ZF STEERING Announces Quarterly Results (2QFY19); Net Profit Down 17.0%

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ZF STEERING Announces Quarterly Results (2QFY19); Net Profit Down 17.0%
Fri, 9 Nov

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

ZF STEERING Quarterly Financials

No. of Mths
Qtr. Ending
3
Sep-17*
3
Jun-18*
3
Sep-18*
QoQ ChangeYoY Change
Net SalesRs m1,0991,1481,088-5.2%-1.0%
Other incomeRs m313915-61.3%-51.6%
TurnoverRs m1,1311,1871,104-7.1%-2.4%
ExpensesRs m858924912-1.2%6.3%
Gross profitRs m241225176-21.6%-27.0%
DepreciationRs m8066739.3%-8.9%
InterestRs m855-13.7%-46.3%
Profit before taxRs m184192114-40.7%-38.2%
TaxRs m80182751.6%-65.8%
Profit after taxRs m10417487-50.2%-17.0%
Gross profit margin%22.019.616.2
Effective tax rate%43.49.424.0
Net profit margin%9.214.77.9
* 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 1.0% on a year-on-year (YoY) basis. The expenses were up by 6.3% YoY during the same period.
  • The company's operating profit declined by 27.0% YoY during the quarter. Consequently, operating profit margins witnessed a decline and stood at 16.2% in 2QFY19 as against 22.0% in 2QFY18.
  • Depreciation charges declined by 8.9% and finance costs declined by 46.3% YoY, respectively.
  • Other income declined by 51.6% YoY during the quarter.
  • Net profit for the quarter declined by 17.0% YoY. Net profit margins during the quarter declined from 9.2% in 2QFY18 to 7.9% in 2QFY19.
Quarter-on-Quarter Performance:
  • The company's operating income during the quarter fell 5.2% on a quarter-on-quarter (QoQ) basis. The expenses were down by 1.2% QoQ during the same period.
  • The company's operating profit declined by 21.6% QoQ during the quarter. Consequently, operating profit margins witnessed a decline and stood at 16.2% in 2QFY19 as against 19.6% in 1QFY18.
  • Net profit for the quarter declined by 50.2% QoQ, while net profit margins declined from 14.7% in 1QFY18 to 7.9% in 2QFY19.

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

ZF STEERING Share Price Performance

Over the last one year, ZF STEERING share price has moved up from Rs 1,198.0 to Rs 865.5, registering a Loss of Rs 332.5 or around 27.8%.

Overall, the S&P BSE SENSEX is up 5.3% over the year.

Current Valuations

At the current price of Rs 865.5, the price to earnings (P/E) ratio of ZF STEERING stands at 14.7 times its trailing twelve months earnings, while its price to book value (P/BV) ratio stands at 2.6 times.

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