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MERCK Announces Quarterly Results (4QFY19); Net Profit Up 79.2%

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MERCK Announces Quarterly Results (4QFY19); Net Profit Up 79.2%
Mon, 13 May

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

MERCK Quarterly Financials

No. of Mths
Qtr. Ending
3
Mar-18*
3
Dec-18*
3
Mar-19*
QoQ ChangeYoY Change
Net SalesRs m3,0122,0442,31013.0%-23.3%
Other incomeRs m5572177146.6%222.4%
TurnoverRs m3,0672,1162,48717.6%-18.9%
ExpensesRs m2,5951,8901,809-4.3%-30.3%
Gross profitRs m482153501226.6%4.0%
DepreciationRs m864643-6.8%-49.6%
InterestRs m0000.0%0.0%
Profit before taxRs m451179635254.9%40.7%
TaxRs m22444228417.2%1.7%
Profit after taxRs m227135407201.9%79.2%
Gross profit margin%16.07.521.7
Effective tax rate%49.724.635.9
Net profit margin%7.46.416.4
* 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 fell 23.3% on a year-on-year (YoY) basis. The expenses were down by 30.3% YoY during the same period.
  • The company's operating profit increased by 4.0% YoY during the quarter. Consequently, operating profit margins witnessed a growth and stood at 21.7% in 4QFY19 as against 16.0% in 4QFY18.
  • Depreciation charges declined by 49.6% and finance costs increased by 0.0% YoY, respectively.
  • Other income increased by 222.4% YoY during the quarter.
  • Net profit for the quarter increased by 79.2% YoY. Net profit margins during the quarter increased from 7.4% in 4QFY18 to 16.4% in 4QFY19.
Quarter-on-Quarter Performance:
  • The company's operating income during the quarter grew 13.0% on a quarter-on-quarter (QoQ) basis. The expenses were down by 4.3% QoQ during the same period.
  • The company's operating profit increased by 226.6% QoQ during the quarter. Consequently, operating profit margins witnessed a growth and stood at 21.7% in 4QFY19 as against 7.5% in 3QFY18.
  • Net profit for the quarter increased by 201.9% QoQ, while net profit margins increased from 6.4% in 3QFY18 to 16.4% in 4QFY19.

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

MERCK Share Price Performance

Over the last one year, MERCK share price has moved up from Rs 2,138.1 to Rs 3,890.0, registering a Gain of Rs 1,752.0 or around 81.9%.

Meanwhile, the S&P BSE HEALTHCARE Index is trading at Rs 13,646.1 (down 1.1%). Over the last one year it has moved up from 13,369.7 to 13,646.1, a gain of 276 points (up 2.1%).

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

Current Valuations

At the current price of Rs 3,890.0, the price to earnings (P/E) ratio of MERCK stands at 50.4 times its trailing twelve months earnings, while its price to book value (P/BV) ratio stands at 8.8 times.

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For the quarter ended December 2018, MERCK LTD has posted a net profit of Rs 135 m (up 31.3% YoY). Sales on the other hand came in at Rs 2 bn (down 32.8% YoY). Read on for a complete analysis of MERCK LTD's quarterly results.

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