POWER GRID Announces Quarterly Results (1QFY20); Net Profit Up 19.8%

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POWER GRID Announces Quarterly Results (1QFY20); Net Profit Up 19.8%
Mon, 5 Aug

POWER GRID has announced its results for the quarter ended June 2019. Here is a detailed performance review of the same:

POWER GRID Quarterly Financials

No. of Mths
Qtr. Ending
3
Jun-18*
3
Mar-19*
3
Jun-19*
QoQ ChangeYoY Change
Net SalesRs m81,27192,18188,041-4.5%8.3%
Other incomeRs m3,0063,9224,2438.2%41.2%
TurnoverRs m84,27796,10292,284-4.0%9.5%
ExpensesRs m12,00014,2479,077-36.3%-24.4%
Gross profitRs m69,27177,93478,9641.3%14.0%
DepreciationRs m24,50625,97026,5912.4%8.5%
InterestRs m21,40623,66023,591-0.3%10.2%
Profit before taxRs m26,36432,22633,0252.5%25.3%
TaxRs m6,053-52,5688,68443.5%
Profit after taxRs m20,31284,79324,342-71.3%19.8%
Gross profit margin%85.284.589.7
Effective tax rate%23.0-163.126.3
Net profit margin%24.188.226.4
* 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 8.3% on a year-on-year (YoY) basis. The expenses were down by 24.4% YoY during the same period.
  • The company's operating profit increased by 14.0% YoY during the quarter. Consequently, operating profit margins witnessed a growth and stood at 89.7% in 1QFY20 as against 85.2% in 1QFY19.
  • Depreciation charges increased by 8.5% and finance costs increased by 10.2% YoY, respectively.
  • Other income increased by 41.2% YoY during the quarter.
  • Net profit for the quarter increased by 19.8% YoY. Net profit margins during the quarter increased from 24.1% in 1QFY19 to 26.4% in 1QFY20.
Quarter-on-Quarter Performance:
  • The company's operating income during the quarter fell 4.5% on a quarter-on-quarter (QoQ) basis. The expenses were down by 36.3% QoQ during the same period.
  • The company's operating profit increased by 1.3% QoQ during the quarter. Consequently, operating profit margins witnessed a growth and stood at 89.7% in 1QFY20 as against 84.5% in 4QFY19.
  • Net profit for the quarter declined by 71.3% QoQ, while net profit margins declined from 88.2% in 4QFY19 to 26.4% in 1QFY20.

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 189.6 to Rs 201.0, registering a Gain of Rs 11.4 or around 6.0%.

Meanwhile, the S&P BSE POWER Index is trading at Rs 1,889.1 (down 2.5%). Over the last one year it has moved down from 1,991.7 to 1,889.1, a gain of 103 points (down 5.2%).

Overall, the S&P BSE SENSEX is down 1.3% over the year.

Current Valuations

At the current price of Rs 201.0, the price to earnings (P/E) ratio of POWER GRID stands at 6.9 times its trailing twelve months earnings, while its price to book value (P/BV) ratio stands at 1.9 times.

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