M&M Announces Quarterly Results (3QFY21); Net Profit Down 89.9%

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M&M Announces Quarterly Results (3QFY21); Net Profit Down 89.9%
Wed, 10 Feb

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

M&M Quarterly Financials

No. of Mths
Qtr. Ending
3
Dec-19*
3
Sep-20*
3
Dec-20*
QoQ ChangeYoY Change
Net SalesRs m123,453117,105142,15921.4%15.2%
Other incomeRs m2,0633,9265,69945.2%176.3%
TurnoverRs m125,515121,031147,85822.2%17.8%
ExpensesRs m106,95898,206119,38121.6%11.6%
Gross profitRs m10,4907,4045,863-20.8%-44.1%
DepreciationRs m5,5375,5455,7143.0%3.2%
InterestRs m2241,091997-8.6%344.9%
Profit before taxRs m6,7914,6934,8523.4%-28.6%
TaxRs m3,7253,9224,54215.8%21.9%
Profit after taxRs m3,066772309-59.9%-89.9%
Gross profit margin%8.56.34.1
Effective tax rate%54.983.693.6
Net profit margin%2.40.60.2
* 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 grew 15.2% on a year-on-year (YoY) basis. The expenses were up by 11.6% YoY during the same period.
  • The company's operating profit declined by 44.1% YoY during the quarter. Consequently, operating profit margins witnessed a decline and stood at 4.1% in 3QFY21 as against 8.5% in 3QFY20.
  • Depreciation charges increased by 3.2% and finance costs increased by 344.9% YoY, respectively.
  • Other income increased by 176.3% YoY during the quarter.
  • Net profit for the quarter declined by 89.9% YoY. Net profit margins during the quarter declined from 2.4% in 3QFY20 to 0.2% in 3QFY21.
Quarter-on-Quarter Performance:
  • The company's operating income during the quarter grew 21.4% on a quarter-on-quarter (QoQ) basis. The expenses were up by 21.6% QoQ during the same period.
  • The company's operating profit declined by 20.8% QoQ during the quarter. Consequently, operating profit margins witnessed a decline and stood at 4.1% in 3QFY21 as against 6.3% in 2QFY20.
  • Net profit for the quarter declined by 59.9% QoQ, while net profit margins declined from 0.6% in 2QFY20 to 0.2% in 3QFY21.

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 528.1 to Rs 902.8, registering a Gain of Rs 374.7 or around 71.0%.

Meanwhile, the S&P BSE AUTO Index is trading at Rs 24,523.7 (down 0.4%). Over the last one year it has moved up from 17,647.8 to 24,523.7, a gain of 6,876 points (up 39.0%).

Overall, the S&P BSE SENSEX is up 25.0% over the year.

Current Valuations

At the current price of Rs 902.8, the price to book value (P/BV) ratio of M&M stands at 2.8 times.

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