M&M Announces Quarterly Results (3QFY19); Net Profit Down 11.4%

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M&M Announces Quarterly Results (3QFY19); Net Profit Down 11.4%
Mon, 11 Feb

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

M&M Quarterly Financials

No. of Mths
Qtr. Ending
3
Dec-17*
3
Sep-18*
3
Dec-18*
QoQ ChangeYoY Change
Net SalesRs m115,778129,886130,7040.6%12.9%
Other incomeRs m9668,4633,409-59.7%253.0%
TurnoverRs m116,744138,349134,113-3.1%14.9%
ExpensesRs m100,825113,836115,5311.5%14.6%
Gross profitRs m18,81117,39114,372-17.4%-23.6%
DepreciationRs m3,6934,6144,7352.6%28.2%
InterestRs m246277249-9.9%1.1%
Profit before taxRs m15,83820,96312,797-39.0%-19.2%
TaxRs m3,6784,4692,029-54.6%-44.8%
Profit after taxRs m12,15916,49510,768-34.7%-11.4%
Gross profit margin%16.213.411.0
Effective tax rate%23.221.315.9
Net profit margin%10.411.98.0
* 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 grew 12.9% on a year-on-year (YoY) basis. The expenses were up by 14.6% YoY during the same period.
  • The company's operating profit declined by 23.6% YoY during the quarter. Consequently, operating profit margins witnessed a decline and stood at 11.0% in 3QFY19 as against 16.2% in 3QFY18.
  • Depreciation charges increased by 28.2% and finance costs increased by 1.1% YoY, respectively.
  • Other income increased by 253.0% YoY during the quarter.
  • Net profit for the quarter declined by 11.4% YoY. Net profit margins during the quarter declined from 10.4% in 3QFY18 to 8.0% in 3QFY19.
Quarter-on-Quarter Performance:
  • The company's operating income during the quarter grew 0.6% on a quarter-on-quarter (QoQ) basis. The expenses were up by 1.5% QoQ during the same period.
  • The company's operating profit declined by 17.4% QoQ during the quarter. Consequently, operating profit margins witnessed a decline and stood at 11.0% in 3QFY19 as against 13.4% in 2QFY18.
  • Net profit for the quarter declined by 34.7% QoQ, while net profit margins declined from 11.9% in 2QFY18 to 8.0% in 3QFY19.

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 750.0 to Rs 659.5, registering a Loss of Rs 90.5 or around 12.1%.

Meanwhile, the S&P BSE AUTO Index is trading at Rs 18,703.3 (down 1.3%). Over the last one year it has moved down from 25,044.2 to 18,703.3, a gain of 6,341 points (down 25.3%).

Overall, the S&P BSE SENSEX is up 5.8% over the year.

Current Valuations

At the current price of Rs 659.5, the price to earnings (P/E) ratio of M&M stands at 16.4 times its trailing twelve months earnings, while its price to book value (P/BV) ratio stands at 2.2 times.

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