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.

Get Details: These 3 Stocks are the Dark Horses of the Stock Market

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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