Bharat Dynamics' Q1FY19 standalone net profit declines 19.3% yoy to Rs81.8cr

The company’s standalone revenue stood at Rs548.4cr, down 36.5% yoy

Aug 14, 2018 09:08 IST India Infoline Research Team

Bharat Dynamics Q1FY19

Standalone Results Q1FY19: (Rs. in cr)

Q1FY19 YoY (%)
Revenue 548.4 [36.5]
EBITDA 123.5 6.1
EBITDA Margin (%) 22.5 905
Net Profit (adjusted) 81.8 [19.3]
***EBITDA margin change is bps
Bharat Dynamics Ltd reported subdued Q1FY19 numbers, however there was strong yoy improvement in EBITDA margin. Sales have decreased by 36.5% yoy to Rs548.4cr from Rs863.7cr. EBITDA has increased by 6.1% yoy to Rs123.5cr during the quarter from Rs116.4cr in Q1FY18. EBITDA margin improved by 905bps yoy to 22.5% in Q1FY19. Net profit de-grew by 19.3% yoy to Rs81.8cr.

• The decline in sales may be a result of higher revenue booking in Q4FY18.

• Raw material cost and other expenses declined by 49% yoy and 63% yoy respectively leading to EBITDA growth despite poor sales. Other income declined by 47% yoy to Rs22.1cr.

• Tax rate has increased from 28.3% to 36.3% in Q1FY19. This has resulted in yoy decline in net profit.




Technical View:

Bharat Dynamics Ltd is currently trading at Rs. 368.90, down by 8.65 points or 2.29% from its previous closing of Rs. 377.55 on the BSE.
The scrip opened at Rs. 381.50 and has touched a high and low of Rs. 384.30 and Rs. 361 respectively. So far 91,279 (NSE+BSE) shares were traded on the counter. The stock is currently trading above its 50 DMA.

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