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BANCO PROD. Announces Quarterly Results (3QFY19); Net Profit Down 120.0%

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BANCO PROD. Announces Quarterly Results (3QFY19); Net Profit Down 120.0%
Wed, 13 Feb

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

BANCO PROD. Quarterly Financials

No. of Mths
Qtr. Ending
3
Dec-17*
3
Sep-18*
3
Dec-18*
QoQ ChangeYoY Change
Net SalesRs m3,1974,3463,327-23.4%4.1%
Other incomeRs m462991218.6%95.7%
TurnoverRs m3,2434,3753,418-21.9%5.4%
ExpensesRs m2,9163,6893,247-12.0%11.3%
Gross profitRs m28165781-87.7%-71.3%
DepreciationRs m829073-19.0%-11.2%
InterestRs m591118.5%127.1%
Profit before taxRs m24058787-85.1%-63.6%
TaxRs m-54219146-33.3%
Profit after taxRs m295367-59-116.0%-120.0%
Gross profit margin%8.815.12.4
Effective tax rate%-22.637.4167.4
Net profit margin%9.18.4-1.7
* 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 4.1% on a year-on-year (YoY) basis. The expenses were up by 11.3% YoY during the same period.
  • The company's operating profit declined by 71.3% YoY during the quarter. Consequently, operating profit margins witnessed a decline and stood at 2.4% in 3QFY19 as against 8.8% in 3QFY18.
  • Depreciation charges declined by 11.2% and finance costs increased by 127.1% YoY, respectively.
  • Other income increased by 95.7% YoY during the quarter.
  • Net profit for the quarter declined by 120.0% YoY. Net profit margins during the quarter declined from 9.1% in 3QFY18 to -1.7% in 3QFY19.
Quarter-on-Quarter Performance:
  • The company's operating income during the quarter fell 23.4% on a quarter-on-quarter (QoQ) basis. The expenses were down by 12.0% QoQ during the same period.
  • The company's operating profit declined by 87.7% QoQ during the quarter. Consequently, operating profit margins witnessed a decline and stood at 2.4% in 3QFY19 as against 15.1% in 2QFY18.
  • Net profit for the quarter declined by 116.0% QoQ, while net profit margins declined from 8.4% in 2QFY18 to -1.7% in 3QFY19.

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 238.6 to Rs 157.5, registering a Loss of Rs 81.1 or around 34.0%.

Overall, the S&P BSE SENSEX is up 5.6% over the year.

Current Valuations

At the current price of Rs 157.5, the price to earnings (P/E) ratio of BANCO PROD. stands at 13.2 times its trailing twelve months earnings, while its price to book value (P/BV) ratio stands at 1.6 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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