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.

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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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