell 19.3% on a quarter-on-quarter (QoQ) basis. The expenses were down by 13.4% QoQ during the same period.
  • The company's operating profit declined by 32.4% QoQ during the quarter. Consequently, operating profit margins witnessed a decline and stood at 26.0% in 1QFY20 as against 31.0% in 4QFY19.
  • Net profit for the quarter declined by 41.9% QoQ, while net profit margins declined from 17.4% in 4QFY19 to 12.6% in 1QFY20.

To see how BHARAT FORGE has performed over the last eight quarters,please visit here.

BHARAT FORGE Share Price Performance

Over the last one year,BHARAT FORGE share price has moved down from Rs 620.0 to Rs 391.8, registering a Loss of Rs 228.2 or around 36.8%.

Overall, the S&P BSE SENSEX is down 0.6% over the year.

Current Valuations

At the current price of Rs 391.8, the price to earnings (P/E) ratio of BHARAT FORGE stands at 18.0 times its trailing twelve months earnings, while its price to book value (P/BV) ratio stands at 3.9 times.

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For the quarter ended December 2019, BHARAT FORGE has posted a net profit of Rs 1 bn (down 58.7% YoY). Sales on the other hand came in at Rs 11 bn (down 36.4% YoY). Read on for a complete analysis of BHARAT FORGE's quarterly results.

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