DEEP INDUSTRIES Announces Quarterly Results (4QFY19); Net Profit Down 27.4%

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DEEP INDUSTRIES Announces Quarterly Results (4QFY19); Net Profit Down 27.4%
Thu, 6 Jun

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

DEEP INDUSTRIES Quarterly Financials

No. of Mths
Qtr. Ending
3
Mar-18*
3
Dec-18*
3
Mar-19*
QoQ ChangeYoY Change
Net SalesRs m79160470116.1%-11.4%
Other incomeRs m1574-50.5%-75.2%
TurnoverRs m80661170515.3%-12.6%
ExpensesRs m37826339550.1%4.3%
Gross profitRs m413341306-10.2%-25.8%
DepreciationRs m998875-14.9%-24.4%
InterestRs m363126-15.1%-26.8%
Profit before taxRs m293230209-9.0%-28.6%
TaxRs m1078074-7.1%-30.7%
Profit after taxRs m186150135-10.0%-27.4%
Gross profit margin%52.256.543.7
Effective tax rate%36.634.835.5
Net profit margin%23.124.619.2
* 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 fell 11.4% on a year-on-year (YoY) basis. The expenses were up by 4.3% YoY during the same period.
  • The company's operating profit declined by 25.8% YoY during the quarter. Consequently, operating profit margins witnessed a decline and stood at 43.7% in 4QFY19 as against 52.2% in 4QFY18.
  • Depreciation charges declined by 24.4% and finance costs declined by 26.8% YoY, respectively.
  • Other income declined by 75.2% YoY during the quarter.
  • Net profit for the quarter declined by 27.4% YoY. Net profit margins during the quarter declined from 23.1% in 4QFY18 to 19.2% in 4QFY19.
Quarter-on-Quarter Performance:
  • The company's operating income during the quarter grew 16.1% on a quarter-on-quarter (QoQ) basis. The expenses were up by 50.1% QoQ during the same period.
  • The company's operating profit declined by 10.2% QoQ during the quarter. Consequently, operating profit margins witnessed a decline and stood at 43.7% in 4QFY19 as against 56.5% in 3QFY18.
  • Net profit for the quarter declined by 10.0% QoQ, while net profit margins declined from 24.5% in 3QFY18 to 19.2% in 4QFY19.

To see how DEEP INDUSTRIES has performed over the last eight quarters, please visit here.

DEEP INDUSTRIES Share Price Performance

Over the last one year, DEEP INDUSTRIES share price has moved up from Rs 100.2 to Rs 162.4, registering a Gain of Rs 62.2 or around 62.1%.

Overall, the S&P BSE SENSEX is up 14.2% over the year.

Current Valuations

At the current price of Rs 162.4, the price to earnings (P/E) ratio of DEEP INDUSTRIES stands at 8.7 times its trailing twelve months earnings, while its price to book value (P/BV) ratio stands at 1.1 times.

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1 Responses to "DEEP INDUSTRIES Announces Quarterly Results (4QFY19); Net Profit Down 27.4%"

Ramji

Jun 11, 2019

Want to understand where the current evaluation stands? Also they had announced a demerger announcement, do you expect increase in value post the split up. Is there a timeline which they have provided for the same?

Also what is the future of these E&P companies. There was a recent Mckinsey article on the Offshore oil rig business. they haven't given a not so good scenario for this market?

Executive summary
2019's market started with some of the lowest activity levels seen in 20 years, with rig demand about 3 to 4 percent lower than it was in 2017. In that same vein, operators have not increased offshore-exploration capital expenditures. Although some premium rigs have been reactivated recently, we anticipate that the market will be slow to recover.
In 2018 alone, 37 jack-ups were retired, the highest number seen in the past five years. Despite these retirements, there was still an oversupply of jack-ups. Marketed utilization has been reduced to about 62 to 69 percent, and new contracts were for day rates that were an average of 15 percent lower than they were in 2017. For floaters, 20 rigs retired in 2018, which led day rates to increase 25 percent in 2018, accompanied by an increase in the number of fixtures signed.



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