POWER GRID Announces Quarterly Results (2QFY19); Net Profit Down 7.5%

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POWER GRID Announces Quarterly Results (2QFY19); Net Profit Down 7.5%
Mon, 12 Nov

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

POWER GRID Quarterly Financials

No. of Mths
Qtr. Ending
3
Sep-17*
3
Jun-18*
3
Sep-18*
QoQ ChangeYoY Change
Net SalesRs m72,52881,27182,8301.9%14.2%
Other incomeRs m2,3973,0064,06935.4%69.8%
TurnoverRs m74,92584,27786,9003.1%16.0%
ExpensesRs m7,78012,00013,1069.2%68.5%
Gross profitRs m64,74969,27169,7250.7%7.7%
DepreciationRs m22,35024,50625,4834.0%14.0%
InterestRs m18,67321,40623,0957.9%23.7%
Profit before taxRs m26,12326,36425,216-4.4%-3.5%
TaxRs m5,5236,0536,1701.9%11.7%
Profit after taxRs m20,60020,31219,046-6.2%-7.5%
Gross profit margin%89.385.284.2
Effective tax rate%21.123.024.5
Net profit margin%27.524.121.9
* 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 14.2% on a year-on-year (YoY) basis. The expenses were up by 68.5% YoY during the same period.
  • The company's operating profit increased by 7.7% YoY during the quarter. Consequently, operating profit margins witnessed a decline and stood at 84.2% in 2QFY19 as against 89.3% in 2QFY18.
  • Depreciation charges increased by 14.0% and finance costs increased by 23.7% YoY, respectively.
  • Other income increased by 69.8% YoY during the quarter.
  • Net profit for the quarter declined by 7.5% YoY. Net profit margins during the quarter declined from 27.5% in 2QFY18 to 21.9% in 2QFY19.
Quarter-on-Quarter Performance:
  • The company's operating income during the quarter grew 1.9% on a quarter-on-quarter (QoQ) basis. The expenses were up by 9.2% QoQ during the same period.
  • The company's operating profit declined by 0.7% QoQ during the quarter. Consequently, operating profit margins witnessed a decline and stood at 84.2% in 2QFY19 as against 85.2% in 1QFY18.
  • Net profit for the quarter declined by 6.2% QoQ, while net profit margins declined from 24.1% in 1QFY18 to 21.9% in 2QFY19.

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 211.2 to Rs 188.5, registering a Loss of Rs 22.8 or around 10.8%.

Meanwhile, the S&P BSE POWER Index is trading at Rs 1,964.4 (down 0.7%). Over the last one year it has moved down from 2,291.1 to 1,964.4, a gain of 327 points (down 14.3%).

Overall, the S&P BSE SENSEX is up 5.8% over the year.

Current Valuations

At the current price of Rs 188.5, the price to earnings (P/E) ratio of POWER GRID stands at 12.4 times its trailing twelve months earnings, while its price to book value (P/BV) ratio stands at 1.8 times.

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