SKF INDIA Announces Quarterly Results (3QFY20); Net Profit Down 42.1%

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SKF INDIA Announces Quarterly Results (3QFY20); Net Profit Down 42.1%
Fri, 7 Feb

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

SKF INDIA Quarterly Financials

No. of Mths
Qtr. Ending
3
Dec-18*
3
Sep-19*
3
Dec-19*
QoQ ChangeYoY Change
Net SalesRs m7,6777,4727,073-5.3%-7.9%
Other incomeRs m338232171-26.3%-49.4%
TurnoverRs m8,0157,7047,245-6.0%-9.6%
ExpensesRs m6,4606,5226,348-2.7%-1.7%
Gross profitRs m1,216950726-23.6%-40.4%
DepreciationRs m1151411452.3%26.0%
InterestRs m2125251.2%19.8%
Profit before taxRs m1,4191,016727-28.5%-48.8%
TaxRs m53517021526.5%-59.7%
Profit after taxRs m885846512-39.5%-42.1%
Gross profit margin%15.812.710.3
Effective tax rate%37.716.729.6
Net profit margin%11.011.07.1
* 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 fell 7.9% on a year-on-year (YoY) basis. The expenses were down by 1.7% YoY during the same period.
  • The company's operating profit declined by 40.4% YoY during the quarter. Consequently, operating profit margins witnessed a decline and stood at 10.3% in 3QFY20 as against 15.8% in 3QFY19.
  • Depreciation charges increased by 26.0% and finance costs increased by 19.8% YoY, respectively.
  • Other income declined by 49.4% YoY during the quarter.
  • Net profit for the quarter declined by 42.1% YoY. Net profit margins during the quarter declined from 11.0% in 3QFY19 to 7.1% in 3QFY20.
Quarter-on-Quarter Performance:
  • The company's operating income during the quarter fell 5.3% on a quarter-on-quarter (QoQ) basis. The expenses were down by 2.7% QoQ during the same period.
  • The company's operating profit declined by 23.6% QoQ during the quarter. Consequently, operating profit margins witnessed a decline and stood at 10.3% in 3QFY20 as against 12.7% in 2QFY19.
  • Net profit for the quarter declined by 39.5% QoQ, while net profit margins declined from 11.0% in 2QFY19 to 7.1% in 3QFY20.

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 1,934.9 to Rs 2,077.0, registering a Gain of Rs 142.2 or around 7.3%.

Overall, the S&P BSE SENSEX is up 11.5% over the year.

Current Valuations

At the current price of Rs 2,077.0, the price to earnings (P/E) ratio of SKF INDIA stands at 37.0 times its trailing twelve months earnings, while its price to book value (P/BV) ratio stands at 6.5 times.

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