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NOVARTIS Announces Quarterly Results (2QFY19); Net Profit Down 64.1%

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NOVARTIS Announces Quarterly Results (2QFY19); Net Profit Down 64.1%
Wed, 21 Nov

NOVARTIS has announced its results for the quarter ended September 2018. Here is a detailed performance review of the same:

NOVARTIS Quarterly Financials

No. of Mths
Qtr. Ending
3
Sep-17*
3
Jun-18*
3
Sep-18*
QoQ ChangeYoY Change
Net SalesRs m1,6771,3811,066-22.8%-36.4%
Other incomeRs m25122331139.5%23.8%
TurnoverRs m1,9281,6041,377-14.2%-28.6%
ExpensesRs m1,5171,4161,242-12.3%-18.2%
Gross profitRs m159-35-176-210.4%
DepreciationRs m6770.0%3.1%
InterestRs m1150-98.0%-40.0%
Profit before taxRs m403166128-22.8%-68.2%
TaxRs m1426634-47.8%-75.8%
Profit after taxRs m26110094-6.3%-64.1%
Gross profit margin%9.5-2.5-16.5
Effective tax rate%35.339.726.9
Net profit margin%13.66.26.8
* 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 36.4% on a year-on-year (YoY) basis. The expenses were down by 18.2% YoY during the same period.
  • The company's operating profit declined by 210.4% YoY during the quarter. Consequently, operating profit margins witnessed a decline and stood at 16.5% in 2QFY19 as against 9.5% in 2QFY18.
  • Depreciation charges increased by 3.1% and finance costs declined by 40.0% YoY, respectively.
  • Other income increased by 23.8% YoY during the quarter.
  • Net profit for the quarter declined by 64.1% YoY. Net profit margins during the quarter declined from 13.6% in 2QFY18 to 6.8% in 2QFY19.
Quarter-on-Quarter Performance:
  • The company's operating income during the quarter fell 22.8% on a quarter-on-quarter (QoQ) basis. The expenses were down by 12.3% QoQ during the same period.
  • The company's operating profit declined by 402.3% QoQ during the quarter. Consequently, operating profit margins witnessed a decline and stood at 16.5% in 2QFY19 as against 2.5% in 1QFY18.
  • Net profit for the quarter declined by 6.3% QoQ, while net profit margins increased from 6.2% in 1QFY18 to 6.8% in 2QFY19.

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

NOVARTIS Share Price Performance

Over the last one year, NOVARTIS share price has moved up from Rs 643.3 to Rs 691.5, registering a Gain of Rs 48.3 or around 7.5%.

Meanwhile, the S&P BSE HEALTHCARE Index is trading at Rs 14,329.4 (up 0.7%). Over the last one year it has moved up from 14,017.9 to 14,329.4, a gain of 312 points (up 2.2%).

Overall, the S&P BSE SENSEX is up 5.3% over the year.

Current Valuations

At the current price of Rs 691.5, the price to earnings (P/E) ratio of NOVARTIS stands at 359.2 times its trailing twelve months earnings, while its price to book value (P/BV) ratio stands at 31.6 times.

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For the quarter ended December 2018, NOVARTIS has posted a net profit of Rs 129 m (down 31.3% YoY). Sales on the other hand came in at Rs 1 bn (down 13.1% YoY). Read on for a complete analysis of NOVARTIS's quarterly results.

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