M&M Announces Quarterly Results (4QFY21); Net Profit Up 295.7%

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M&M Announces Quarterly Results (4QFY21); Net Profit Up 295.7%
Thu, 8 Jul

M&M has announced its results for the quarter ended March 2021. Here is a detailed performance review of the same:

M&M Quarterly Financials

No. of Mths
Qtr. Ending
3
Mar-20*
3
Dec-20*
3
Mar-21*
QoQ ChangeYoY Change
Net SalesRs m163,147216,260214,560-0.8%31.5%
Other incomeRs m3,1032,4183,14830.2%1.5%
TurnoverRs m166,250218,678217,708-0.4%31.0%
ExpensesRs m135,715181,047175,717-2.9%29.5%
Gross profitRs m14,22633,75035,6345.6%150.5%
DepreciationRs m8,3428,4718,5020.4%1.9%
InterestRs m15,60615,16414,030-7.5%-10.1%
Profit before taxRs m-6,61912,53316,25129.7%
TaxRs m-655,2763,428-35.0%
Profit after taxRs m-6,5537,25712,82376.7%
Gross profit margin%8.715.616.6
Effective tax rate%1.042.121.1
Net profit margin%-3.93.35.9
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster


Year-on-Year Performance:
  • The company's operating income during the quarter grew 31.5% on a year-on-year (YoY) basis. The expenses were up by 29.5% YoY during the same period.
  • The company's operating profit increased by 150.5% YoY during the quarter. Consequently, operating profit margins witnessed a growth and stood at 16.6% in 4QFY21 as against 8.7% in 4QFY20.
  • Depreciation charges increased by 1.9% and finance costs declined by 10.1% YoY, respectively.
  • Other income increased by 1.5% YoY during the quarter.
  • Net profit for the quarter increased by 295.7% YoY. Net profit margins during the quarter increased from -3.9% in 4QFY20 to 5.9% in 4QFY21.
Quarter-on-Quarter Performance:
  • The company's operating income during the quarter fell 0.8% on a quarter-on-quarter (QoQ) basis. The expenses were down by 2.9% QoQ during the same period.
  • The company's operating profit increased by 5.6% QoQ during the quarter. Consequently, operating profit margins witnessed a growth and stood at 16.6% in 4QFY21 as against 15.6% in 3QFY20.
  • Net profit for the quarter increased by 76.7% QoQ, while net profit margins increased from 3.3% in 3QFY20 to 5.9% in 4QFY21.

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 550.7 to Rs 772.3, registering a Gain of Rs 221.7 or around 40.3%.

Meanwhile, the S&P BSE AUTO Index is trading at Rs 23,264.2 (down 1.2%). Over the last one year it has moved up from 16,013.3 to 23,264.2, a gain of 7,251 points (up 45.3%).

Overall, the S&P BSE SENSEX is up 44.0% over the year.

Current Valuations

At the current price of Rs 772.3, the price to earnings (P/E) ratio of M&M stands at 56.0 times its trailing twelve months earnings, while its price to book value (P/BV) ratio stands at 2.4 times.

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