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BANCO PROD. Announces Quarterly Results (2QFY19); Net Profit Down 2.4%

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BANCO PROD. Announces Quarterly Results (2QFY19); Net Profit Down 2.4%
Fri, 9 Nov

BANCO PROD. has announced its results for the quarter ended September 2018. Here is a detailed performance review of the same:

BANCO PROD. Quarterly Financials

No. of Mths
Qtr. Ending
3
Sep-17*
3
Jun-18*
3
Sep-18*
QoQ ChangeYoY Change
Net SalesRs m3,8644,5314,346-4.1%12.5%
Other incomeRs m823329-13.9%-65.2%
TurnoverRs m3,9464,5644,375-4.1%10.9%
ExpensesRs m3,3223,9213,689-5.9%11.0%
Gross profitRs m5436106577.8%21.2%
DepreciationRs m826901309.4%9.9%
InterestRs m5839-88.9%84.0%
Profit before taxRs m5375535876.0%9.1%
TaxRs m161241219-9.1%36.0%
Profit after taxRs m37631236717.7%-2.4%
Gross profit margin%14.013.515.1
Effective tax rate%30.043.637.4
Net profit margin%9.56.88.4
* 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 12.5% on a year-on-year (YoY) basis. The expenses were up by 11.0% YoY during the same period.
  • The company's operating profit increased by 21.2% YoY during the quarter. Consequently, operating profit margins witnessed a growth and stood at 15.1% in 2QFY19 as against 14.0% in 2QFY18.
  • Depreciation charges increased by 9.9% and finance costs increased by 84.0% YoY, respectively.
  • Other income declined by 65.2% YoY during the quarter.
  • Net profit for the quarter declined by 2.4% YoY. Net profit margins during the quarter declined from 9.5% in 2QFY18 to 8.4% in 2QFY19.
Quarter-on-Quarter Performance:
  • The company's operating income during the quarter fell 4.1% on a quarter-on-quarter (QoQ) basis. The expenses were down by 5.9% QoQ during the same period.
  • The company's operating profit increased by 7.8% QoQ during the quarter. Consequently, operating profit margins witnessed a growth and stood at 15.1% in 2QFY19 as against 13.5% in 1QFY18.
  • Net profit for the quarter increased by 17.7% QoQ, while net profit margins increased from 6.8% in 1QFY18 to 8.4% in 2QFY19.

To see how BANCO PROD. has performed over the last eight quarters, please visit here.

BANCO PROD. Share Price Performance

Over the last one year, BANCO PROD. share price has moved up from Rs 221.0 to Rs 185.7, registering a Loss of Rs 35.3 or around 16.0%.

Overall, the S&P BSE SENSEX is up 5.3% over the year.

Current Valuations

At the current price of Rs 185.7, the price to earnings (P/E) ratio of BANCO PROD. stands at 11.1 times its trailing twelve months earnings, while its price to book value (P/BV) ratio stands at 1.9 times.

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For the quarter ended March 2019, BANCO PROD. has posted a net profit of Rs 232 m (down 14.0% YoY). Sales on the other hand came in at Rs 4 bn (up 24.5% YoY). Read on for a complete analysis of BANCO PROD.'s quarterly results.

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