POWER GRID Announces Quarterly Results (3QFY19); Net Profit Up 16.2%

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POWER GRID Announces Quarterly Results (3QFY19); Net Profit Up 16.2%
Fri, 1 Feb

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

POWER GRID Quarterly Financials

No. of Mths
Qtr. Ending
3
Dec-17*
3
Sep-18*
3
Dec-18*
QoQ ChangeYoY Change
Net SalesRs m75,07082,83084,7122.3%12.8%
Other incomeRs m2,7814,0694,1903.0%50.7%
TurnoverRs m77,85086,90088,9022.3%14.2%
ExpensesRs m7,68613,1069,018-31.2%17.3%
Gross profitRs m67,38369,72575,6948.6%12.3%
DepreciationRs m23,18625,48326,0472.2%12.3%
InterestRs m19,55523,09522,753-1.5%16.4%
Profit before taxRs m27,42425,21631,08423.3%13.3%
TaxRs m5,9966,1706,1770.1%3.0%
Profit after taxRs m21,42819,04624,90730.8%16.2%
Gross profit margin%89.884.289.4
Effective tax rate%21.924.519.9
Net profit margin%27.521.928.0
* 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 12.8% on a year-on-year (YoY) basis. The expenses were up by 17.3% YoY during the same period.
  • The company's operating profit increased by 12.3% YoY during the quarter. Consequently, operating profit margins witnessed a decline and stood at 89.4% in 3QFY19 as against 89.8% in 3QFY18.
  • Depreciation charges increased by 12.3% and finance costs increased by 16.4% YoY, respectively.
  • Other income increased by 50.7% YoY during the quarter.
  • Net profit for the quarter increased by 16.2% YoY. Net profit margins during the quarter increased from 27.5% in 3QFY18 to 28.0% in 3QFY19.
Quarter-on-Quarter Performance:
  • The company's operating income during the quarter grew 2.3% on a quarter-on-quarter (QoQ) basis. The expenses were down by 31.2% QoQ during the same period.
  • The company's operating profit increased by 8.6% QoQ during the quarter. Consequently, operating profit margins witnessed a growth and stood at 89.4% in 3QFY19 as against 84.2% in 2QFY18.
  • Net profit for the quarter increased by 30.8% QoQ, while net profit margins increased from 21.9% in 2QFY18 to 28.0% in 3QFY19.

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 195.0 to Rs 190.1, registering a Loss of Rs 4.9 or around 2.5%.

Meanwhile, the S&P BSE POWER Index is trading at Rs 1,887.3 (up 0.3%). Over the last one year it has moved down from 2,320.6 to 1,887.3, a gain of 433 points (down 18.7%).

Overall, the S&P BSE SENSEX is up 1.2% over the year.

Current Valuations

At the current price of Rs 190.1, the price to earnings (P/E) ratio of POWER GRID stands at 12.0 times its trailing twelve months earnings, while its price to book value (P/BV) ratio stands at 1.8 times.

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