POWER GRID Announces Quarterly Results (3QFY20); Net Profit Down 7.2%

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POWER GRID Announces Quarterly Results (3QFY20); Net Profit Down 7.2%
Mon, 3 Feb

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

POWER GRID Quarterly Financials

No. of Mths
Qtr. Ending
3
Dec-18*
3
Sep-19*
3
Dec-19*
QoQ ChangeYoY Change
Net SalesRs m84,71286,85089,9203.5%6.1%
Other incomeRs m4,1904,9825,0491.3%20.5%
TurnoverRs m88,90291,83294,9693.4%6.8%
ExpensesRs m9,01811,28111,157-1.1%23.7%
Gross profitRs m75,69475,56978,7624.2%4.1%
DepreciationRs m26,04727,48228,0242.0%7.6%
InterestRs m22,75323,76124,7404.1%8.7%
Profit before taxRs m31,08429,30831,0475.9%-0.1%
TaxRs m6,1777,5557,9335.0%28.4%
Profit after taxRs m24,90721,75323,1146.3%-7.2%
Gross profit margin%89.487.087.6
Effective tax rate%19.925.825.6
Net profit margin%28.023.724.3
* 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 6.1% on a year-on-year (YoY) basis. The expenses were up by 23.7% YoY during the same period.
  • The company's operating profit increased by 4.1% YoY during the quarter. Consequently, operating profit margins witnessed a decline and stood at 87.6% in 3QFY20 as against 89.4% in 3QFY19.
  • Depreciation charges increased by 7.6% and finance costs increased by 8.7% YoY, respectively.
  • Other income increased by 20.5% YoY during the quarter.
  • Net profit for the quarter declined by 7.2% YoY. Net profit margins during the quarter declined from 28.0% in 3QFY19 to 24.3% in 3QFY20.
Quarter-on-Quarter Performance:
  • The company's operating income during the quarter grew 3.5% on a quarter-on-quarter (QoQ) basis. The expenses were down by 1.1% QoQ during the same period.
  • The company's operating profit increased by 4.2% QoQ during the quarter. Consequently, operating profit margins witnessed a growth and stood at 87.6% in 3QFY20 as against 87.0% in 2QFY19.
  • Net profit for the quarter increased by 6.3% QoQ, while net profit margins increased from 23.7% in 2QFY19 to 24.3% in 3QFY20.

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

Get Details: These 3 Stocks are the Dark Horses of the Stock Market

POWER GRID Share Price Performance

Over the last one year,POWER GRID share price has moved down from Rs 190.4 to Rs 185.1, registering a Loss of Rs 5.3 or around 2.8%.

Meanwhile, the S&P BSE POWER Index is trading at Rs 1,862.4 (up 1.1%). Over the last one year it has moved down from 1,887.8 to 1,862.4, a gain of 25 points (down 1.3%).

Overall, the S&P BSE SENSEX is up 9.5% over the year.

Current Valuations

At the current price of Rs 185.1, the price to earnings (P/E) ratio of POWER GRID stands at 6.3 times its trailing twelve months earnings, while its price to book value (P/BV) ratio stands at 1.6 times.

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For the quarter ended June 2020, POWER GRID has posted a net profit of Rs 16 bn (down 34.9% YoY). Sales on the other hand came in at Rs 90 bn (up 2.1% YoY). Read on for a complete analysis of POWER GRID's quarterly results.

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