M&M Announces Quarterly Results (2QFY19); Net Profit Up 23.9%

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M&M Announces Quarterly Results (2QFY19); Net Profit Up 23.9%
Thu, 15 Nov

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

M&M Quarterly Financials

No. of Mths
Qtr. Ending
3
Sep-17*
3
Jun-18*
3
Sep-18*
QoQ ChangeYoY Change
Net SalesRs m121,821135,199129,886-3.9%6.6%
Other incomeRs m5,6202,6508,463219.4%50.6%
TurnoverRs m127,441137,849138,3490.4%8.6%
ExpensesRs m104,528116,483113,836-2.3%8.9%
Gross profitRs m17,29318,92517,391-8.1%0.6%
DepreciationRs m3,6333,9304,61417.4%27.0%
InterestRs m229327277-15.5%21.1%
Profit before taxRs m19,05117,31820,96321.0%10.0%
TaxRs m5,7365,1084,469-12.5%-22.1%
Profit after taxRs m13,31612,21016,49535.1%23.9%
Gross profit margin%14.214.013.4
Effective tax rate%30.129.521.3
Net profit margin%10.48.911.9
* 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 6.6% on a year-on-year (YoY) basis. The expenses were up by 8.9% YoY during the same period.
  • The company's operating profit increased by 0.6% YoY during the quarter. Consequently, operating profit margins witnessed a decline and stood at 13.4% in 2QFY19 as against 14.2% in 2QFY18.
  • Depreciation charges increased by 27.0% and finance costs increased by 21.1% YoY, respectively.
  • Other income increased by 50.6% YoY during the quarter.
  • Net profit for the quarter increased by 23.9% YoY. Net profit margins during the quarter increased from 10.4% in 2QFY18 to 11.9% in 2QFY19.
Quarter-on-Quarter Performance:
  • The company's operating income during the quarter fell 3.9% on a quarter-on-quarter (QoQ) basis. The expenses were down by 2.3% QoQ during the same period.
  • The company's operating profit declined by 8.1% QoQ during the quarter. Consequently, operating profit margins witnessed a decline and stood at 13.4% in 2QFY19 as against 14.0% in 1QFY18.
  • Net profit for the quarter increased by 35.1% QoQ, while net profit margins increased from 8.9% in 1QFY18 to 11.9% in 2QFY19.

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 707.4 to Rs 763.8, registering a Gain of Rs 56.4 or around 8.0%.

Meanwhile, the S&P BSE AUTO Index is trading at Rs 20,503.9 (up 0.4%). Over the last one year it has moved down from 24,730.2 to 20,503.9, a gain of 4,226 points (down 17.1%).

Overall, the S&P BSE SENSEX is up 6.8% over the year.

Current Valuations

At the current price of Rs 763.8, the price to earnings (P/E) ratio of M&M stands at 18.4 times its trailing twelve months earnings, while its price to book value (P/BV) ratio stands at 2.6 times.

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