POWER GRID Announces Quarterly Results (1QFY19); Net Profit Up 2.4%

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POWER GRID Announces Quarterly Results (1QFY19); Net Profit Up 2.4%
Fri, 3 Aug

POWER GRID has announced its results for the quarter ended June 2018. Here is a detailed performance review of the same:

POWER GRID Quarterly Financials

No. of Mths
Qtr. Ending
3
Jun-17*
3
Mar-18*
3
Jun-18*
QoQ ChangeYoY Change
Net SalesRs m71,81478,11381,2714.0%13.2%
Other incomeRs m2,0852,8763,0064.5%44.2%
TurnoverRs m73,89880,98984,2774.1%14.0%
ExpensesRs m9,81012,87212,000-6.8%22.3%
Gross profitRs m62,00465,24169,2716.2%11.7%
DepreciationRs m21,31124,06524,5061.8%15.0%
InterestRs m17,62420,05521,4066.7%21.5%
Profit before taxRs m25,15323,99726,3649.9%4.8%
TaxRs m5,3245,5366,0539.3%13.7%
Profit after taxRs m19,82918,46120,31210.0%2.4%
Gross profit margin%86.383.585.2
Effective tax rate%21.223.123.0
Net profit margin%26.822.824.1
* 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 grew 13.2% on a year-on-year (YoY) basis. The expenses were up by 22.3% YoY during the same period.
  • The company's operating profit increased by 11.7% YoY during the quarter. Consequently, operating profit margins witnessed a decline and stood at 85.2% in 1QFY19 as against 86.3% in 1QFY18.
  • Depreciation charges and finance costs increased by 15.0% YoY and 21.5% YoY, respectively.
  • Other income increased by 44.2% YoY during the quarter.
  • Net profit for the quarter increased by 2.4% YoY. Net profit margins during the quarter declined from 26.8% in 1QFY18 to 24.1% in 1QFY19.
Quarter-on-Quarter Performance:
  • The company's operating income during the quarter grew 4.0% on a quarter-on-quarter (QoQ) basis. The expenses were down by 6.8% QoQ during the same period.
  • The company's operating profit increased by 6.2% QoQ during the quarter. Consequently, operating profit margins witnessed a growth and stood at 85.2% in 1QFY19 as against 83.5% in 4QFY18.
  • Net profit for the quarter increased by 10.0% QoQ, while net profit margins increased from 22.8% in 4QFY18 to 24.1% in 1QFY19.

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

POWER GRID Share Price Performance

Over the last one year, POWER GRID share price has moved up from Rs 221.9 to Rs 189.6, registering a Loss of Rs 32.3 or around 14.6%.

Meanwhile, the S&P BSE POWER Index is trading at Rs 1,991.7 (up 0.5%). Over the last one year it has moved down from 2,318.3 to 1,991.7, a gain of 327 points (down 14.1%).

Overall, the S&P BSE SENSEX is up 1.1% over the year.

Current Valuations

At the current price of Rs 189.6, the price to earnings (P/E) ratio of POWER GRID stands at 12.3 times its trailing twelve months earnings, while its price to book value (P/BV) ratio stands at 2.0 times.

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