BHARAT ELECTRONICS Announces Quarterly Results (3QFY20); Net Profit Down 57.6%

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BHARAT ELECTRONICS Announces Quarterly Results (3QFY20); Net Profit Down 57.6%
Fri, 31 Jan

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

BHARAT ELECTRONICS Quarterly Financials

No. of Mths
Qtr. Ending
3
Dec-18*
3
Sep-19*
3
Dec-19*
QoQ ChangeYoY Change
Net SalesRs m27,16527,42722,710-17.2%-16.4%
Other incomeRs m176150332120.7%88.3%
TurnoverRs m27,34127,57723,042-16.4%-15.7%
ExpensesRs m19,48421,98019,163-12.8%-1.6%
Gross profitRs m7,6815,4473,547-34.9%-53.8%
DepreciationRs m7978578610.5%8.0%
InterestRs m0121-91.0%0.0%
Profit before taxRs m7,0604,7293,017-36.2%-57.3%
TaxRs m1,9841,334866-35.1%-56.4%
Profit after taxRs m5,0763,3952,151-36.6%-57.6%
Gross profit margin%28.319.915.6
Effective tax rate%28.128.228.7
Net profit margin%18.612.39.3
* 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 fell 16.4% on a year-on-year (YoY) basis. The expenses were down by 1.6% YoY during the same period.
  • The company's operating profit declined by 53.8% YoY during the quarter. Consequently, operating profit margins witnessed a decline and stood at 15.6% in 3QFY20 as against 28.3% in 3QFY19.
  • Depreciation charges increased by 8.0% and finance costs increased by 0.0% YoY, respectively.
  • Other income increased by 88.3% YoY during the quarter.
  • Net profit for the quarter declined by 57.6% YoY. Net profit margins during the quarter declined from 18.6% in 3QFY19 to 9.3% in 3QFY20.
Quarter-on-Quarter Performance:
  • The company's operating income during the quarter fell 17.2% on a quarter-on-quarter (QoQ) basis. The expenses were down by 12.8% QoQ during the same period.
  • The company's operating profit declined by 34.9% QoQ during the quarter. Consequently, operating profit margins witnessed a decline and stood at 15.6% in 3QFY20 as against 19.9% in 2QFY19.
  • Net profit for the quarter declined by 36.6% QoQ, while net profit margins declined from 12.3% in 2QFY19 to 9.3% in 3QFY20.

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

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BHARAT ELECTRONICS Share Price Performance

Over the last one year,BHARAT ELECTRONICS share price has moved up from Rs 83.7 to Rs 93.1, registering a Gain of Rs 9.5 or around 11.3%.

Meanwhile, the S&P BSE CAPITAL GOODS Index is trading at Rs 17,464.0 (down 0.7%). Over the last one year it has moved up from 17,311.1 to 17,464.0, a gain of 153 points (up 0.9%).

Overall, the S&P BSE SENSEX is up 15.1% over the year.

Current Valuations

At the current price of Rs 93.1, the price to earnings (P/E) ratio of BHARAT ELECTRONICS stands at 15.9 times its trailing twelve months earnings, while its price to book value (P/BV) ratio stands at 2.5 times.

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