JSW STEEL Announces Quarterly Results (2QFY19); Net Profit Up 149.9%

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JSW STEEL Announces Quarterly Results (2QFY19); Net Profit Up 149.9%
Fri, 9 Nov

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

JSW STEEL Quarterly Financials

No. of Mths
Qtr. Ending
3
Sep-17*
3
Jun-18*
3
Sep-18*
QoQ ChangeYoY Change
Net SalesRs m168,180205,190215,5205.0%28.1%
Other incomeRs m390580560-3.4%43.6%
TurnoverRs m168,570205,770216,0805.0%28.2%
ExpensesRs m137,820154,140166,4608.0%20.8%
Gross profitRs m30,43051,26049,060-4.3%61.2%
DepreciationRs m8,5109,0509,7407.6%14.5%
InterestRs m9,5008,8709,6308.6%1.4%
Profit before taxRs m12,81033,92030,250-10.8%136.1%
TaxRs m4,45010,5309,360-11.1%110.3%
Profit after taxRs m8,36023,39020,890-10.7%149.9%
Gross profit margin%18.125.022.8
Effective tax rate%34.731.030.9
Net profit margin%5.011.49.7
* 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 28.1% 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 61.2% YoY during the quarter. Consequently, operating profit margins witnessed a growth and stood at 22.8% in 2QFY19 as against 18.1% in 2QFY18.
  • Depreciation charges increased by 14.5% and finance costs increased by 1.4% YoY, respectively.
  • Other income increased by 43.6% YoY during the quarter.
  • Net profit for the quarter increased by 149.9% YoY. Net profit margins during the quarter increased from 5.0% in 2QFY18 to 9.7% in 2QFY19.
Quarter-on-Quarter Performance:
  • The company's operating income during the quarter grew 5.0% on a quarter-on-quarter (QoQ) basis. The expenses were up by 8.0% QoQ during the same period.
  • The company's operating profit declined by 4.3% QoQ during the quarter. Consequently, operating profit margins witnessed a decline and stood at 22.8% in 2QFY19 as against 25.0% in 1QFY18.
  • Net profit for the quarter declined by 10.7% QoQ, while net profit margins declined from 11.4% in 1QFY18 to 9.7% in 2QFY19.

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

JSW STEEL Share Price Performance

Over the last one year, JSW STEEL share price has moved up from Rs 263.9 to Rs 346.5, registering a Gain of Rs 82.6 or around 31.3%.

Meanwhile, the S&P BSE METAL Index is trading at Rs 12,859.9 (down 1.0%). Over the last one year it has moved down from 14,583.6 to 12,859.9, a gain of 1,724 points (down 11.8%).

Overall, the S&P BSE SENSEX is up 5.3% over the year.

Current Valuations

At the current price of Rs 346.5, the price to earnings (P/E) ratio of JSW STEEL stands at 9.2 times its trailing twelve months earnings, while its price to book value (P/BV) ratio stands at 3.0 times.

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For the quarter ended September 2019, JSW STEEL has posted a net profit of Rs 11 bn (down 154.8% YoY). Sales on the other hand came in at Rs 176 bn (down 18.5% YoY). Read on for a complete analysis of JSW STEEL's quarterly results.

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