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BHARAT FORGE Announces Quarterly Results (4QFY18); Net Profit Down 40.8%

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BHARAT FORGE Announces Quarterly Results (4QFY18); Net Profit Down 40.8%
Thu, 19 Jul

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

BHARAT FORGE Quarterly Financials

No. of Mths
Qtr. Ending
3
Mar-17*
3
Dec-17*
3
Mar-18*
QoQ ChangeYoY Change
Net SalesRs m11,83213,90614,6665.5%24.0%
Other incomeRs m22221934256.0%54.2%
TurnoverRs m12,05414,12515,0086.3%24.5%
ExpensesRs m8,6339,74210,4897.7%21.5%
Gross profitRs m3,1994,1632,845-31.7%-11.1%
DepreciationRs m744807705-12.7%-5.2%
InterestRs m185143303112.1%63.7%
Profit before taxRs m2,4923,4322,179-36.5%-12.6%
TaxRs m7971,1511,1752.2%47.4%
Profit after taxRs m1,6952,2821,003-56.0%-40.8%
Gross profit margin%27.029.919.4
Effective tax rate%32.033.553.9
Net profit margin%14.116.26.7
* 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 24.0% on a year-on-year (YoY) basis. The expenses were up by 21.5% YoY during the same period.
  • The company's operating profit declined by 11.1% YoY during the quarter. Consequently, operating profit margins witnessed a decline and stood at 19.4% in 4QFY18 as against 27.0% in 4QFY17.
  • Depreciation charges and finance costs declined by 5.2% YoY and 63.7% YoY, respectively.
  • Other income increased by 54.2% YoY during the quarter.
  • Net profit for the quarter declined by 40.8% YoY. Net profit margins during the quarter declined from 14.1% in 4QFY17 to 6.7% in 4QFY18.
Quarter-on-Quarter Performance:
  • The company's operating income during the quarter grew 5.5% on a quarter-on-quarter (QoQ) basis. The expenses were up by 7.7% QoQ during the same period.
  • The company's operating profit declined by 31.7% QoQ during the quarter. Consequently, operating profit margins witnessed a decline and stood at 19.4% in 4QFY18 as against 29.9% in 3QFY17.
  • Net profit for the quarter declined by 56.0% QoQ, while net profit margins declined from 16.2% in 3QFY17 to 6.7% in 4QFY18.

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 574.2 to Rs 585.1, registering a Gain of Rs 11.0 or around 1.9%.

Overall, the S&P BSE SENSEX is down 0.1% over the year.

Current Valuations

At the current price of Rs 585.1, the price to earnings (P/E) ratio of BHARAT FORGE stands at 38.5 times its trailing twelve months earnings, while its price to book value (P/BV) ratio stands at 6.6 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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