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BHARAT FORGE Announces Quarterly Results (2QFY19); Net Profit Up 11.7%

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BHARAT FORGE Announces Quarterly Results (2QFY19); Net Profit Up 11.7%
Mon, 5 Nov

BHARAT FORGE has announced its results for the quarter ended September 2018. Here is a detailed performance review of the same:

BHARAT FORGE Quarterly Financials

No. of Mths
Qtr. Ending
3
Sep-17*
3
Jun-18*
3
Sep-18*
QoQ ChangeYoY Change
Net SalesRs m12,58014,79716,79213.5%33.5%
Other incomeRs m366343338-1.3%-7.7%
TurnoverRs m12,94615,13917,13013.2%32.3%
ExpensesRs m8,88610,51112,44818.4%40.1%
Gross profitRs m3,6944,2864,3441.3%17.6%
DepreciationRs m78182491411.0%17.1%
InterestRs m21725332126.9%48.0%
Profit before taxRs m3,0633,5523,447-3.0%12.5%
TaxRs m1,0261,2071,172-2.9%14.3%
Profit after taxRs m2,0372,3452,275-3.0%11.7%
Gross profit margin%29.429.025.9
Effective tax rate%33.534.034.0
Net profit margin%15.715.513.3
* 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 33.5% on a year-on-year (YoY) basis. The expenses were up by 40.1% YoY during the same period.
  • The company's operating profit increased by 17.6% YoY during the quarter. Consequently, operating profit margins witnessed a decline and stood at 25.9% in 2QFY19 as against 29.4% in 2QFY18.
  • Depreciation charges increased by 17.1% and finance costs increased by 48.0% YoY, respectively.
  • Other income declined by 7.7% YoY during the quarter.
  • Net profit for the quarter increased by 11.7% YoY. Net profit margins during the quarter declined from 15.7% in 2QFY18 to 13.3% in 2QFY19.
Quarter-on-Quarter Performance:
  • The company's operating income during the quarter grew 13.5% on a quarter-on-quarter (QoQ) basis. The expenses were up by 18.4% QoQ during the same period.
  • The company's operating profit declined by 1.3% QoQ during the quarter. Consequently, operating profit margins witnessed a decline and stood at 25.9% in 2QFY19 as against 29.0% in 1QFY18.
  • Net profit for the quarter declined by 3.0% QoQ, while net profit margins declined from 15.5% in 1QFY18 to 13.3% in 2QFY19.

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 up from Rs 705.6 to Rs 597.6, registering a Loss of Rs 108.0 or around 15.3%.

Overall, the S&P BSE SENSEX is up 4.0% over the year.

Current Valuations

At the current price of Rs 597.6, the price to earnings (P/E) ratio of BHARAT FORGE stands at 35.2 times its trailing twelve months earnings, while its price to book value (P/BV) ratio stands at 6.0 times.

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For the quarter ended December 2018, BHARAT FORGE has posted a net profit of Rs 3 bn (up 35.8% YoY). Sales on the other hand came in at Rs 17 bn (up 21.7% YoY). Read on for a complete analysis of BHARAT FORGE's quarterly results.

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