BEML’s Q3FY19 numbers beat the consensus estimate by a significant margin on all the key performance parameters. Revenue from operations in Q3FY19 witnessed a strong growth of 26% yoy to Rs924cr vs. Rs732cr in Q3FY18, beating the consensus estimates by 7%. EBITDA for the current quarter surged 81% yoy to Rs75cr, stood 57% ahead of the consensus estimates. As a result, EBITDA margin swelled 247bps yoy to 8.2% for the quarter under consideration. Net profit after taxes more than doubled as PAT jumped from Rs17cr in Q3FY18 to Rs45cr in Q3FY19, beating the consensus estimates by a mammoth 183%.
Gross profit grew only 7% yoy to Rs379cr in Q3FY19 vs. Rs353cr in Q3FY18. Higher material costs (up 44% yoy to Rs545cr) significantly eclipsed the effect of healthy growth in the top-line. Thus, gross margin declined from 48% in Q3FY18 to 41% during the current quarter.
Bottom-line performance was mainly driven by strong EBITDA growth, additionally supported by decline in employee costs (down 2% yoy to Rs193cr) and other expenses (down 3% yoy to Rs111cr).
Other income for the quarter under review increased by 24% yoy to Rs5cr.
Finance costs for the current quarter increased 44% yoy to Rs18cr vs. Rs13cr in Q3FY18.
Depreciation and amortization expenses during the quarter went up 7% yoy to Rs17cr as compared to Rs16cr for the same quarter last year.
BEML Ltd ended at Rs. 799.25, up by 3.75 points or 0.47% from its previous closing of Rs. 795.50 on the BSE.
The scrip opened at Rs. 798.75 and touched a high and low of Rs. 817.75 and Rs. 791.10 respectively. A total of 18,17,232 (NSE+BSE) shares were traded on the counter. The stock traded above its 50 DMA.
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