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M&M Announces Quarterly Results (1QFY19); Net Profit Up 59.4%

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M&M Announces Quarterly Results (1QFY19); Net Profit Up 59.4%
Wed, 8 Aug

M&M has announced its results for the quarter ended June 2018. Here is a detailed performance review of the same:

M&M Quarterly Financials

No. of Mths
Qtr. Ending
3
Jun-17*
3
Mar-18*
3
Jun-18*
QoQ ChangeYoY Change
Net SalesRs m123,356133,079135,1991.6%9.6%
Other incomeRs m2,0461,7152,65054.5%29.5%
TurnoverRs m125,402134,794137,8492.3%9.9%
ExpensesRs m110,690115,537116,4830.8%5.2%
Gross profitRs m12,66618,02118,9255.0%49.4%
DepreciationRs m3,4393,9933,930-1.6%14.3%
InterestRs m308330327-0.8%6.4%
Profit before taxRs m10,96615,41217,31812.4%57.9%
TaxRs m3,3064,8215,1086.0%54.5%
Profit after taxRs m7,66010,59112,21015.3%59.4%
Gross profit margin%10.313.514.0
Effective tax rate%30.131.329.5
Net profit margin%6.17.98.9
* 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 grew 9.6% on a year-on-year (YoY) basis. The expenses were up by 5.2% YoY during the same period.
  • The company's operating profit increased by 49.4% YoY during the quarter. Consequently, operating profit margins witnessed a growth and stood at 14.0% in 1QFY19 as against 10.3% in 1QFY18.
  • Depreciation charges and finance costs increased by 14.3% YoY and 6.4% YoY, respectively.
  • Other income increased by 29.5% YoY during the quarter.
  • Net profit for the quarter increased by 59.4% YoY. Net profit margins during the quarter increased from 6.1% in 1QFY18 to 8.9% in 1QFY19.
Quarter-on-Quarter Performance:
  • The company's operating income during the quarter grew 1.6% on a quarter-on-quarter (QoQ) basis. The expenses were up by 0.8% QoQ during the same period.
  • The company's operating profit increased by 5.0% QoQ during the quarter. Consequently, operating profit margins witnessed a growth and stood at 14.0% in 1QFY19 as against 13.5% in 4QFY18.
  • Net profit for the quarter increased by 15.3% QoQ, while net profit margins increased from 7.9% in 4QFY18 to 8.9% in 1QFY19.

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

M&M Share Price Performance

Over the last one year, M&M share price has moved up from Rs 698.1 to Rs 929.5, registering a Gain of Rs 231.4 or around 33.1%.

Meanwhile, the S&P BSE AUTO Index is trading at Rs 24,298.2 (up 0.2%). Over the last one year it has moved down from 24,739.8 to 24,298.2, a gain of 442 points (down 1.8%).

Overall, the S&P BSE SENSEX is up 0.4% over the year.

Current Valuations

At the current price of Rs 929.5, the price to earnings (P/E) ratio of M&M stands at 23.9 times its trailing twelve months earnings, while its price to book value (P/BV) ratio stands at 3.1 times.

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