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BLUE STAR Announces Quarterly Results (3QFY19); Net Profit Down 30.0%

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BLUE STAR Announces Quarterly Results (3QFY19); Net Profit Down 30.0%
Wed, 13 Feb

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

BLUE STAR Quarterly Financials

No. of Mths
Qtr. Ending
3
Dec-17*
3
Sep-18*
3
Dec-18*
QoQ ChangeYoY Change
Net SalesRs m9,82710,35010,9906.2%11.8%
Other incomeRs m2221104384.6%377.9%
TurnoverRs m9,84910,37111,0937.0%12.6%
ExpensesRs m9,3009,74110,5668.5%13.6%
Gross profitRs m505580351-39.5%-30.5%
DepreciationRs m1721691837.9%5.9%
InterestRs m7411713112.3%78.2%
Profit before taxRs m281316141-55.2%-49.7%
TaxRs m937810-87.4%-89.4%
Profit after taxRs m188238132-44.6%-30.0%
Gross profit margin%5.15.63.2
Effective tax rate%33.124.87.0
Net profit margin%1.92.31.2
* 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 11.8% on a year-on-year (YoY) basis. The expenses were up by 13.6% YoY during the same period.
  • The company's operating profit declined by 30.5% YoY during the quarter. Consequently, operating profit margins witnessed a decline and stood at 3.2% in 3QFY19 as against 5.1% in 3QFY18.
  • Depreciation charges increased by 5.9% and finance costs increased by 78.2% YoY, respectively.
  • Other income increased by 377.9% YoY during the quarter.
  • Net profit for the quarter declined by 30.0% YoY. Net profit margins during the quarter declined from 1.9% in 3QFY18 to 1.2% in 3QFY19.
Quarter-on-Quarter Performance:
  • The company's operating income during the quarter grew 6.2% on a quarter-on-quarter (QoQ) basis. The expenses were up by 8.5% QoQ during the same period.
  • The company's operating profit declined by 39.5% QoQ during the quarter. Consequently, operating profit margins witnessed a decline and stood at 3.2% in 3QFY19 as against 5.6% in 2QFY18.
  • Net profit for the quarter declined by 44.6% QoQ, while net profit margins declined from 2.3% in 2QFY18 to 1.2% in 3QFY19.

To see how BLUE STAR has performed over the last eight quarters, please visit here.

BLUE STAR Share Price Performance

Over the last one year, BLUE STAR share price has moved up from Rs 739.2 to Rs 583.2, registering a Loss of Rs 156.0 or around 21.1%.

Meanwhile, the S&P BSE CAPITAL GOODS Index is trading at Rs 16,496.2 (down 0.4%). Over the last one year it has moved down from 19,558.3 to 16,496.2, a gain of 3,062 points (down 15.7%).

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

Current Valuations

At the current price of Rs 583.2, the price to earnings (P/E) ratio of BLUE STAR stands at 29.2 times its trailing twelve months earnings, while its price to book value (P/BV) ratio stands at 6.3 times.

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For the quarter ended September 2018, BLUE STAR has posted a net profit of Rs 238 m (up 14.3% YoY). Sales on the other hand came in at Rs 10 bn (up 23.8% YoY). Read on for a complete analysis of BLUE STAR's quarterly results.

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