M&M Announces Quarterly Results (2QFY20); Net Profit Down 26.5%

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M&M Announces Quarterly Results (2QFY20); Net Profit Down 26.5%
Tue, 12 Nov

M&M has announced its results for the quarter ended September 2019. Here is a detailed performance review of the same:

M&M Quarterly Financials

No. of Mths
Qtr. Ending
3
Sep-18*
3
Jun-19*
3
Sep-19*
QoQ ChangeYoY Change
Net SalesRs m129,886129,227110,761-14.3%-14.7%
Other incomeRs m8,4633,1918,277159.4%-2.2%
TurnoverRs m138,349132,418119,038-10.1%-14.0%
ExpensesRs m113,836113,00096,851-14.3%-14.9%
Gross profitRs m17,39129,89813,910-53.5%-20.0%
DepreciationRs m4,6145,4545,399-1.0%17.0%
InterestRs m27727130211.5%9.3%
Profit before taxRs m20,96327,36416,486-39.8%-21.4%
TaxRs m4,4694,2264,3603.2%-2.4%
Profit after taxRs m16,49523,13812,126-47.6%-26.5%
Gross profit margin%13.423.112.6
Effective tax rate%21.315.426.4
Net profit margin%11.917.510.2
* 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 14.7% on a year-on-year (YoY) basis. The expenses were down by 14.9% YoY during the same period.
  • The company's operating profit declined by 20.0% YoY during the quarter. Consequently, operating profit margins remained same and stood at 12.6% in 2QFY20.
  • Depreciation charges increased by 17.0% and finance costs increased by 9.3% YoY, respectively.
  • Other income declined by 2.2% YoY during the quarter.
  • Net profit for the quarter declined by 26.5% YoY. Net profit margins during the quarter declined from 11.9% in 2QFY19 to 10.2% in 2QFY20.
Quarter-on-Quarter Performance:
  • The company's operating income during the quarter fell 14.3% on a quarter-on-quarter (QoQ) basis. The expenses were down by 14.3% QoQ during the same period.
  • The company's operating profit declined by 53.5% QoQ during the quarter. Consequently, operating profit margins witnessed a decline and stood at 12.6% in 2QFY20 as against 23.1% in 1QFY19.
  • Net profit for the quarter declined by 47.6% QoQ, while net profit margins declined from 17.5% in 1QFY19 to 10.2% in 2QFY20.

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 down from Rs 780.3 to Rs 575.0, registering a Loss of Rs 205.4 or around 26.3%.

Meanwhile, the S&P BSE AUTO Index is trading at Rs 18,290.0 (down 0.4%). Over the last one year it has moved down from 20,364.5 to 18,290.0, a gain of 2,074 points (down 10.2%).

Overall, the S&P BSE SENSEX is up 15.9% over the year.

Current Valuations

At the current price of Rs 575.0, the price to earnings (P/E) ratio of M&M stands at 13.1 times its trailing twelve months earnings, while its price to book value (P/BV) ratio stands at 1.8 times.

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