MPS Announces Quarterly Results (3QFY20); Net Profit Down 33.5%

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MPS Announces Quarterly Results (3QFY20); Net Profit Down 33.5%
Fri, 31 Jan

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

MPS Quarterly Financials

No. of Mths
Qtr. Ending
3
Dec-18*
3
Sep-19*
3
Dec-19*
QoQ ChangeYoY Change
Net SalesRs m995882837-5.1%-15.9%
Other incomeRs m516434-46.7%-33.0%
TurnoverRs m1,047946871-8.0%-16.8%
ExpensesRs m7406176515.5%-12.1%
Gross profitRs m255265186-29.8%-27.0%
DepreciationRs m3239391.8%22.9%
InterestRs m055-1.9%5100.0%
Profit before taxRs m274286176-38.4%-35.8%
TaxRs m796547-28.2%-41.4%
Profit after taxRs m195221130-41.4%-33.5%
Gross profit margin%25.630.122.2
Effective tax rate%28.922.726.4
Net profit margin%18.623.414.9
* 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 15.9% on a year-on-year (YoY) basis. The expenses were down by 12.1% YoY during the same period.
  • The company's operating profit declined by 27.0% YoY during the quarter. Consequently, operating profit margins witnessed a decline and stood at 22.2% in 3QFY20 as against 25.6% in 3QFY19.
  • Depreciation charges increased by 22.9% and finance costs increased by 5100.0% YoY, respectively.
  • Other income declined by 33.0% YoY during the quarter.
  • Net profit for the quarter declined by 33.5% YoY. Net profit margins during the quarter declined from 18.6% in 3QFY19 to 14.9% in 3QFY20.
Quarter-on-Quarter Performance:
  • The company's operating income during the quarter fell 5.1% on a quarter-on-quarter (QoQ) basis. The expenses were up by 5.5% QoQ during the same period.
  • The company's operating profit declined by 29.8% QoQ during the quarter. Consequently, operating profit margins witnessed a decline and stood at 22.2% in 3QFY20 as against 30.1% in 2QFY19.
  • Net profit for the quarter declined by 41.4% QoQ, while net profit margins declined from 23.4% in 2QFY19 to 14.9% in 3QFY20.

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

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MPS Share Price Performance

Over the last one year,MPS share price has moved down from Rs 461.5 to Rs 380.0, registering a Loss of Rs 81.5 or around 17.7%.

Overall, the S&P BSE SENSEX is up 15.0% over the year.

Current Valuations

At the current price of Rs 380.0, the price to earnings (P/E) ratio of MPS stands at 9.7 times its trailing twelve months earnings, while its price to book value (P/BV) ratio stands at 1.7 times.

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For the quarter ended September 2019, MPS has posted a net profit of Rs 221 m (up 18.4% YoY). Sales on the other hand came in at Rs 882 m (down 12.3% YoY). Read on for a complete analysis of MPS's quarterly results.

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