BHARAT ELECTRONICS Announces Quarterly Results (3QFY19); Net Profit Up 67.6%

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BHARAT ELECTRONICS Announces Quarterly Results (3QFY19); Net Profit Up 67.6%
Fri, 1 Feb

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

BHARAT ELECTRONICS Quarterly Financials

No. of Mths
Qtr. Ending
3
Dec-17*
3
Sep-18*
3
Dec-18*
QoQ ChangeYoY Change
Net SalesRs m25,12833,81427,165-19.7%8.1%
Other incomeRs m49214317623.6%-64.2%
TurnoverRs m25,62133,95727,341-19.5%6.7%
ExpensesRs m20,67725,27019,484-22.9%-5.8%
Gross profitRs m4,45234,5587,681-77.8%72.5%
DepreciationRs m59426,013797-96.9%34.2%
InterestRs m07430-100.0%-100.0%
Profit before taxRs m4,3507,9447,060-11.1%62.3%
TaxRs m1,3222,2301,984-11.0%50.1%
Profit after taxRs m3,0285,7135,076-11.1%67.6%
Gross profit margin%17.7102.228.3
Effective tax rate%30.428.128.1
Net profit margin%11.816.818.6
* 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 grew 8.1% on a year-on-year (YoY) basis. The expenses were down by 5.8% YoY during the same period.
  • The company's operating profit increased by 72.5% YoY during the quarter. Consequently, operating profit margins witnessed a growth and stood at 28.3% in 3QFY19 as against 17.7% in 3QFY18.
  • Depreciation charges increased by 34.2% and finance costs declined by 100.0% YoY, respectively.
  • Other income declined by 64.2% YoY during the quarter.
  • Net profit for the quarter increased by 67.6% YoY. Net profit margins during the quarter increased from 11.8% in 3QFY18 to 18.6% in 3QFY19.
Quarter-on-Quarter Performance:
  • The company's operating income during the quarter fell 19.7% on a quarter-on-quarter (QoQ) basis. The expenses were down by 22.9% QoQ during the same period.
  • The company's operating profit declined by 77.8% QoQ during the quarter. Consequently, operating profit margins witnessed a decline and stood at 28.3% in 3QFY19 as against 102.2% in 2QFY18.
  • Net profit for the quarter declined by 11.1% QoQ, while net profit margins increased from 16.8% in 2QFY18 to 18.6% in 3QFY19.

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 up from Rs 161.9 to Rs 84.9, registering a Loss of Rs 77.0 or around 47.6%.

Meanwhile, the S&P BSE CAPITAL GOODS Index is trading at Rs 17,504.7 (up 1.1%). Over the last one year it has moved down from 20,682.5 to 17,504.7, a gain of 3,178 points (down 15.4%).

Overall, the S&P BSE SENSEX is up 1.2% over the year.

Current Valuations

At the current price of Rs 84.9, the price to earnings (P/E) ratio of BHARAT ELECTRONICS stands at 10.4 times its trailing twelve months earnings, while its price to book value (P/BV) ratio stands at 2.4 times.

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