Timken India Q2 FY17 net profit up 41%

India Infoline News Service | Mumbai | November 28, 2016 17:40 IST

Timken India reported 41% increase in consolidated net profit at Rs 30 crore for the quarter ended September 30.

Timken India
Timken India  reported 41% increase in consolidated net profit at Rs 30 crore for the quarter ended September 30. The company saw its effective tax rate decline from 34% in Q2 FY16 to 29% in Q2 FY17 which helped bottom-line. The company's net profit in the corresponding quarter of the previous fiscal year was Rs 21 crore.

The total income from operations of the company during the September quarter also jumped by 7% to Rs 297 crore, over Rs 277 crore in the year-ago period.

EBITDA improved by 33.7% yoy to Rs 47.54 cr while EBITDA margins expanded 317 bps yoy to 16%. This was primarily due to ~26% decline in cost of material consumed and operational efficiencies.

Stock Commentary:

Timken India Ltd ended at Rs 553.45, up by Rs 13.55 or 2.51% from its previous closing of Rs 539.9 on the BSE.

The scrip opened at Rs 539.85 and touched a high and low of Rs 558.25 and Rs 539.85 respectively. A total of 16170 (NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 3671.32 crore.

The BSE group 'B' stock of face value Rs 10 touched a 52 week high of Rs 640.9 on 21-Oct-2016 and a 52 week low of Rs 400.5 on 18-Mar-2016. Last one week high and low of the scrip stood at Rs 552.75 and Rs 515 respectively.

The promoters holding in the company stood at 75 % while Institutions and Non-Institutions held 11.06 % and 13.94 % respectively.

The stock traded below its 100 DMA.

***Note: This is a NSE Chart

 

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