M&M Announces Quarterly Results (1QFY21); Net Profit Down 95.2%

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M&M Announces Quarterly Results (1QFY21); Net Profit Down 95.2%
Fri, 7 Aug

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

M&M Quarterly Financials

No. of Mths
Qtr. Ending
3
Jun-19*
3
Mar-20*
3
Jun-20*
QoQ ChangeYoY Change
Net SalesRs m129,22791,43756,022-38.7%-56.6%
Other incomeRs m3,1913,1471,278-59.4%-60.0%
TurnoverRs m132,41894,58457,300-39.4%-56.7%
ExpensesRs m113,00080,08950,530-36.9%-55.3%
Gross profitRs m29,898-16,4576,135-79.5%
DepreciationRs m5,4545,8365,484-6.0%0.6%
InterestRs m27133566999.8%146.6%
Profit before taxRs m27,364-19,4801,260-95.4%
TaxRs m4,2265,544139-97.5%-96.7%
Profit after taxRs m23,138-25,0241,121-95.2%
Gross profit margin%23.1-18.011.0
Effective tax rate%15.4-28.511.0
Net profit margin%17.5-26.52.0
* 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 56.6% on a year-on-year (YoY) basis. The expenses were down by 55.3% YoY during the same period.
  • The company's operating profit declined by 79.5% YoY during the quarter. Consequently, operating profit margins witnessed a decline and stood at 11.0% in 1QFY21 as against 23.1% in 1QFY20.
  • Depreciation charges increased by 0.6% and finance costs increased by 146.6% YoY, respectively.
  • Other income declined by 60.0% YoY during the quarter.
  • Net profit for the quarter declined by 95.2% YoY. Net profit margins during the quarter declined from 17.5% in 1QFY20 to 2.0% in 1QFY21.
Quarter-on-Quarter Performance:
  • The company's operating income during the quarter fell 38.7% on a quarter-on-quarter (QoQ) basis. The expenses were down by 36.9% QoQ during the same period.
  • The company's operating profit declined by 137.3% QoQ during the quarter. Consequently, operating profit margins witnessed a growth and stood at 11.0% in 1QFY21 as against 18.0% in 4QFY20.
  • Net profit for the quarter increased by 104.5% QoQ, while net profit margins increased from -26.5% in 4QFY20 to 2.0% in 1QFY21.

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

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M&M Share Price Performance

Over the last one year,M&M share price has moved up from Rs 518.5 to Rs 600.6, registering a Gain of Rs 82.2 or around 15.8%.

Meanwhile, the S&P BSE AUTO Index is trading at Rs 17,102.1 (up 0.8%). Over the last one year it has moved up from 15,324.3 to 17,102.1, a gain of 1,778 points (up 11.6%).

Overall, the S&P BSE SENSEX is up 2.9% over the year.

Current Valuations

At the current price of Rs 600.6, the price to book value (P/BV) ratio of M&M stands at 1.9 times.

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