M&M Announces Quarterly Results (4QFY19); Net Profit Down 19.9%

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M&M Announces Quarterly Results (4QFY19); Net Profit Down 19.9%
Mon, 3 Jun

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

M&M Quarterly Financials

No. of Mths
Qtr. Ending
3
Mar-18*
3
Dec-18*
3
Mar-19*
QoQ ChangeYoY Change
Net SalesRs m133,079130,704140,3527.4%5.5%
Other incomeRs m1,7153,4092,368-30.6%38.1%
TurnoverRs m134,794134,113142,7196.4%5.9%
ExpensesRs m115,537115,531123,8947.2%7.2%
Gross profitRs m18,02114,37215,4107.2%-14.5%
DepreciationRs m3,9934,7355,32512.5%33.4%
InterestRs m33024928112.8%-14.9%
Profit before taxRs m15,41212,79712,172-4.9%-21.0%
TaxRs m4,8212,0293,68481.5%-23.6%
Profit after taxRs m10,59110,7688,488-21.2%-19.9%
Gross profit margin%13.511.011.0
Effective tax rate%31.315.930.3
Net profit margin%7.98.05.9
* 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 5.5% on a year-on-year (YoY) basis. The expenses were up by 7.2% YoY during the same period.
  • The company's operating profit declined by 14.5% YoY during the quarter. Consequently, operating profit margins witnessed a decline and stood at 11.0% in 4QFY19 as against 13.5% in 4QFY18.
  • Depreciation charges increased by 33.4% and finance costs declined by 14.9% YoY, respectively.
  • Other income increased by 38.1% YoY during the quarter.
  • Net profit for the quarter declined by 19.9% YoY. Net profit margins during the quarter declined from 7.9% in 4QFY18 to 5.9% in 4QFY19.
Quarter-on-Quarter Performance:
  • The company's operating income during the quarter grew 7.4% on a quarter-on-quarter (QoQ) basis. The expenses were up by 7.2% QoQ during the same period.
  • The company's operating profit declined by 7.2% QoQ during the quarter. Consequently, operating profit margins witnessed a decline and stood at 11.0% in 4QFY19 as against 11.0% in 3QFY18.
  • Net profit for the quarter declined by 21.2% QoQ, while net profit margins declined from 8.0% in 3QFY18 to 5.9% in 4QFY19.

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 901.6 to Rs 645.7, registering a Loss of Rs 255.9 or around 28.4%.

Meanwhile, the S&P BSE AUTO Index is trading at Rs 18,688.4 (up 1.3%). Over the last one year it has moved down from 24,635.3 to 18,688.4, a gain of 5,947 points (down 24.1%).

Overall, the S&P BSE SENSEX is up 13.3% over the year.

Current Valuations

At the current price of Rs 645.7, the price to earnings (P/E) ratio of M&M stands at 16.7 times its trailing twelve months earnings, while its price to book value (P/BV) ratio stands at 2.2 times.

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