BHARAT ELECTRONICS Announces Quarterly Results (3QFY21); Net Profit Up 21.7%

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BHARAT ELECTRONICS Announces Quarterly Results (3QFY21); Net Profit Up 21.7%
Fri, 29 Jan

BHARAT ELECTRONICS has announced its results for the quarter ended December 2020. Here is a detailed performance review of the same:

BHARAT ELECTRONICS Quarterly Financials

No. of Mths
Qtr. Ending
3
Dec-19*
3
Sep-20*
3
Dec-20*
QoQ ChangeYoY Change
Net SalesRs m22,71031,88722,962-28.0%1.1%
Other incomeRs m332274231-15.7%-30.3%
TurnoverRs m23,04232,16123,194-27.9%0.7%
ExpensesRs m19,16325,65218,559-27.7%-3.2%
Gross profitRs m3,5476,2354,404-29.4%24.1%
DepreciationRs m8619149453.4%9.7%
InterestRs m132-46.7%45.5%
Profit before taxRs m3,0175,5923,688-34.0%22.3%
TaxRs m8661,6221,070-34.0%23.6%
Profit after taxRs m2,1513,9712,619-34.0%21.7%
Gross profit margin%15.619.619.2
Effective tax rate%28.729.029.0
Net profit margin%9.312.311.3
* 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 1.1% on a year-on-year (YoY) basis. The expenses were down by 3.2% YoY during the same period.
  • The company's operating profit increased by 24.1% YoY during the quarter. Consequently, operating profit margins witnessed a growth and stood at 19.2% in 3QFY21 as against 15.6% in 3QFY20.
  • Depreciation charges increased by 9.7% and finance costs increased by 45.5% YoY, respectively.
  • Other income declined by 30.3% YoY during the quarter.
  • Net profit for the quarter increased by 21.7% YoY. Net profit margins during the quarter increased from 9.3% in 3QFY20 to 11.3% in 3QFY21.
Quarter-on-Quarter Performance:
  • The company's operating income during the quarter fell 28.0% on a quarter-on-quarter (QoQ) basis. The expenses were down by 27.7% QoQ during the same period.
  • The company's operating profit declined by 29.4% QoQ during the quarter. Consequently, operating profit margins witnessed a decline and stood at 19.2% in 3QFY21 as against 19.6% in 2QFY20.
  • Net profit for the quarter declined by 34.0% QoQ, while net profit margins declined from 12.3% in 2QFY20 to 11.3% in 3QFY21.

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 100.6 to Rs 133.0, registering a Gain of Rs 32.4 or around 32.2%.

Overall, the S&P BSE SENSEX is up 14.1% over the year.

Current Valuations

At the current price of Rs 133.0, the price to earnings (P/E) ratio of BHARAT ELECTRONICS stands at 18.5 times its trailing twelve months earnings, while its price to book value (P/BV) ratio stands at 3.2 times.

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