VARDHMAN TEXTILES Announces Quarterly Results (2QFY20); Net Profit Down 40.1%

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VARDHMAN TEXTILES Announces Quarterly Results (2QFY20); Net Profit Down 40.1%
Tue, 12 Nov

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

VARDHMAN TEXTILES Quarterly Financials

No. of Mths
Qtr. Ending
3
Sep-18*
3
Jun-19*
3
Sep-19*
QoQ ChangeYoY Change
Net SalesRs m16,85116,50416,6370.8%-1.3%
Other incomeRs m421327300-8.5%-28.8%
TurnoverRs m17,27216,83116,9360.6%-1.9%
ExpensesRs m13,54113,99814,1391.0%4.4%
Gross profitRs m3,3182,5062,498-0.3%-24.7%
DepreciationRs m6207608268.6%33.2%
InterestRs m292373338-9.3%15.6%
Profit before taxRs m2,8261,7001,634-3.9%-42.2%
TaxRs m862516457-11.4%-47.0%
Profit after taxRs m1,9641,1851,177-0.6%-40.1%
Gross profit margin%19.715.215.0
Effective tax rate%30.530.328.0
Net profit margin%11.47.07.0
* 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 fell 1.3% on a year-on-year (YoY) basis. The expenses were up by 4.4% YoY during the same period.
  • The company's operating profit declined by 24.7% YoY during the quarter. Consequently, operating profit margins witnessed a decline and stood at 15.0% in 2QFY20 as against 19.7% in 2QFY19.
  • Depreciation charges increased by 33.2% and finance costs increased by 15.6% YoY, respectively.
  • Other income declined by 28.8% YoY during the quarter.
  • Net profit for the quarter declined by 40.1% YoY. Net profit margins during the quarter declined from 11.4% in 2QFY19 to 7.0% in 2QFY20.
Quarter-on-Quarter Performance:
  • The company's operating income during the quarter grew 0.8% on a quarter-on-quarter (QoQ) basis. The expenses were up by 1.0% QoQ during the same period.
  • The company's operating profit declined by 0.3% QoQ during the quarter. Consequently, operating profit margins witnessed a decline and stood at 15.0% in 2QFY20 as against 15.2% in 1QFY19.
  • Net profit for the quarter declined by 0.6% QoQ, while net profit margins declined from 7.0% in 1QFY19 to 7.0% in 2QFY20.

To see how VARDHMAN TEXTILES has performed over the last eight quarters,please visit here.

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VARDHMAN TEXTILES Share Price Performance

Over the last one year,VARDHMAN TEXTILES share price has moved down from Rs 1,049.3 to Rs 884.1, registering a Loss of Rs 165.3 or around 15.7%.

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

Current Valuations

At the current price of Rs 884.1, the price to earnings (P/E) ratio of VARDHMAN TEXTILES stands at 9.3 times its trailing twelve months earnings, while its price to book value (P/BV) ratio stands at 1.1 times.

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For the quarter ended March 2019, VARDHMAN TEXTILES has posted a net profit of Rs 2 bn (up 10.1% YoY). Sales on the other hand came in at Rs 18 bn (up 16.8% YoY). Read on for a complete analysis of VARDHMAN TEXTILES's quarterly results.

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