CEAT LTD. Announces Quarterly Results (4QFY19); Net Profit Down 20.5%

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CEAT LTD. Announces Quarterly Results (4QFY19); Net Profit Down 20.5%
Wed, 8 May

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

CEAT LTD. Quarterly Financials

No. of Mths
Qtr. Ending
3
Mar-18*
3
Dec-18*
3
Mar-19*
QoQ ChangeYoY Change
Net SalesRs m16,73917,13917,6052.7%5.2%
Other incomeRs m6940306661.7%341.2%
TurnoverRs m16,80817,18017,9114.3%6.6%
ExpensesRs m14,76315,71415,9811.7%8.3%
Gross profitRs m1,7821,4261,218-14.5%-31.6%
DepreciationRs m4484825085.3%13.4%
InterestRs m23822226921.3%13.1%
Profit before taxRs m1,165762748-1.9%-35.9%
TaxRs m397302137-54.7%-65.6%
Profit after taxRs m76845961132.9%-20.5%
Gross profit margin%10.68.36.9
Effective tax rate%34.139.718.3
Net profit margin%4.62.73.4
* 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 5.2% on a year-on-year (YoY) basis. The expenses were up by 8.3% YoY during the same period.
  • The company's operating profit declined by 31.6% YoY during the quarter. Consequently, operating profit margins witnessed a decline and stood at 6.9% in 4QFY19 as against 10.6% in 4QFY18.
  • Depreciation charges increased by 13.4% and finance costs increased by 13.1% YoY, respectively.
  • Other income increased by 341.2% YoY during the quarter.
  • Net profit for the quarter declined by 20.5% YoY. Net profit margins during the quarter declined from 4.6% in 4QFY18 to 3.4% in 4QFY19.
Quarter-on-Quarter Performance:
  • The company's operating income during the quarter grew 2.7% on a quarter-on-quarter (QoQ) basis. The expenses were up by 1.7% QoQ during the same period.
  • The company's operating profit declined by 14.5% QoQ during the quarter. Consequently, operating profit margins witnessed a decline and stood at 6.9% in 4QFY19 as against 8.3% in 3QFY18.
  • Net profit for the quarter increased by 32.9% QoQ, while net profit margins increased from 2.7% in 3QFY18 to 3.4% in 4QFY19.

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

CEAT LTD. Share Price Performance

Over the last one year, CEAT LTD. share price has moved up from Rs 1,490.8 to Rs 1,057.4, registering a Loss of Rs 433.4 or around 29.1%.

Overall, the S&P BSE SENSEX is up 8.2% over the year.

Current Valuations

At the current price of Rs 1,057.4, the price to earnings (P/E) ratio of CEAT LTD. stands at 18.5 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 June 2019, CEAT LTD. has posted a net profit of Rs 770 m (up 15.5% YoY). Sales on the other hand came in at Rs 18 bn (up 2.7% YoY). Read on for a complete analysis of CEAT LTD.'s quarterly results.

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