VOLTAS Announces Quarterly Results (1QFY21); Net Profit Down 50.2%

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VOLTAS Announces Quarterly Results (1QFY21); Net Profit Down 50.2%
Tue, 1 Sep

VOLTAS has announced its results for the quarter ended June 2020. Here is a detailed performance review of the same:

VOLTAS Quarterly Financials

No. of Mths
Qtr. Ending
3
Jun-19*
3
Mar-20*
3
Jun-20*
QoQ ChangeYoY Change
Net SalesRs m26,54020,89612,708-39.2%-52.1%
Other incomeRs m43360593654.8%116.3%
TurnoverRs m26,97321,50113,643-36.5%-49.4%
ExpensesRs m23,62818,97612,302-35.2%-47.9%
Gross profitRs m2,4821,900406-78.6%-83.7%
DepreciationRs m7782820.2%6.5%
InterestRs m44616711.1%53.4%
Profit before taxRs m2,7942,3621,192-49.5%-57.3%
TaxRs m917572258-55.0%-71.9%
Profit after taxRs m1,8771,790935-47.8%-50.2%
Gross profit margin%9.49.13.2
Effective tax rate%32.824.221.6
Net profit margin%7.08.36.8
* 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 52.1% on a year-on-year (YoY) basis. The expenses were down by 47.9% YoY during the same period.
  • The company's operating profit declined by 83.7% YoY during the quarter. Consequently, operating profit margins witnessed a decline and stood at 3.2% in 1QFY21 as against 9.4% in 1QFY20.
  • Depreciation charges increased by 6.5% and finance costs increased by 53.4% YoY, respectively.
  • Other income increased by 116.3% YoY during the quarter.
  • Net profit for the quarter declined by 50.2% YoY. Net profit margins during the quarter declined from 7.0% in 1QFY20 to 6.8% in 1QFY21.
Quarter-on-Quarter Performance:
  • The company's operating income during the quarter fell 39.2% on a quarter-on-quarter (QoQ) basis. The expenses were down by 35.2% QoQ during the same period.
  • The company's operating profit declined by 78.6% QoQ during the quarter. Consequently, operating profit margins witnessed a decline and stood at 3.2% in 1QFY21 as against 9.1% in 4QFY20.
  • Net profit for the quarter declined by 47.8% QoQ, while net profit margins declined from 8.3% in 4QFY20 to 6.8% in 1QFY21.

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

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VOLTAS Share Price Performance

Over the last one year,VOLTAS share price has moved up from Rs 640.9 to Rs 647.0, registering a Gain of Rs 6.2 or around 1.0%.

Meanwhile, the S&P BSE CONSUMER DURABLES Index is trading at Rs 22,815.7 (up 0.3%). Over the last one year it has moved down from 23,420.2 to 22,815.7, a gain of 604 points (down 2.6%).

Overall, the S&P BSE SENSEX is up 5.9% over the year.

Current Valuations

At the current price of Rs 647.0, the price to earnings (P/E) ratio of VOLTAS stands at 43.2 times its trailing twelve months earnings, while its price to book value (P/BV) ratio stands at 5.2 times.

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For the quarter ended March 2020, VOLTAS has posted a net profit of Rs 2 bn (up 11.1% YoY). Sales on the other hand came in at Rs 21 bn (up 1.3% YoY). Read on for a complete analysis of VOLTAS's quarterly results.

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