PSP PROJECTS Announces Quarterly Results (1QFY21); Net Profit Down 108.7%

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PSP PROJECTS Announces Quarterly Results (1QFY21); Net Profit Down 108.7%
Mon, 10 Aug

PSP PROJECTS has announced its results for the quarter ended June 2020. Here is a detailed performance review of the same:

PSP PROJECTS Quarterly Financials

No. of Mths
Qtr. Ending
3
Jun-19*
3
Mar-20*
3
Jun-20*
QoQ ChangeYoY Change
Net SalesRs m3,0734,5641,069-76.6%-65.2%
Other incomeRs m527448-35.4%-7.7%
TurnoverRs m3,1254,6381,117-75.9%-64.3%
ExpensesRs m2,6464,0591,056-74.0%-60.1%
Gross profitRs m42750513-97.4%-97.0%
DepreciationRs m597662-19.0%4.8%
InterestRs m284229-30.6%5.0%
Profit before taxRs m392461-30-106.4%-107.6%
TaxRs m137119-8-106.3%-105.5%
Profit after taxRs m255343-22-106.5%-108.7%
Gross profit margin%13.911.11.2
Effective tax rate%34.925.725.3
Net profit margin%8.27.4-2.0
* 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 fell 65.2% on a year-on-year (YoY) basis. The expenses were down by 60.1% YoY during the same period.
  • The company's operating profit declined by 97.0% YoY during the quarter. Consequently, operating profit margins witnessed a decline and stood at 1.2% in 1QFY21 as against 13.9% in 1QFY20.
  • Depreciation charges increased by 4.8% and finance costs increased by 5.0% YoY, respectively.
  • Other income declined by 7.7% YoY during the quarter.
  • Net profit for the quarter declined by 108.7% YoY. Net profit margins during the quarter declined from 8.2% in 1QFY20 to -2.0% in 1QFY21.
Quarter-on-Quarter Performance:
  • The company's operating income during the quarter fell 76.6% on a quarter-on-quarter (QoQ) basis. The expenses were down by 74.0% QoQ during the same period.
  • The company's operating profit declined by 97.4% QoQ during the quarter. Consequently, operating profit margins witnessed a decline and stood at 1.2% in 1QFY21 as against 11.1% in 4QFY20.
  • Net profit for the quarter declined by 106.5% QoQ, while net profit margins declined from 7.4% in 4QFY20 to -2.0% in 1QFY21.

To see how PSP PROJECTS has performed over the last eight quarters,please visit here.

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PSP PROJECTS Share Price Performance

Over the last one year,PSP PROJECTS share price has moved down from Rs 495.6 to Rs 405.2, registering a Loss of Rs 90.4 or around 18.2%.

Meanwhile, the S&P BSE REALTY Index is trading at Rs 1,621.8 (up 1.0%). Over the last one year it has moved down from 2,049.4 to 1,621.8, a gain of 428 points (down 20.9%).

Overall, the S&P BSE SENSEX is up 4.5% over the year.

Current Valuations

At the current price of Rs 405.2, the price to earnings (P/E) ratio of PSP PROJECTS stands at 14.4 times its trailing twelve months earnings, while its price to book value (P/BV) ratio stands at 3.9 times.

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For the quarter ended March 2020, PSP PROJECTS has posted a net profit of Rs 343 m (up 13.7% YoY). Sales on the other hand came in at Rs 5 bn (up 34.9% YoY). Read on for a complete analysis of PSP PROJECTS's quarterly results.

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