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SJVN Announces Quarterly Results (2QFY19); Net Profit Down 28.8%

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SJVN Announces Quarterly Results (2QFY19); Net Profit Down 28.8%
Wed, 14 Nov

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

SJVN Quarterly Financials

No. of Mths
Qtr. Ending
3
Sep-17*
3
Jun-18*
3
Sep-18*
QoQ ChangeYoY Change
Net SalesRs m7,2736,1427,51922.4%3.4%
Other incomeRs m824362793118.9%-3.7%
TurnoverRs m8,0966,5058,31227.8%2.7%
ExpensesRs m1,4162,8781,364-52.6%-3.7%
Gross profitRs m6,0674,4395,99935.2%-1.1%
DepreciationRs m9489539651.2%1.8%
InterestRs m30401,4090.0%364.2%
Profit before taxRs m5,6393,8484,41814.8%-21.6%
TaxRs m1,2909121,32044.7%2.3%
Profit after taxRs m4,3492,9363,0985.5%-28.8%
Gross profit margin%83.472.379.8
Effective tax rate%22.923.729.9
Net profit margin%53.745.137.3
* 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 3.4% on a year-on-year (YoY) basis. The expenses were down by 3.7% YoY during the same period.
  • The company's operating profit declined by 1.1% YoY during the quarter. Consequently, operating profit margins witnessed a decline and stood at 79.8% in 2QFY19 as against 83.4% in 2QFY18.
  • Depreciation charges increased by 1.8% and finance costs increased by 364.2% YoY, respectively.
  • Other income declined by 3.7% YoY during the quarter.
  • Net profit for the quarter declined by 28.8% YoY. Net profit margins during the quarter declined from 53.7% in 2QFY18 to 37.3% in 2QFY19.
Quarter-on-Quarter Performance:
  • The company's operating income during the quarter grew 22.4% on a quarter-on-quarter (QoQ) basis. The expenses were down by 52.6% QoQ during the same period.
  • The company's operating profit increased by 35.2% QoQ during the quarter. Consequently, operating profit margins witnessed a growth and stood at 79.8% in 2QFY19 as against 72.3% in 1QFY18.
  • Net profit for the quarter increased by 5.5% QoQ, while net profit margins declined from 45.1% in 1QFY18 to 37.3% in 2QFY19.

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

SJVN Share Price Performance

Over the last one year, SJVN share price has moved up from Rs 34.6 to Rs 28.2, registering a Loss of Rs 6.4 or around 18.5%.

Meanwhile, the S&P BSE POWER Index is trading at Rs 1,967.4 (up 0.6%). Over the last one year it has moved down from 2,260.7 to 1,967.4, a gain of 293 points (down 13.0%).

Overall, the S&P BSE SENSEX is up 6.5% over the year.

Current Valuations

At the current price of Rs 28.2, the price to earnings (P/E) ratio of SJVN stands at 12.0 times its trailing twelve months earnings, while its price to book value (P/BV) ratio stands at 1.1 times.

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For the quarter ended December 2018, SJVN has posted a net profit of Rs 2 bn (up 2.8% YoY). Sales on the other hand came in at Rs 5 bn (up 11.0% YoY). Read on for a complete analysis of SJVN's quarterly results.

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