FORCE MOTORS Announces Quarterly Results (4QFY19); Net Profit Down 35.3%

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FORCE MOTORS Announces Quarterly Results (4QFY19); Net Profit Down 35.3%
Wed, 29 May

FORCE MOTORS has announced its results for the quarter ended March 2019. Here is a detailed performance review of the same:

FORCE MOTORS Quarterly Financials

No. of Mths
Qtr. Ending
3
Mar-18*
3
Dec-18*
3
Mar-19*
QoQ ChangeYoY Change
Net SalesRs m10,4328,26110,60628.4%1.7%
Other incomeRs m13920629241.2%110.3%
TurnoverRs m10,5718,46710,89728.7%3.1%
ExpensesRs m9,3077,6849,87728.5%6.1%
Gross profitRs m1,12557772926.3%-35.2%
DepreciationRs m3393984164.6%22.5%
InterestRs m17618132.6%384.4%
Profit before taxRs m90832552461.2%-42.3%
TaxRs m30252131155.1%-56.4%
Profit after taxRs m60627339243.5%-35.3%
Gross profit margin%10.87.06.9
Effective tax rate%33.215.925.1
Net profit margin%5.73.23.6
* 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 1.7% on a year-on-year (YoY) basis. The expenses were up by 6.1% YoY during the same period.
  • The company's operating profit declined by 35.2% YoY during the quarter. Consequently, operating profit margins witnessed a decline and stood at 6.9% in 4QFY19 as against 10.8% in 4QFY18.
  • Depreciation charges increased by 22.5% and finance costs increased by 384.4% YoY, respectively.
  • Other income increased by 110.3% YoY during the quarter.
  • Net profit for the quarter declined by 35.3% YoY. Net profit margins during the quarter declined from 5.7% in 4QFY18 to 3.6% in 4QFY19.
Quarter-on-Quarter Performance:
  • The company's operating income during the quarter grew 28.4% on a quarter-on-quarter (QoQ) basis. The expenses were up by 28.5% QoQ during the same period.
  • The company's operating profit declined by 26.3% QoQ during the quarter. Consequently, operating profit margins witnessed a decline and stood at 6.9% in 4QFY19 as against 7.0% in 3QFY18.
  • Net profit for the quarter increased by 43.5% QoQ, while net profit margins increased from 3.2% in 3QFY18 to 3.6% in 4QFY19.

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 2,870.2 to Rs 1,547.4, registering a Loss of Rs 1,322.8 or around 46.1%.

Meanwhile, the S&P BSE AUTO Index is trading at Rs 18,791.9 (down 1.0%). Over the last one year it has moved down from 24,567.9 to 18,791.9, a gain of 5,776 points (down 23.5%).

Overall, the S&P BSE SENSEX is up 12.9% over the year.

Current Valuations

At the current price of Rs 1,547.4, the price to earnings (P/E) ratio of FORCE MOTORS stands at 13.9 times its trailing twelve months earnings, while its price to book value (P/BV) ratio stands at 1.1 times.

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