KEI INDUSTRIES Announces Quarterly Results (1QFY21); Net Profit Down 20.9%

Tue, 18 Aug

KEI INDUSTRIES has announced its results for the quarter ended June 2020. Here is a detailed performance review of the same:

KEI INDUSTRIES Quarterly Financials

No. of Mths Qtr. Ending		3 Jun-19*	3 Mar-20*	3 Jun-20*	QoQ Change	YoY Change
Net Sales	Rs m	10,814	12,585	7,453	-40.8%	-31.1%
Other income	Rs m	52	24	86	262.3%	65.6%
Turnover	Rs m	10,866	12,609	7,539	-40.2%	-30.6%
Expenses	Rs m	9,674	11,379	6,730	-40.9%	-30.4%
Gross profit	Rs m	1,139	1,206	723	-40.1%	-36.6%
Depreciation	Rs m	152	137	146	6.2%	-3.8%
Interest	Rs m	330	277	168	-39.3%	-49.1%
Profit before tax	Rs m	710	816	495	-39.3%	-30.3%
Tax	Rs m	252	207	133	-36.0%	-47.3%
Profit after tax	Rs m	458	608	362	-40.5%	-20.9%
Gross profit margin	%	10.5	9.6	9.7
Effective tax rate	%	35.5	25.4	26.8
Net profit margin	%	4.2	4.8	4.8

Year-on-Year Performance:

• The company's operating income during the quarter fell 31.1% on a year-on-year (YoY) basis. The expenses were down by 30.4% YoY during the same period.
• The company's operating profit declined by 36.6% YoY during the quarter. Consequently, operating profit margins witnessed a decline and stood at 9.7% in 1QFY21 as against 10.5% in 1QFY20.
• Depreciation charges declined by 3.8% and finance costs declined by 49.1% YoY, respectively.
• Other income increased by 65.6% YoY during the quarter.
• Net profit for the quarter declined by 20.9% YoY. Net profit margins during the quarter increased from 4.2% in 1QFY20 to 4.8% in 1QFY21.

Quarter-on-Quarter Performance:

• The company's operating income during the quarter fell 40.8% on a quarter-on-quarter (QoQ) basis. The expenses were down by 40.9% QoQ during the same period.
• The company's operating profit declined by 40.1% QoQ during the quarter. Consequently, operating profit margins witnessed a growth and stood at 9.7% in 1QFY21 as against 9.6% in 4QFY20.
• Net profit for the quarter declined by 40.5% QoQ, while net profit margins declined from 4.8% in 4QFY20 to 4.8% in 1QFY21.

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

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KEI INDUSTRIES Share Price Performance

Over the last one year,KEI INDUSTRIES share price has moved down from Rs 468.2 to Rs 394.3, registering a Loss of Rs 73.9 or around 15.8%.

Meanwhile, the S&P BSE POWER Index is trading at Rs 1,624.4 (down 0.0%). Over the last one year it has moved down from 1,906.1 to 1,624.4, a gain of 282 points (down 14.8%).

Overall, the S&P BSE SENSEX is up 2.3% over the year.

Current Valuations

At the current price of Rs 394.3, the price to earnings (P/E) ratio of KEI INDUSTRIES stands at 12.4 times its trailing twelve months earnings, while its price to book value (P/BV) ratio stands at 5.0 times.