PETRONET LNG Announces Quarterly Results (2QFY19); Net Profit Down 4.4%

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PETRONET LNG Announces Quarterly Results (2QFY19); Net Profit Down 4.4%
Mon, 12 Nov

PETRONET LNG has announced its results for the quarter ended September 2018. Here is a detailed performance review of the same:

PETRONET LNG Quarterly Financials

No. of Mths
Qtr. Ending
3
Sep-17*
3
Jun-18*
3
Sep-18*
QoQ ChangeYoY Change
Net SalesRs m77,70291,692107,45317.2%38.3%
Other incomeRs m1,0199901,11512.6%9.4%
TurnoverRs m78,72292,681108,56817.1%37.9%
ExpensesRs m68,71582,34798,61619.8%43.5%
Gross profitRs m8,9879,3448,837-5.4%-1.7%
DepreciationRs m1,0391,0221,0371.4%-0.2%
InterestRs m465300249-17.0%-46.4%
Profit before taxRs m8,5049,0128,666-3.8%1.9%
TaxRs m2,6163,1423,037-3.4%16.1%
Profit after taxRs m5,8885,8705,630-4.1%-4.4%
Gross profit margin%11.610.28.2
Effective tax rate%30.834.935.0
Net profit margin%7.56.35.2
* 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 38.3% on a year-on-year (YoY) basis. The expenses were up by 43.5% YoY during the same period.
  • The company's operating profit declined by 1.7% YoY during the quarter. Consequently, operating profit margins witnessed a decline and stood at 8.2% in 2QFY19 as against 11.6% in 2QFY18.
  • Depreciation charges declined by 0.2% and finance costs declined by 46.4% YoY, respectively.
  • Other income increased by 9.4% YoY during the quarter.
  • Net profit for the quarter declined by 4.4% YoY. Net profit margins during the quarter declined from 7.5% in 2QFY18 to 5.2% in 2QFY19.
Quarter-on-Quarter Performance:
  • The company's operating income during the quarter grew 17.2% on a quarter-on-quarter (QoQ) basis. The expenses were up by 19.8% QoQ during the same period.
  • The company's operating profit declined by 5.4% QoQ during the quarter. Consequently, operating profit margins witnessed a decline and stood at 8.2% in 2QFY19 as against 10.2% in 1QFY18.
  • Net profit for the quarter declined by 4.1% QoQ, while net profit margins declined from 6.3% in 1QFY18 to 5.2% in 2QFY19.

To see how PETRONET LNG has performed over the last eight quarters, please visit here.

PETRONET LNG Share Price Performance

Over the last one year, PETRONET LNG share price has moved up from Rs 263.3 to Rs 219.8, registering a Loss of Rs 43.6 or around 16.5%.

Meanwhile, the S&P BSE OIL & GAS Index is trading at Rs 13,495.5 (down 0.7%). Over the last one year it has moved down from 15,978.5 to 13,495.5, a gain of 2,483 points (down 15.5%).

Overall, the S&P BSE SENSEX is up 5.7% over the year.

Current Valuations

At the current price of Rs 219.8, the price to earnings (P/E) ratio of PETRONET LNG stands at 15.0 times its trailing twelve months earnings, while its price to book value (P/BV) ratio stands at 3.4 times.

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