GRINDWELL NORTON Announces Quarterly Results (2QFY19); Net Profit Up 13.0%

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GRINDWELL NORTON Announces Quarterly Results (2QFY19); Net Profit Up 13.0%
Mon, 12 Nov

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

GRINDWELL NORTON Quarterly Financials

No. of Mths
Qtr. Ending
3
Sep-17*
3
Jun-18*
3
Sep-18*
QoQ ChangeYoY Change
Net SalesRs m3,4443,8114,1689.4%21.0%
Other incomeRs m788849-44.3%-36.8%
TurnoverRs m3,5213,8994,2178.2%19.8%
ExpensesRs m2,8653,1193,46011.0%20.8%
Gross profitRs m5796937082.2%22.2%
DepreciationRs m1111101133.1%2.4%
InterestRs m432-8.0%-42.5%
Profit before taxRs m542668641-4.1%18.3%
TaxRs m1822322351.1%28.9%
Profit after taxRs m360436407-6.8%13.0%
Gross profit margin%16.818.217.0
Effective tax rate%33.634.736.6
Net profit margin%10.211.29.6
* 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 grew 21.0% on a year-on-year (YoY) basis. The expenses were up by 20.8% YoY during the same period.
  • The company's operating profit increased by 22.2% YoY during the quarter. Consequently, operating profit margins remained same and stood at 17.0% in 2QFY19.
  • Depreciation charges increased by 2.4% and finance costs declined by 42.5% YoY, respectively.
  • Other income declined by 36.8% YoY during the quarter.
  • Net profit for the quarter increased by 13.0% YoY. Net profit margins during the quarter declined from 10.2% in 2QFY18 to 9.6% in 2QFY19.
Quarter-on-Quarter Performance:
  • The company's operating income during the quarter grew 9.4% on a quarter-on-quarter (QoQ) basis. The expenses were up by 11.0% QoQ during the same period.
  • The company's operating profit declined by 2.2% QoQ during the quarter. Consequently, operating profit margins witnessed a decline and stood at 17.0% in 2QFY19 as against 18.2% in 1QFY18.
  • Net profit for the quarter declined by 6.8% QoQ, while net profit margins declined from 11.2% in 1QFY18 to 9.6% in 2QFY19.

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

GRINDWELL NORTON Share Price Performance

Over the last one year, GRINDWELL NORTON share price has moved up from Rs 470.6 to Rs 485.4, registering a Gain of Rs 14.8 or around 3.1%.

Meanwhile, the S&P BSE CAPITAL GOODS Index is trading at Rs 18,261.1 (up 0.1%). Over the last one year it has moved down from 18,736.1 to 18,261.1, a gain of 475 points (down 2.5%).

Overall, the S&P BSE SENSEX is up 5.7% over the year.

Current Valuations

At the current price of Rs 485.4, the price to earnings (P/E) ratio of GRINDWELL NORTON stands at 31.8 times its trailing twelve months earnings, while its price to book value (P/BV) ratio stands at 5.4 times.

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