BHARAT ELECTRONICS Announces Quarterly Results (1QFY20); Net Profit Up 13.9%

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BHARAT ELECTRONICS Announces Quarterly Results (1QFY20); Net Profit Up 13.9%
Thu, 1 Aug

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

BHARAT ELECTRONICS Quarterly Financials

No. of Mths
Qtr. Ending
3
Jun-18*
3
Mar-19*
3
Jun-19*
QoQ ChangeYoY Change
Net SalesRs m21,02138,84621,015-45.9%0.0%
Other incomeRs m891,288254-80.2%186.5%
TurnoverRs m21,10940,13421,270-47.0%0.8%
ExpensesRs m17,91629,55617,534-40.7%-2.1%
Gross profitRs m3,1059,2903,481-62.5%12.1%
DepreciationRs m689933828-11.2%20.2%
InterestRs m31193-97.3%18.5%
Profit before taxRs m2,5029,5262,904-69.5%16.1%
TaxRs m7052,840857-69.8%21.5%
Profit after taxRs m1,7976,6862,047-69.4%13.9%
Gross profit margin%14.823.916.6
Effective tax rate%28.229.829.5
Net profit margin%8.516.79.6
* 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 0.0% on a year-on-year (YoY) basis. The expenses were down by 2.1% YoY during the same period.
  • The company's operating profit increased by 12.1% YoY during the quarter. Consequently, operating profit margins witnessed a growth and stood at 16.6% in 1QFY20 as against 14.8% in 1QFY19.
  • Depreciation charges increased by 20.2% and finance costs increased by 18.5% YoY, respectively.
  • Other income increased by 186.5% YoY during the quarter.
  • Net profit for the quarter increased by 13.9% YoY. Net profit margins during the quarter increased from 8.5% in 1QFY19 to 9.6% in 1QFY20.
Quarter-on-Quarter Performance:
  • The company's operating income during the quarter fell 45.9% on a quarter-on-quarter (QoQ) basis. The expenses were down by 40.7% QoQ during the same period.
  • The company's operating profit declined by 62.5% QoQ during the quarter. Consequently, operating profit margins witnessed a decline and stood at 16.6% in 1QFY20 as against 23.9% in 4QFY19.
  • Net profit for the quarter declined by 69.4% QoQ, while net profit margins declined from 16.7% in 4QFY19 to 9.6% in 1QFY20.

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

BHARAT ELECTRONICS Share Price Performance

Over the last one year,BHARAT ELECTRONICS share price has moved down from Rs 117.0 to Rs 99.9, registering a Loss of Rs 17.1 or around 14.6%.

Meanwhile, the S&P BSE CAPITAL GOODS Index is trading at Rs 17,471.0 (down 0.5%). Over the last one year it has moved down from 18,279.5 to 17,471.0, a gain of 809 points (down 4.4%).

Overall, the S&P BSE SENSEX is down 1.1% over the year.

Current Valuations

At the current price of Rs 99.9, the price to earnings (P/E) ratio of BHARAT ELECTRONICS stands at 11.4 times its trailing twelve months earnings, while its price to book value (P/BV) ratio stands at 2.8 times.

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