POWER GRID Announces Quarterly Results (1QFY21); Net Profit Down 34.9%

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POWER GRID Announces Quarterly Results (1QFY21); Net Profit Down 34.9%
Tue, 22 Sep

POWER GRID has announced its results for the quarter ended June 2020. Here is a detailed performance review of the same:

POWER GRID Quarterly Financials

No. of Mths
Qtr. Ending
3
Jun-19*
3
Mar-20*
3
Jun-20*
QoQ ChangeYoY Change
Net SalesRs m88,04197,04589,887-7.4%2.1%
Other incomeRs m4,2437,0516,314-10.4%48.8%
TurnoverRs m92,284104,09596,201-7.6%4.2%
ExpensesRs m9,07716,32311,116-31.9%22.5%
Gross profitRs m78,96480,72168,022-15.7%-13.9%
DepreciationRs m26,59128,63527,970-2.3%5.2%
InterestRs m23,59126,04422,786-12.5%-3.4%
Profit before taxRs m33,02533,09323,580-28.7%-28.6%
TaxRs m8,68411,0247,731-29.9%-11.0%
Profit after taxRs m24,34222,06915,849-28.2%-34.9%
Gross profit margin%89.783.275.7
Effective tax rate%26.333.332.8
Net profit margin%26.421.216.5
* 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 grew 2.1% on a year-on-year (YoY) basis. The expenses were up by 22.5% YoY during the same period.
  • The company's operating profit declined by 13.9% YoY during the quarter. Consequently, operating profit margins witnessed a decline and stood at 75.7% in 1QFY21 as against 89.7% in 1QFY20.
  • Depreciation charges increased by 5.2% and finance costs declined by 3.4% YoY, respectively.
  • Other income increased by 48.8% YoY during the quarter.
  • Net profit for the quarter declined by 34.9% YoY. Net profit margins during the quarter declined from 26.4% in 1QFY20 to 16.5% in 1QFY21.
Quarter-on-Quarter Performance:
  • The company's operating income during the quarter fell 7.4% on a quarter-on-quarter (QoQ) basis. The expenses were down by 31.9% QoQ during the same period.
  • The company's operating profit declined by 15.7% QoQ during the quarter. Consequently, operating profit margins witnessed a decline and stood at 75.7% in 1QFY21 as against 83.2% in 4QFY20.
  • Net profit for the quarter declined by 28.2% QoQ, while net profit margins declined from 21.2% in 4QFY20 to 16.5% in 1QFY21.

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

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POWER GRID Share Price Performance

Over the last one year, POWER GRID share price has moved down from Rs 196.4 to Rs 168.4, registering a Loss of Rs 28.0 or around 14.2%.

Meanwhile, the S&P BSE POWER Index is trading at Rs 1,635.2 (down 2.2%). Over the last one year it has moved down from 1,921.8 to 1,635.2, a gain of 287 points (down 14.9%).

Overall, the S&P BSE SENSEX is up 3.3% over the year.

Current Valuations

At the current price of Rs 168.4, the price to earnings (P/E) ratio of POWER GRID stands at 10.6 times its trailing twelve months earnings, while its price to book value (P/BV) ratio stands at 1.5 times.

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For the quarter ended December 2019, POWER GRID has posted a net profit of Rs 23 bn (down 7.2% YoY). Sales on the other hand came in at Rs 90 bn (up 6.1% YoY). Read on for a complete analysis of POWER GRID's quarterly results.

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