MIRC ELEC. Announces Quarterly Results (4QFY19); Net Profit Down 159.4%

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MIRC ELEC. Announces Quarterly Results (4QFY19); Net Profit Down 159.4%
Fri, 7 Jun

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

MIRC ELEC. Quarterly Financials

No. of Mths
Qtr. Ending
3
Mar-18*
3
Dec-18*
3
Mar-19*
QoQ ChangeYoY Change
Net SalesRs m1,8841,6061,559-3.0%-17.3%
Other incomeRs m33512155.3%-64.0%
TurnoverRs m1,9171,6111,571-2.5%-18.1%
ExpensesRs m1,8291,5381,522-1.1%-16.8%
Gross profitRs m557019-72.5%-65.0%
DepreciationRs m232017-15.4%-25.1%
InterestRs m254138-6.2%50.2%
Profit before taxRs m4014-24-271.2%-159.4%
TaxRs m0000.0%0.0%
Profit after taxRs m4014-24-271.2%-159.4%
Gross profit margin%2.94.31.2
Effective tax rate%0.00.00.0
Net profit margin%2.10.9-1.5
* 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 17.3% on a year-on-year (YoY) basis. The expenses were down by 16.8% YoY during the same period.
  • The company's operating profit declined by 65.0% YoY during the quarter. Consequently, operating profit margins witnessed a decline and stood at 1.2% in 4QFY19 as against 2.9% in 4QFY18.
  • Depreciation charges declined by 25.1% and finance costs increased by 50.2% YoY, respectively.
  • Other income declined by 64.0% YoY during the quarter.
  • Net profit for the quarter declined by 159.4% YoY. Net profit margins during the quarter declined from 2.1% in 4QFY18 to -1.5% in 4QFY19.
Quarter-on-Quarter Performance:
  • The company's operating income during the quarter fell 3.0% on a quarter-on-quarter (QoQ) basis. The expenses were down by 1.1% QoQ during the same period.
  • The company's operating profit declined by 72.5% QoQ during the quarter. Consequently, operating profit margins witnessed a decline and stood at 1.2% in 4QFY19 as against 4.3% in 3QFY18.
  • Net profit for the quarter declined by 271.2% QoQ, while net profit margins declined from 0.9% in 3QFY18 to -1.5% in 4QFY19.

To see how MIRC ELEC. has performed over the last eight quarters, please visit here.

MIRC ELEC. Share Price Performance

Over the last one year, MIRC ELEC. share price has moved up from Rs 35.8 to Rs 19.4, registering a Loss of Rs 16.5 or around 45.9%.

Meanwhile, the S&P BSE CONSUMER DURABLES Index is trading at Rs 25,073.3 (down 0.1%). Over the last one year it has moved up from 20,335.2 to 25,073.3, a gain of 4,738 points (up 23.3%).

Overall, the S&P BSE SENSEX is up 11.9% over the year.

Current Valuations

At the current price of Rs 19.4, the price to book value (P/BV) ratio of MIRC ELEC. stands at 1.7 times.

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