SKF INDIA Announces Quarterly Results (2QFY20); Net Profit Up 0.4%

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SKF INDIA Announces Quarterly Results (2QFY20); Net Profit Up 0.4%
Wed, 6 Nov

SKF INDIA has announced its results for the quarter ended September 2019. Here is a detailed performance review of the same:

SKF INDIA Quarterly Financials

No. of Mths
Qtr. Ending
3
Sep-18*
3
Jun-19*
3
Sep-19*
QoQ ChangeYoY Change
Net SalesRs m7,6607,7687,472-3.8%-2.5%
Other incomeRs m21417223235.4%8.4%
TurnoverRs m7,8757,9407,704-3.0%-2.2%
ExpensesRs m6,4546,5686,522-0.7%1.0%
Gross profitRs m1,2061,200950-20.8%-21.2%
DepreciationRs m1171391412.0%21.4%
InterestRs m02625-6.8%0.0%
Profit before taxRs m1,3041,2071,016-15.8%-22.1%
TaxRs m461427170-60.2%-63.1%
Profit after taxRs m8437798468.6%0.4%
Gross profit margin%15.715.412.7
Effective tax rate%35.435.416.7
Net profit margin%10.79.811.0
* 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 2.5% on a year-on-year (YoY) basis. The expenses were up by 1.0% YoY during the same period.
  • The company's operating profit declined by 21.2% YoY during the quarter. Consequently, operating profit margins witnessed a decline and stood at 12.7% in 2QFY20 as against 15.7% in 2QFY19.
  • Depreciation charges increased by 21.4% and finance costs increased by 0.0% YoY, respectively.
  • Other income increased by 8.4% YoY during the quarter.
  • Net profit for the quarter increased by 0.4% YoY. Net profit margins during the quarter increased from 10.7% in 2QFY19 to 11.0% in 2QFY20.
Quarter-on-Quarter Performance:
  • The company's operating income during the quarter fell 3.8% on a quarter-on-quarter (QoQ) basis. The expenses were down by 0.7% QoQ during the same period.
  • The company's operating profit declined by 20.8% QoQ during the quarter. Consequently, operating profit margins witnessed a decline and stood at 12.7% in 2QFY20 as against 15.4% in 1QFY19.
  • Net profit for the quarter increased by 8.6% QoQ, while net profit margins increased from 9.8% in 1QFY19 to 11.0% in 2QFY20.

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

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SKF INDIA Share Price Performance

Over the last one year,SKF INDIA share price has moved up from Rs 1,787.9 to Rs 2,170.0, registering a Gain of Rs 382.1 or around 21.4%.

Overall, the S&P BSE SENSEX is up 14.6% over the year.

Current Valuations

At the current price of Rs 2,170.0, the price to earnings (P/E) ratio of SKF INDIA stands at 34.3 times its trailing twelve months earnings, while its price to book value (P/BV) ratio stands at 6.2 times.

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For the quarter ended September 2020, SKF INDIA has posted a net profit of Rs 650 m (down 23.2% YoY). Sales on the other hand came in at Rs 7 bn (down 5.9% YoY). Read on for a complete analysis of SKF INDIA's quarterly results.

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