Himatsingka Seide Ltd's Q2FY19 consolidated net profit rises 4.3% yoy to Rs53cr : In-line with Estimates

The company’s consolidated revenue stood at Rs665.96cr, up 15% yoy and 14% qoq.

Nov 05, 2018 04:11 IST India Infoline Research Team

Himatsingka Seide Ltd Q2FY19

Consolidated Results Q2FY19: (Rs. in cr)

Q2FY19 YoY (%)
Revenue 665.96 15.1
EBITDA 121.20 21.9
EBITDA Margin (%) 18.2 101
Net Profit (adjusted) 52.73 4.3
***EBITDA margin change is bps

Himatsingka Seide Ltd’s revenue grew by 15.1% yoy and 14.3% qoq to Rs666cr. EBITDA came in at Rs121cr, up 21.9% yoy and 4.9% qoq. EBITDA margin expanded by 101bps yoy and contracted 163bps qoq. Company’s adjusted Net profit stood at Rs53cr, up 4.3% yoy and 18.3% qoq. Adjusted Net profit came in-line with the estimate of Rs51cr.

• Cost of goods sold stood at 51.9% of sales vs. 56.6% yoy, which resulted in EBITDA margin expansion. However, other expenses stood at 19.3% of sales vs. 16.8% yoy.
• Employee benefit expenses stood at 10.6% of sales vs. 9.4% yoy.
• Finance cost grew by 63.2% yoy to Rs41cr.
• Other income grew to Rs33cr vs. Rs14cr yoy.
• Tax rate for the quarter rose to 39.5% vs. 28.4% yoy.
• Working capital days increased to ~127days in Q2FY19 from ~120 days in Q4FY18. Debtor days and inventory days increased by ~3 days and ~7 days respectively.
• Net-debt-to-equity for the quarter stood at 1.7 vs. 1.6 at Q4FY18.

Technical View:

Himatsingka Seide Ltd is currently trading at Rs. 243, up by 7.85 points or 3.34% from its previous closing of Rs. 235.15 on the BSE.
The scrip opened at Rs. 243 and has touched a high and low of Rs. 243.35 and Rs. 234.05 respectively. So far 73,498 (NSE+BSE) shares were traded on the counter. The stock is currently trading above its 200 DMA.

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