CEAT LTD. Announces Quarterly Results (2QFY20); Net Profit Down 32.2%

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CEAT LTD. Announces Quarterly Results (2QFY20); Net Profit Down 32.2%
Fri, 25 Oct

CEAT LTD. has announced its results for the quarter ended September 2019. Here is a detailed performance review of the same:

CEAT LTD. Quarterly Financials

No. of Mths
Qtr. Ending
3
Sep-18*
3
Jun-19*
3
Sep-19*
QoQ ChangeYoY Change
Net SalesRs m17,54617,52116,916-3.5%-3.6%
Other incomeRs m3312043-64.4%30.0%
TurnoverRs m17,57917,64116,958-3.9%-3.5%
ExpensesRs m15,95415,85015,212-4.0%-4.7%
Gross profitRs m1,5731,6651,6961.8%7.8%
DepreciationRs m4776446714.1%40.7%
InterestRs m1863493747.2%101.3%
Profit before taxRs m943792693-12.4%-26.4%
TaxRs m370223051274.8%-17.5%
Profit after taxRs m573770388-49.6%-32.2%
Gross profit margin%9.09.510.0
Effective tax rate%39.32.844.0
Net profit margin%3.34.42.3
* 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 fell 3.6% on a year-on-year (YoY) basis. The expenses were down by 4.7% YoY during the same period.
  • The company's operating profit increased by 7.8% YoY during the quarter. Consequently, operating profit margins witnessed a growth and stood at 10.0% in 2QFY20 as against 9.0% in 2QFY19.
  • Depreciation charges increased by 40.7% and finance costs increased by 101.3% YoY, respectively.
  • Other income increased by 30.0% YoY during the quarter.
  • Net profit for the quarter declined by 32.2% YoY. Net profit margins during the quarter declined from 3.3% in 2QFY19 to 2.3% in 2QFY20.
Quarter-on-Quarter Performance:
  • The company's operating income during the quarter fell 3.5% on a quarter-on-quarter (QoQ) basis. The expenses were down by 4.0% QoQ during the same period.
  • The company's operating profit increased by 1.8% QoQ during the quarter. Consequently, operating profit margins witnessed a growth and stood at 10.0% in 2QFY20 as against 9.5% in 1QFY19.
  • Net profit for the quarter declined by 49.6% QoQ, while net profit margins declined from 4.4% in 1QFY19 to 2.3% in 2QFY20.

To see how CEAT LTD. has performed over the last eight quarters,please visit here.

Get Details: These 3 Stocks are the Dark Horses of the Stock Market

CEAT LTD. Share Price Performance

Over the last one year,CEAT LTD. share price has moved down from Rs 1,019.0 to Rs 950.3, registering a Loss of Rs 68.8 or around 6.7%.

Overall, the S&P BSE SENSEX is up 14.6% over the year.

Current Valuations

At the current price of Rs 950.3, the price to earnings (P/E) ratio of CEAT LTD. stands at 17.3 times its trailing twelve months earnings, while its price to book value (P/BV) ratio stands at 1.5 times.

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