PHOENIX MILL Announces Quarterly Results (3QFY19); Net Profit Up 11.8%

Tue, 12 Feb

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

PHOENIX MILL Quarterly Financials

No. of Mths Qtr. Ending		3 Dec-17*	3 Sep-18*	3 Dec-18*	QoQ Change	YoY Change
Net Sales	Rs m	4,166	4,047	4,404	8.8%	5.7%
Other income	Rs m	106	183	170	-7.0%	60.4%
Turnover	Rs m	4,272	4,230	4,574	8.1%	7.1%
Expenses	Rs m	2,099	2,065	2,180	5.5%	3.9%
Gross profit	Rs m	2,177	2,086	2,225	6.7%	2.2%
Depreciation	Rs m	485	506	523	3.3%	7.9%
Interest	Rs m	883	917	917	-0.1%	3.9%
Profit before tax	Rs m	915	845	955	13.0%	4.3%
Tax	Rs m	218	179	175	-2.1%	-19.7%
Profit after tax	Rs m	697	666	780	17.1%	11.8%
Gross profit margin	%	52.2	51.5	50.5
Effective tax rate	%	23.8	21.1	18.3
Net profit margin	%	16.3	15.7	17.1

Year-on-Year Performance:

• The company's operating income during the quarter grew 5.7% on a year-on-year (YoY) basis. The expenses were up by 3.9% YoY during the same period.
• The company's operating profit increased by 2.2% YoY during the quarter. Consequently, operating profit margins witnessed a decline and stood at 50.5% in 3QFY19 as against 52.2% in 3QFY18.
• Depreciation charges increased by 7.9% and finance costs increased by 3.9% YoY, respectively.
• Other income increased by 60.4% YoY during the quarter.
• Net profit for the quarter increased by 11.8% YoY. Net profit margins during the quarter increased from 16.3% in 3QFY18 to 17.1% in 3QFY19.

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 5.5% QoQ during the same period.
• The company's operating profit declined by 6.7% QoQ during the quarter. Consequently, operating profit margins witnessed a decline and stood at 50.5% in 3QFY19 as against 51.5% in 2QFY18.
• Net profit for the quarter increased by 17.1% QoQ, while net profit margins increased from 15.7% in 2QFY18 to 17.1% in 3QFY19.

To see how PHOENIX MILL has performed over the last eight quarters, please visit here.

PHOENIX MILL Share Price Performance

Over the last one year, PHOENIX MILL share price has moved up from Rs 605.7 to Rs 589.0, registering a Loss of Rs 16.7 or around 2.7%.

Meanwhile, the S&P BSE REALTY Index is trading at Rs 1,748.9 (down 0.2%). Over the last one year it has moved down from 2,518.0 to 1,748.9, a gain of 769 points (down 30.5%).

Overall, the S&P BSE SENSEX is up 6.1% over the year.

Current Valuations

At the current price of Rs 589.0, the price to earnings (P/E) ratio of PHOENIX MILL stands at 27.3 times its trailing twelve months earnings, while its price to book value (P/BV) ratio stands at 3.0 times.