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BHARAT ELECTRONICS Announces Quarterly Results (2QFY20); Net Profit Down 40.6%
Mon, 11 Nov

BHARAT ELECTRONICS has announced its results for the quarter ended September 2019. Here is a detailed performance review of the same:

BHARAT ELECTRONICS Quarterly Financials

No. of Mths
Qtr. Ending
3
Sep-18*
3
Jun-19*
3
Sep-19*
QoQ ChangeYoY Change
Net SalesRs m33,81421,01527,42730.5%-18.9%
Other incomeRs m143254150-40.9%5.5%
TurnoverRs m33,95721,27027,57729.7%-18.8%
ExpensesRs m25,27017,53421,98025.4%-13.0%
Gross profitRs m34,5583,4815,44756.5%-84.2%
DepreciationRs m26,0138288573.4%-96.7%
InterestRs m743312281.3%-98.4%
Profit before taxRs m7,9442,9044,72962.8%-40.5%
TaxRs m2,2308571,33455.7%-40.2%
Profit after taxRs m5,7132,0473,39565.8%-40.6%
Gross profit margin%102.216.619.9
Effective tax rate%28.129.528.2
Net profit margin%16.89.612.3
* 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 18.9% on a year-on-year (YoY) basis. The expenses were down by 13.0% YoY during the same period.
  • The company's operating profit declined by 84.2% YoY during the quarter. Consequently, operating profit margins witnessed a decline and stood at 19.9% in 2QFY20 as against 102.2% in 2QFY19.
  • Depreciation charges declined by 96.7% and finance costs declined by 98.4% YoY, respectively.
  • Other income increased by 5.5% YoY during the quarter.
  • Net profit for the quarter declined by 40.6% YoY. Net profit margins during the quarter declined from 16.8% in 2QFY19 to 12.3% in 2QFY20.
Quarter-on-Quarter Performance:
  • The company's operating income during the quarter grew 30.5% on a quarter-on-quarter (QoQ) basis. The expenses were up by 25.4% QoQ during the same period.
  • The company's operating profit increased by 56.5% QoQ during the quarter. Consequently, operating profit margins witnessed a growth and stood at 19.9% in 2QFY20 as against 16.6% in 1QFY19.
  • Net profit for the quarter increased by 65.8% QoQ, while net profit margins increased from 9.6% in 1QFY19 to 12.3% in 2QFY20.

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

ACCESS ENDS TONIGHT: Stock Crash 2020 Creates a Potential 10x Opportunity
BHARAT ELECTRONICS Share Price Performance

Over the last one year,BHARAT ELECTRONICS share price has moved up from Rs 98.7 to Rs 108.8, registering a Gain of Rs 10.1 or around 10.2%.

Meanwhile, the S&P BSE CAPITAL GOODS Index is trading at Rs 18,219.2 (down 0.6%). Over the last one year it has moved down from 18,246.3 to 18,219.2, a gain of 27 points (down 0.1%).

Overall, the S&P BSE SENSEX is up 14.4% over the year.

Current Valuations

At the current price of Rs 108.8, the price to earnings (P/E) ratio of BHARAT ELECTRONICS stands at 14.1 times its trailing twelve months earnings, while its price to book value (P/BV) ratio stands at 2.6 times.