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VOLTAS Announces Quarterly Results (2QFY19); Net Profit Up 15.7%

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VOLTAS Announces Quarterly Results (2QFY19); Net Profit Up 15.7%
Mon, 12 Nov

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

VOLTAS Quarterly Financials

No. of Mths
Qtr. Ending		3
Sep-17* 		3
Jun-18* 		3
Sep-18* 		QoQ ChangeYoY Change
Net SalesRs m10,36721,48114,214-33.8%37.1%
Other incomeRs m51228246163.3%-10.0%
TurnoverRs m10,87921,76314,674-32.6%34.9%
ExpensesRs m9,51019,04913,128-31.1%38.0%
Gross profitRs m8572,4381,085-55.5%26.7%
DepreciationRs m6159600.2%-2.3%
InterestRs m222764134.1%197.2%
Profit before taxRs m1,2872,6331,423-46.0%10.6%
TaxRs m343762331-56.6%-3.5%
Profit after taxRs m9441,8721,092-41.6%15.7%
Gross profit margin%8.311.37.6
Effective tax rate%26.628.923.2
Net profit margin%8.78.67.4
* 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 37.1% on a year-on-year (YoY) basis. The expenses were up by 38.0% YoY during the same period.
  • The company's operating profit increased by 26.7% YoY during the quarter. Consequently, operating profit margins remained same and stood at 7.6% in 2QFY19.
  • Depreciation charges declined by 2.3% and finance costs increased by 197.2% YoY, respectively.
  • Other income declined by 10.0% YoY during the quarter.
  • Net profit for the quarter increased by 15.7% YoY. Net profit margins during the quarter declined from 8.7% in 2QFY18 to 7.4% in 2QFY19.
Quarter-on-Quarter Performance:
  • The company's operating income during the quarter fell 33.8% on a quarter-on-quarter (QoQ) basis. The expenses were down by 31.1% QoQ during the same period.
  • The company's operating profit declined by 55.5% QoQ during the quarter. Consequently, operating profit margins witnessed a decline and stood at 7.6% in 2QFY19 as against 11.3% in 1QFY18.
  • Net profit for the quarter declined by 41.6% QoQ, while net profit margins declined from 8.6% in 1QFY18 to 7.4% in 2QFY19.

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

VOLTAS Share Price Performance

Over the last one year, VOLTAS share price has moved up from Rs 570.6 to Rs 543.1, registering a Loss of Rs 27.5 or around 4.8%.

Meanwhile, the S&P BSE CAPITAL GOODS Index is trading at Rs 18,247.5 (up 0.0%). Over the last one year it has moved down from 18,736.1 to 18,247.5, a gain of 489 points (down 2.6%).

Overall, the S&P BSE SENSEX is up 5.7% over the year.

Current Valuations

At the current price of Rs 543.1, the price to earnings (P/E) ratio of VOLTAS stands at 30.4 times its trailing twelve months earnings, while its price to book value (P/BV) ratio stands at 4.6 times.

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For the quarter ended June 2018, VOLTAS has posted a net profit of Rs 2 bn (up 1.2% YoY). Sales on the other hand came in at Rs 21 bn (up 9.1% YoY). Read on for a complete analysis of VOLTAS's quarterly results.

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