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JOHNSON CONTROLS - HITACHI AC INDIA Announces Quarterly Results (2QFY19); Net Profit Up 378.4%

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JOHNSON CONTROLS - HITACHI AC INDIA Announces Quarterly Results (2QFY19); Net Profit Up 378.4%
Mon, 12 Nov

JOHNSON CONTROLS - HITACHI AC INDIA has announced its results for the quarter ended September 2018. Here is a detailed performance review of the same:

JOHNSON CONTROLS - HITACHI AC INDIA Quarterly Financials

No. of Mths
Qtr. Ending
3
Sep-17*
3
Jun-18*
3
Sep-18*
QoQ ChangeYoY Change
Net SalesRs m3,1747,9413,469-56.3%9.3%
Other incomeRs m21586410.8%200.1%
TurnoverRs m3,1967,9993,533-55.8%10.6%
ExpensesRs m3,0757,0983,417-51.9%11.1%
Gross profitRs m9984352-93.8%-47.4%
DepreciationRs m125116105-9.9%-16.2%
InterestRs m3220.0%-24.4%
Profit before taxRs m-778310-98.8%
TaxRs m-52755-98.3%
Profit after taxRs m-25075-99.0%
Gross profit margin%3.110.61.5
Effective tax rate%75.635.249.5
Net profit margin%-0.16.30.1
* 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 9.3% on a year-on-year (YoY) basis. The expenses were up by 11.1% YoY during the same period.
  • The company's operating profit declined by 47.4% YoY during the quarter. Consequently, operating profit margins witnessed a decline and stood at 1.5% in 2QFY19 as against 3.1% in 2QFY18.
  • Depreciation charges declined by 16.2% and finance costs declined by 24.4% YoY, respectively.
  • Other income increased by 200.1% YoY during the quarter.
  • Net profit for the quarter increased by 378.4% YoY. Net profit margins during the quarter increased from -0.1% in 2QFY18 to 0.1% in 2QFY19.
Quarter-on-Quarter Performance:
  • The company's operating income during the quarter fell 56.3% on a quarter-on-quarter (QoQ) basis. The expenses were down by 51.9% QoQ during the same period.
  • The company's operating profit declined by 93.8% QoQ during the quarter. Consequently, operating profit margins witnessed a decline and stood at 1.5% in 2QFY19 as against 10.6% in 1QFY18.
  • Net profit for the quarter declined by 99.0% QoQ, while net profit margins declined from 6.3% in 1QFY18 to 0.1% in 2QFY19.

To see how JOHNSON CONTROLS - HITACHI AC INDIA has performed over the last eight quarters, please visit here.

JOHNSON CONTROLS - HITACHI AC INDIA Share Price Performance

Over the last one year, JOHNSON CONTROLS - HITACHI AC INDIA share price has moved up from Rs 2,395.7 to Rs 1,813.0, registering a Loss of Rs 582.7 or around 24.3%.

Meanwhile, the S&P BSE CONSUMER DURABLES Index is trading at Rs 19,649.5 (up 0.7%). Over the last one year it has moved down from 20,524.5 to 19,649.5, a gain of 875 points (down 4.3%).

Overall, the S&P BSE SENSEX is up 5.6% over the year.

Current Valuations

At the current price of Rs 1,813.0, the price to earnings (P/E) ratio of JOHNSON CONTROLS - HITACHI AC INDIA stands at 54.8 times its trailing twelve months earnings, while its price to book value (P/BV) ratio stands at 11.2 times.

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