SJVN Announces Quarterly Results (3QFY19); Net Profit Up 2.8%

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SJVN Announces Quarterly Results (3QFY19); Net Profit Up 2.8%
Tue, 12 Feb

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

SJVN Quarterly Financials

No. of Mths
Qtr. Ending
3
Dec-17*
3
Sep-18*
3
Dec-18*
QoQ ChangeYoY Change
Net SalesRs m4,3667,5194,845-35.6%11.0%
Other incomeRs m920793667-16.0%-27.6%
TurnoverRs m5,2868,3125,512-33.7%4.3%
ExpensesRs m1,3701,3641,52812.0%11.6%
Gross profitRs m2,9965,9992,965-50.6%-1.0%
DepreciationRs m9359659751.1%4.3%
InterestRs m-1831,409-421-129.9%
Profit before taxRs m3,1654,4183,078-30.3%-2.7%
TaxRs m7991,320645-51.1%-19.3%
Profit after taxRs m2,3653,0982,433-21.5%2.8%
Gross profit margin%68.679.861.2
Effective tax rate%25.329.921.0
Net profit margin%44.737.344.1
* 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 11.0% on a year-on-year (YoY) basis. The expenses were up by 11.6% YoY during the same period.
  • The company's operating profit declined by 1.0% YoY during the quarter. Consequently, operating profit margins witnessed a decline and stood at 61.2% in 3QFY19 as against 68.6% in 3QFY18.
  • Depreciation charges increased by 4.3% and finance costs increased by 129.7% YoY, respectively.
  • Other income declined by 27.6% YoY during the quarter.
  • Net profit for the quarter increased by 2.8% YoY. Net profit margins during the quarter declined from 44.7% in 3QFY18 to 44.1% in 3QFY19.
Quarter-on-Quarter Performance:
  • The company's operating income during the quarter fell 35.6% on a quarter-on-quarter (QoQ) basis. The expenses were up by 12.0% QoQ during the same period.
  • The company's operating profit declined by 50.6% QoQ during the quarter. Consequently, operating profit margins witnessed a decline and stood at 61.2% in 3QFY19 as against 79.8% in 2QFY18.
  • Net profit for the quarter declined by 21.5% QoQ, while net profit margins increased from 37.3% in 2QFY18 to 44.1% in 3QFY19.

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 36.9 to Rs 25.8, registering a Loss of Rs 11.1 or around 30.0%.

Meanwhile, the S&P BSE POWER Index is trading at Rs 1,779.7 (up 0.4%). Over the last one year it has moved down from 2,273.7 to 1,779.7, a gain of 494 points (down 21.7%).

Overall, the S&P BSE SENSEX is up 6.0% over the year.

Current Valuations

At the current price of Rs 25.8, the price to earnings (P/E) ratio of SJVN stands at 10.9 times its trailing twelve months earnings, while its price to book value (P/BV) ratio stands at 1.0 times.

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For the quarter ended September 2019, SJVN has posted a net profit of Rs 6 bn (up 85.5% YoY). Sales on the other hand came in at Rs 9 bn (up 25.9% YoY). Read on for a complete analysis of SJVN's quarterly results.

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