POWER GRID Announces Quarterly Results (4QFY19); Net Profit Up 359.3%

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POWER GRID Announces Quarterly Results (4QFY19); Net Profit Up 359.3%
Mon, 3 Jun

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

POWER GRID Quarterly Financials

No. of Mths
Qtr. Ending
3
Mar-18*
3
Dec-18*
3
Mar-19*
QoQ ChangeYoY Change
Net SalesRs m78,11384,71292,1818.8%18.0%
Other incomeRs m2,8764,1903,922-6.4%36.4%
TurnoverRs m80,98988,90296,1028.1%18.7%
ExpensesRs m12,8729,01814,24758.0%10.7%
Gross profitRs m65,24175,69477,9343.0%19.5%
DepreciationRs m24,06526,04725,970-0.3%7.9%
InterestRs m20,05522,75323,6604.0%18.0%
Profit before taxRs m23,99731,08432,2263.7%34.3%
TaxRs m5,5366,177-52,568-951.1%-1049.6%
Profit after taxRs m18,46124,90784,793240.4%359.3%
Gross profit margin%83.589.484.5
Effective tax rate%23.119.9-163.1
Net profit margin%22.828.088.2
* 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 18.0% on a year-on-year (YoY) basis. The expenses were up by 10.7% YoY during the same period.
  • The company's operating profit increased by 19.5% YoY during the quarter. Consequently, operating profit margins witnessed a growth and stood at 84.5% in 4QFY19 as against 83.5% in 4QFY18.
  • Depreciation charges increased by 7.9% and finance costs increased by 18.0% YoY, respectively.
  • Other income increased by 36.4% YoY during the quarter.
  • Net profit for the quarter increased by 359.3% YoY. Net profit margins during the quarter increased from 22.8% in 4QFY18 to 88.2% in 4QFY19.
Quarter-on-Quarter Performance:
  • The company's operating income during the quarter grew 8.8% on a quarter-on-quarter (QoQ) basis. The expenses were up by 58.0% QoQ during the same period.
  • The company's operating profit declined by 3.0% QoQ during the quarter. Consequently, operating profit margins witnessed a decline and stood at 84.5% in 4QFY19 as against 89.4% in 3QFY18.
  • Net profit for the quarter increased by 240.4% QoQ, while net profit margins increased from 28.0% in 3QFY18 to 88.2% in 4QFY19.

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 205.9 to Rs 190.5, registering a Loss of Rs 15.4 or around 7.5%.

Meanwhile, the S&P BSE POWER Index is trading at Rs 2,014.3 (up 0.2%). Over the last one year it has moved down from 2,089.1 to 2,014.3, a gain of 75 points (down 3.6%).

Overall, the S&P BSE SENSEX is up 13.2% over the year.

Current Valuations

At the current price of Rs 190.5, the price to earnings (P/E) ratio of POWER GRID stands at 6.7 times its trailing twelve months earnings, while its price to book value (P/BV) ratio stands at 1.8 times.

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