GE T&D India Ltd’s numbers for the September FY19 quarter were above the consensus estimates on major counts. Revenue in the quarter increased 14.2% yoy to Rs993.3cr in Q2FY19 vs. Rs870cr in Q2FY18, beating the street estimates by 6.6%. Operating profit increased in-line with the top-line as it grew 14.5% yoy to Rs92.1cr in Q2FY19, 5.7% above the street estimates. Operating profit margin was flat at 9.3% for the quarter gone by. Profit after taxes for the current quarter rose 8.2% yoy to Rs51.4cr, beating the estimates by 12%.
Gross profit increased by 2.1% yoy to Rs336cr while gross profit margin declined by 400bps yoy to 33.8% during the current quarter.
Net profit growth in Q2FY19 was dragged to single digit territory, impacted by sharp drop in other income (down 30.9% yoy to Rs23.8cr).
Interest cost declined 36.6% yoy to Rs14.3cr in Q2FY19 vs. Rs22.4cr in Q2FY18.
Depreciation and amortization expenses during the September quarter fell by 5.7% yoy to Rs21.5cr as compared to Rs22.8cr for the same quarter last year.
Tax expenses increased 30.2% yoy to Rs28.7cr in Q2FY19 vs. Rs22cr for the corresponding quarter last year.
GE T&D India Ltd ended at Rs230.45, up 1.55 points, or 0.68%, from its previous close of Rs228.90 on the BSE. The scrip opened at Rs234.60 and touched a high and low of Rs234.60 and Rs228.95, respectively. A total of 33,133 (NSE+BSE) shares were traded on the counter. The stock traded above its 200-DMA.
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