GRINDWELL NORTON Announces Quarterly Results (1QFY21); Net Profit Down 34.2%

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GRINDWELL NORTON Announces Quarterly Results (1QFY21); Net Profit Down 34.2%
Fri, 21 Aug

GRINDWELL NORTON has announced its results for the quarter ended June 2020. Here is a detailed performance review of the same:

GRINDWELL NORTON Quarterly Financials

No. of Mths
Qtr. Ending
3
Jun-19*
3
Mar-20*
3
Jun-20*
QoQ ChangeYoY Change
Net SalesRs m4,1143,6592,324-36.5%-43.5%
Other incomeRs m11497260168.7%128.1%
TurnoverRs m4,2283,7562,584-31.2%-38.9%
ExpensesRs m3,4143,0562,129-30.3%-37.6%
Gross profitRs m700603195-67.6%-72.1%
DepreciationRs m143143127-11.6%-11.3%
InterestRs m10158-45.6%-22.3%
Profit before taxRs m661542320-40.9%-51.5%
TaxRs m23212438-69.4%-83.6%
Profit after taxRs m429418282-32.4%-34.2%
Gross profit margin%17.016.58.4
Effective tax rate%35.022.911.9
Net profit margin%10.211.110.9
* 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 43.5% on a year-on-year (YoY) basis. The expenses were down by 37.6% YoY during the same period.
  • The company's operating profit declined by 72.1% YoY during the quarter. Consequently, operating profit margins witnessed a decline and stood at 8.4% in 1QFY21 as against 17.0% in 1QFY20.
  • Depreciation charges declined by 11.3% and finance costs declined by 22.3% YoY, respectively.
  • Other income increased by 128.1% YoY during the quarter.
  • Net profit for the quarter declined by 34.2% YoY. Net profit margins during the quarter increased from 10.2% in 1QFY20 to 10.9% in 1QFY21.
Quarter-on-Quarter Performance:
  • The company's operating income during the quarter fell 36.5% on a quarter-on-quarter (QoQ) basis. The expenses were down by 30.3% QoQ during the same period.
  • The company's operating profit declined by 67.6% QoQ during the quarter. Consequently, operating profit margins witnessed a decline and stood at 8.4% in 1QFY21 as against 16.5% in 4QFY20.
  • Net profit for the quarter declined by 32.4% QoQ, while net profit margins declined from 11.1% in 4QFY20 to 10.9% in 1QFY21.

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

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GRINDWELL NORTON Share Price Performance

Over the last one year,GRINDWELL NORTON share price has moved down from Rs 560.2 to Rs 546.4, registering a Loss of Rs 13.8 or around 2.5%.

Meanwhile, the S&P BSE CAPITAL GOODS Index is trading at Rs 14,189.4 (up 0.9%). Over the last one year it has moved down from 16,651.1 to 14,189.4, a gain of 2,462 points (down 14.8%).

Overall, the S&P BSE SENSEX is up 3.1% over the year.

Current Valuations

At the current price of Rs 546.4, the price to earnings (P/E) ratio of GRINDWELL NORTON stands at 35.8 times its trailing twelve months earnings, while its price to book value (P/BV) ratio stands at 5.5 times.

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