SKF INDIA Announces Quarterly Results (4QFY20); Net Profit Down 8.3%

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SKF INDIA Announces Quarterly Results (4QFY20); Net Profit Down 8.3%
Fri, 8 May

SKF INDIA has announced its results for the quarter ended March 2020. Here is a detailed performance review of the same:

SKF INDIA Quarterly Financials

No. of Mths
Qtr. Ending
3
Mar-19*
3
Dec-19*
3
Mar-20*
QoQ ChangeYoY Change
Net SalesRs m7,4847,0736,102-13.7%-18.5%
Other incomeRs m292171464171.4%59.3%
TurnoverRs m7,7767,2456,567-9.4%-15.6%
ExpensesRs m6,3756,3485,483-13.6%-14.0%
Gross profitRs m1,110726619-14.7%-44.3%
DepreciationRs m1161451471.4%26.9%
InterestRs m182518-26.6%0.0%
Profit before taxRs m1,26872791826.3%-27.6%
TaxRs m446215165-23.4%-63.0%
Profit after taxRs m82251275347.2%-8.3%
Gross profit margin%14.810.310.1
Effective tax rate%35.229.618.0
Net profit margin%10.67.111.5
* 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 18.5% on a year-on-year (YoY) basis. The expenses were down by 14.0% YoY during the same period.
  • The company's operating profit declined by 44.3% YoY during the quarter. Consequently, operating profit margins witnessed a decline and stood at 10.1% in 4QFY20 as against 14.8% in 4QFY19.
  • Depreciation charges increased by 26.9% and finance costs increased by 0.0% YoY, respectively.
  • Other income increased by 59.3% YoY during the quarter.
  • Net profit for the quarter declined by 8.3% YoY. Net profit margins during the quarter increased from 10.6% in 4QFY19 to 11.5% in 4QFY20.
Quarter-on-Quarter Performance:
  • The company's operating income during the quarter fell 13.7% on a quarter-on-quarter (QoQ) basis. The expenses were down by 13.6% QoQ during the same period.
  • The company's operating profit declined by 14.7% QoQ during the quarter. Consequently, operating profit margins witnessed a decline and stood at 10.1% in 4QFY20 as against 10.3% in 3QFY19.
  • Net profit for the quarter increased by 47.2% QoQ, while net profit margins increased from 7.1% in 3QFY19 to 11.5% in 4QFY20.

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 down from Rs 1,883.1 to Rs 1,445.9, registering a Loss of Rs 437.2 or around 23.2%.

Overall, the S&P BSE SENSEX is down 16.7% over the year.

Current Valuations

At the current price of Rs 1,445.9, the price to earnings (P/E) ratio of SKF INDIA stands at 26.4 times its trailing twelve months earnings, while its price to book value (P/BV) ratio stands at 4.5 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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