JINDAL STAINLESS Announces Quarterly Results (3QFY19); Net Profit Down 61.1%

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JINDAL STAINLESS Announces Quarterly Results (3QFY19); Net Profit Down 61.1%
Wed, 13 Feb

JINDAL STAINLESS has announced its results for the quarter ended December 2018. Here is a detailed performance review of the same:

JINDAL STAINLESS Quarterly Financials

No. of Mths
Qtr. Ending
3
Dec-17*
3
Sep-18*
3
Dec-18*
QoQ ChangeYoY Change
Net SalesRs m29,88930,81431,3471.7%4.9%
Other incomeRs m1087159-18.0%-45.8%
TurnoverRs m29,99730,88631,4061.7%4.7%
ExpensesRs m26,03328,50229,0722.0%11.7%
Gross profitRs m4,2391,7803,03070.2%-28.5%
DepreciationRs m7698038637.6%12.2%
InterestRs m1,5361,5661,467-6.3%-4.4%
Profit before taxRs m2,043-517758-62.9%
TaxRs m695-153234-66.3%
Profit after taxRs m1,347-364524-61.1%
Gross profit margin%14.25.89.7
Effective tax rate%34.029.530.9
Net profit margin%4.5-1.21.7
* 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 4.9% on a year-on-year (YoY) basis. The expenses were up by 11.7% YoY during the same period.
  • The company's operating profit declined by 28.5% YoY during the quarter. Consequently, operating profit margins witnessed a decline and stood at 9.7% in 3QFY19 as against 14.2% in 3QFY18.
  • Depreciation charges increased by 12.2% and finance costs declined by 4.4% YoY, respectively.
  • Other income declined by 45.8% YoY during the quarter.
  • Net profit for the quarter declined by 61.1% YoY. Net profit margins during the quarter declined from 4.5% in 3QFY18 to 1.7% in 3QFY19.
Quarter-on-Quarter Performance:
  • The company's operating income during the quarter grew 1.7% on a quarter-on-quarter (QoQ) basis. The expenses were up by 2.0% QoQ during the same period.
  • The company's operating profit increased by 70.2% QoQ during the quarter. Consequently, operating profit margins witnessed a growth and stood at 9.7% in 3QFY19 as against 5.8% in 2QFY18.
  • Net profit for the quarter increased by 243.7% QoQ, while net profit margins increased from -1.2% in 2QFY18 to 1.7% in 3QFY19.

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

JINDAL STAINLESS Share Price Performance

Over the last one year, JINDAL STAINLESS share price has moved up from Rs 114.5 to Rs 31.5, registering a Loss of Rs 83.0 or around 72.5%.

Meanwhile, the S&P BSE METAL Index is trading at Rs 10,359.7 (down 0.2%). Over the last one year it has moved down from 15,253.5 to 10,359.7, a gain of 4,894 points (down 32.1%).

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

Current Valuations

At the current price of Rs 31.5, the price to earnings (P/E) ratio of JINDAL STAINLESS stands at 3.2 times its trailing twelve months earnings, while its price to book value (P/BV) ratio stands at -4.9 times.

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For the quarter ended June 2019, JINDAL STAINLESS has posted a net profit of Rs 668 m (down 26.4% YoY). Sales on the other hand came in at Rs 31 bn (down 2.5% YoY). Read on for a complete analysis of JINDAL STAINLESS's quarterly results.

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