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DREDGING CORP Announces Quarterly Results (2QFY19); Net Profit Down 525.8%

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DREDGING CORP Announces Quarterly Results (2QFY19); Net Profit Down 525.8%
Wed, 14 Nov

DREDGING CORP has announced its results for the quarter ended September 2018. Here is a detailed performance review of the same:

DREDGING CORP Quarterly Financials

No. of Mths
Qtr. Ending
3
Sep-17*
3
Jun-18*
3
Sep-18*
QoQ ChangeYoY Change
Net SalesRs m1,6131,3991,4846.1%-8.0%
Other incomeRs m151511-28.2%-28.7%
TurnoverRs m1,6281,4141,4945.7%-8.2%
ExpensesRs m1,0981,0731,94481.2%77.0%
Gross profitRs m514326-460-241.0%-189.4%
DepreciationRs m29126529913.0%3.0%
InterestRs m484239-7.6%-18.1%
Profit before taxRs m19134-787-2429.6%-512.5%
TaxRs m554-20.8%-16.0%
Profit after taxRs m18629-792-2877.5%-525.8%
Gross profit margin%31.923.3-31.0
Effective tax rate%2.615.7-0.5
Net profit margin%11.42.0-53.0
* 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 8.0% on a year-on-year (YoY) basis. The expenses were up by 77.0% YoY during the same period.
  • The company's operating profit declined by 189.4% YoY during the quarter. Consequently, operating profit margins witnessed a decline and stood at 31.0% in 2QFY19 as against 31.9% in 2QFY18.
  • Depreciation charges increased by 3.0% and finance costs declined by 18.1% YoY, respectively.
  • Other income declined by 28.7% YoY during the quarter.
  • Net profit for the quarter declined by 525.8% YoY. Net profit margins during the quarter declined from 11.4% in 2QFY18 to -53.0% in 2QFY19.
Quarter-on-Quarter Performance:
  • The company's operating income during the quarter grew 6.1% on a quarter-on-quarter (QoQ) basis. The expenses were up by 81.2% QoQ during the same period.
  • The company's operating profit declined by 241.0% QoQ during the quarter. Consequently, operating profit margins witnessed a decline and stood at 31.0% in 2QFY19 as against 23.3% in 1QFY18.
  • Net profit for the quarter declined by 2877.5% QoQ, while net profit margins declined from 2.0% in 1QFY18 to -53.0% in 2QFY19.

To see how DREDGING CORP has performed over the last eight quarters, please visit here.

DREDGING CORP Share Price Performance

Over the last one year, DREDGING CORP share price has moved up from Rs 716.7 to Rs 373.5, registering a Loss of Rs 343.2 or around 47.9%.

Overall, the S&P BSE SENSEX is up 6.5% over the year.

Current Valuations

At the current price of Rs 373.5, the price to book value (P/BV) ratio of DREDGING CORP stands at 0.7 times.

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For the quarter ended December 2018, DREDGING CORP has posted a net profit of Rs 98 m (up 143.5% YoY). Sales on the other hand came in at Rs 2 bn (up 37.6% YoY). Read on for a complete analysis of DREDGING CORP's quarterly results.

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