NITCO Announces Quarterly Results (2QFY20); Net Profit Down 93.4%

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NITCO Announces Quarterly Results (2QFY20); Net Profit Down 93.4%
Tue, 12 Nov

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

NITCO Quarterly Financials

No. of Mths
Qtr. Ending
3
Sep-18*
3
Jun-19*
3
Sep-19*
QoQ ChangeYoY Change
Net SalesRs m1,3191,3971,274-8.7%-3.4%
Other incomeRs m4396-84.6%70.2%
TurnoverRs m1,3231,4361,281-10.8%-3.2%
ExpensesRs m1,3201,4361,398-2.7%5.9%
Gross profitRs m-1-33-123
DepreciationRs m799777-20.3%-2.0%
InterestRs m5351557.9%4.8%
Profit before taxRs m-129-142-250
TaxRs m0-1100.0%
Profit after taxRs m-129-131-250
Gross profit margin%-0.1-2.4-9.7
Effective tax rate%0.07.90.0
Net profit margin%-9.8-9.1-19.5
* 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 3.4% on a year-on-year (YoY) basis. The expenses were up by 5.9% YoY during the same period.
  • The company's operating profit increased by 10267.2% YoY during the quarter. Consequently, operating profit margins witnessed a decline and stood at 9.7% in 2QFY20 as against 0.1% in 2QFY19.
  • Depreciation charges declined by 2.0% and finance costs increased by 4.8% YoY, respectively.
  • Other income increased by 70.2% YoY during the quarter.
  • Net profit for the quarter declined by 93.4% YoY. Net profit margins during the quarter declined from -9.8% in 2QFY19 to -19.5% in 2QFY20.
Quarter-on-Quarter Performance:
  • The company's operating income during the quarter fell 8.7% on a quarter-on-quarter (QoQ) basis. The expenses were down by 2.7% QoQ during the same period.
  • The company's operating profit increased by 272.5% QoQ during the quarter. Consequently, operating profit margins witnessed a decline and stood at 9.7% in 2QFY20 as against 2.4% in 1QFY19.
  • Net profit for the quarter declined by 91.1% QoQ, while net profit margins declined from -9.1% in 1QFY19 to -19.5% in 2QFY20.

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

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NITCO Share Price Performance

Over the last one year,NITCO share price has moved down from Rs 35.8 to Rs 23.2, registering a Loss of Rs 12.7 or around 35.3%.

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

Current Valuations

At the current price of Rs 23.2, the price to book value (P/BV) ratio of NITCO stands at 1.3 times.

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