JSW STEEL Announces Quarterly Results (2QFY20); Net Profit Down 154.8%

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JSW STEEL Announces Quarterly Results (2QFY20); Net Profit Down 154.8%
Fri, 1 Nov

JSW STEEL has announced its results for the quarter ended September 2019. Here is a detailed performance review of the same:

JSW STEEL Quarterly Financials

No. of Mths
Qtr. Ending
3
Sep-18*
3
Jun-19*
3
Sep-19*
QoQ ChangeYoY Change
Net SalesRs m215,520198,120175,720-11.3%-18.5%
Other incomeRs m5601,4101,56010.6%178.6%
TurnoverRs m216,080199,530177,280-11.2%-18.0%
ExpensesRs m166,460160,960148,410-7.8%-10.8%
Gross profitRs m49,06037,16027,310-26.5%-44.3%
DepreciationRs m9,74010,26010,5703.0%8.5%
InterestRs m9,63010,42011,2708.2%17.0%
Profit before taxRs m30,25017,8907,030-60.7%-76.8%
TaxRs m9,3607,62018,480142.5%97.4%
Profit after taxRs m20,89010,270-11,450-211.5%-154.8%
Gross profit margin%22.818.815.5
Effective tax rate%30.942.6262.9
Net profit margin%9.75.1-6.5
* 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 18.5% on a year-on-year (YoY) basis. The expenses were down by 10.8% YoY during the same period.
  • The company's operating profit declined by 44.3% YoY during the quarter. Consequently, operating profit margins witnessed a decline and stood at 15.5% in 2QFY20 as against 22.8% in 2QFY19.
  • Depreciation charges increased by 8.5% and finance costs increased by 17.0% YoY, respectively.
  • Other income increased by 178.6% YoY during the quarter.
  • Net profit for the quarter declined by 154.8% YoY. Net profit margins during the quarter declined from 9.7% in 2QFY19 to -6.5% in 2QFY20.
Quarter-on-Quarter Performance:
  • The company's operating income during the quarter fell 11.3% on a quarter-on-quarter (QoQ) basis. The expenses were down by 7.8% QoQ during the same period.
  • The company's operating profit declined by 26.5% QoQ during the quarter. Consequently, operating profit margins witnessed a decline and stood at 15.5% in 2QFY20 as against 18.8% in 1QFY19.
  • Net profit for the quarter declined by 211.5% QoQ, while net profit margins declined from 5.1% in 1QFY19 to -6.5% in 2QFY20.

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

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JSW STEEL Share Price Performance

Over the last one year,JSW STEEL share price has moved down from Rs 342.8 to Rs 232.0, registering a Loss of Rs 110.9 or around 32.3%.

Meanwhile, the S&P BSE METAL Index is trading at Rs 9,342.9 (up 0.4%). Over the last one year it has moved down from 12,686.5 to 9,342.9, a gain of 3,344 points (down 26.4%).

Overall, the S&P BSE SENSEX is up 16.6% over the year.

Current Valuations

At the current price of Rs 232.0, the price to earnings (P/E) ratio of JSW STEEL stands at 18.5 times its trailing twelve months earnings, while its price to book value (P/BV) ratio stands at 1.6 times.

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