Future Retail Ltd's Q3FY19 standalone net profit rises 10% yoy to Rs201cr: Beats Estimates

The company’s standalone revenue stood at Rs5,301cr, up 13% yoy and 7.6% qoq.

Feb 05, 2019 09:02 IST India Infoline Research Team

Future Retail Ltd Q3FY19

Standalone Results Q3FY19: (Rs. in cr)

Q3FY19 YoY (%)
Revenue 5,301.07 13.0
EBITDA 277.82 29.3
EBITDA Margin (%) 5.2 66
Net Profit (adjusted) 201.43 10.0
***EBITDA margin change is bps

Future Retail Ltd’s revenue grew by 13% yoy and 7.6% qoq to Rs5,301cr. EBITDA came in at ~Rs278cr, up 29.3% yoy and 12.2% qoq. EBITDA margin expanded by 66bps yoy and 22bps qoq to 5.2%. Adjusted PAT stood at Rs201cr, which grew by 10% yoy and 15% qoq. Net profit came above expectation of Rs170cr.

• The company has added 2 Big Bazaar stores, 15 fbb stores, and 91 small format stores during Q3FY19 taking the total count to 286, 89, and 1,050 stores, respectively.
• Big Bazaar SSG stood at 10.1% in Q3FY19 vs. 13.1% yoy.
• Count of Easyday Club Members stood at 0.96mn in Q3FY19 compared to 0.4mn yoy.
• Cost of goods sold stood at 74.0% of sales vs. 74.7% yoy aiding EBITDA margin expansion.
• Employee benefit expenses stood at 5.2% of sales vs. 5.0% yoy.
• Other expenses stood at 8.5% of the revenue vs. 8.3% yoy.
• Finance cost grew by 142.3% yoy to Rs56cr.

Technical View:

Future Retail Ltd is currently trading at Rs. 433, down by 11.6 points or 2.61% from its previous closing of Rs. 444.60 on the BSE.
The scrip opened at Rs. 453.10 and has touched a high and low of Rs. 456.40 and Rs. 430.10 respectively. So far 5,49,930 (NSE+BSE) shares were traded on the counter. The stock is currently trading above its 200 DMA.

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