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FORCE MOTORS Announces Quarterly Results (3QFY19); Net Profit Up 86.6%

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FORCE MOTORS Announces Quarterly Results (3QFY19); Net Profit Up 86.6%
Mon, 18 Feb

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

FORCE MOTORS Quarterly Financials

No. of Mths
Qtr. Ending
3
Dec-17*
3
Sep-18*
3
Dec-18*
QoQ ChangeYoY Change
Net SalesRs m7,4958,8148,261-6.3%10.2%
Other incomeRs m9714020648.0%113.0%
TurnoverRs m7,5928,9548,467-5.4%11.5%
ExpensesRs m7,0418,0757,684-4.9%9.1%
Gross profitRs m455739577-21.9%26.9%
DepreciationRs m32735239813.1%21.6%
InterestRs m62613110.5%970.2%
Profit before taxRs m219525325-38.1%48.4%
TaxRs m7212852-59.7%-28.9%
Profit after taxRs m147397273-31.1%86.6%
Gross profit margin%6.18.47.0
Effective tax rate%33.124.415.9
Net profit margin%1.94.43.2
* 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 10.2% on a year-on-year (YoY) basis. The expenses were up by 9.1% YoY during the same period.
  • The company's operating profit increased by 26.9% YoY during the quarter. Consequently, operating profit margins witnessed a growth and stood at 7.0% in 3QFY19 as against 6.1% in 3QFY18.
  • Depreciation charges increased by 21.6% and finance costs increased by 970.2% YoY, respectively.
  • Other income increased by 113.0% YoY during the quarter.
  • Net profit for the quarter increased by 86.6% YoY. Net profit margins during the quarter increased from 1.9% in 3QFY18 to 3.2% in 3QFY19.
Quarter-on-Quarter Performance:
  • The company's operating income during the quarter fell 6.3% on a quarter-on-quarter (QoQ) basis. The expenses were down by 4.9% QoQ during the same period.
  • The company's operating profit declined by 21.9% QoQ during the quarter. Consequently, operating profit margins witnessed a decline and stood at 7.0% in 3QFY19 as against 8.4% in 2QFY18.
  • Net profit for the quarter declined by 31.1% QoQ, while net profit margins declined from 4.4% in 2QFY18 to 3.2% in 3QFY19.

To see how FORCE MOTORS has performed over the last eight quarters, please visit here.

FORCE MOTORS Share Price Performance

Over the last one year, FORCE MOTORS share price has moved up from Rs 2,904.5 to Rs 1,315.9, registering a Loss of Rs 1,588.7 or around 54.7%.

Meanwhile, the S&P BSE AUTO Index is trading at Rs 18,078.7 (down 1.0%). Over the last one year it has moved down from 24,773.4 to 18,078.7, a gain of 6,695 points (down 27.0%).

Overall, the S&P BSE SENSEX is up 3.6% over the year.

Current Valuations

At the current price of Rs 1,315.9, the price to earnings (P/E) ratio of FORCE MOTORS stands at 10.3 times its trailing twelve months earnings, while its price to book value (P/BV) ratio stands at 1.0 times.

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FORCE MOTORS share price has surged by 5% and its current market price is Rs 1,585. The BSE AUTO is up by 1.7%. The top gainers in the BSE AUTO Index is FORCE MOTORS (up 5.1%). The top losers is BAJAJ AUTO (down 0.2%).

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For the quarter ended September 2018, FORCE MOTORS has posted a net profit of Rs 397 m (down 4.9% YoY). Sales on the other hand came in at Rs 9 bn (down 1.3% YoY). Read on for a complete analysis of FORCE MOTORS's quarterly results.

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For the quarter ended June 2018, FORCE MOTORS has posted a net profit of Rs 409 m (up 36.6% YoY). Sales on the other hand came in at Rs 9 bn (up 5.3% YoY). Read on for a complete analysis of FORCE MOTORS's quarterly results.

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