HEG Announces Quarterly Results (4QFY19); Net Profit Down 17.3%

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HEG Announces Quarterly Results (4QFY19); Net Profit Down 17.3%
Wed, 22 May

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

HEG Quarterly Financials

No. of Mths
Qtr. Ending
3
Mar-18*
3
Dec-18*
3
Mar-19*
QoQ ChangeYoY Change
Net SalesRs m12,92518,65013,467-27.8%4.2%
Other incomeRs m3837242313.7%1015.6%
TurnoverRs m12,96219,02213,889-27.0%7.2%
ExpensesRs m3,4155,5155,5871.3%63.6%
Gross profitRs m9,51013,1357,880-40.0%-17.1%
DepreciationRs m177185182-1.7%2.9%
InterestRs m179365964.1%-67.3%
Profit before taxRs m9,19213,2868,062-39.3%-12.3%
TaxRs m2,8524,6182,818-39.0%-1.2%
Profit after taxRs m6,3408,6685,244-39.5%-17.3%
Gross profit margin%73.670.458.5
Effective tax rate%31.034.835.0
Net profit margin%48.945.637.8
* 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 4.2% on a year-on-year (YoY) basis. The expenses were up by 63.6% YoY during the same period.
  • The company's operating profit declined by 17.1% YoY during the quarter. Consequently, operating profit margins witnessed a decline and stood at 58.5% in 4QFY19 as against 73.6% in 4QFY18.
  • Depreciation charges increased by 2.9% and finance costs declined by 67.3% YoY, respectively.
  • Other income increased by 1015.6% YoY during the quarter.
  • Net profit for the quarter declined by 17.3% YoY. Net profit margins during the quarter declined from 48.9% in 4QFY18 to 37.8% in 4QFY19.
Quarter-on-Quarter Performance:
  • The company's operating income during the quarter fell 27.8% on a quarter-on-quarter (QoQ) basis. The expenses were up by 1.3% QoQ during the same period.
  • The company's operating profit declined by 40.0% QoQ during the quarter. Consequently, operating profit margins witnessed a decline and stood at 58.5% in 4QFY19 as against 70.4% in 3QFY18.
  • Net profit for the quarter declined by 39.5% QoQ, while net profit margins declined from 45.6% in 3QFY18 to 37.8% in 4QFY19.

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

HEG Share Price Performance

Over the last one year, HEG share price has moved up from Rs 3,439.7 to Rs 1,652.0, registering a Loss of Rs 1,787.7 or around 52.0%.

Meanwhile, the S&P BSE CAPITAL GOODS Index is trading at Rs 18,637.4 (up 0.1%). Over the last one year it has moved up from 18,420.3 to 18,637.4, a gain of 217 points (up 1.2%).

Overall, the S&P BSE SENSEX is up 13.1% over the year.

Current Valuations

At the current price of Rs 1,652.0, the price to earnings (P/E) ratio of HEG stands at 2.4 times its trailing twelve months earnings, while its price to book value (P/BV) ratio stands at 3.8 times.

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