M M Forgings Q4FY16 standalone net profit declines 1% yoy to Rs.10.97 crore : Estimates Mixed

The company’s standalone revenue stood at Rs. 124.48 crore, down 1.67% yoy and 1.1% qoq

May 09, 2016 4:07 IST | India Infoline News Service
M M Forgings, leader in industrial forgings, reported standalone net profit of Rs.10.97 crore for the quarter ended March 31, 2016, registering decline of 1.3% yoy and 16.31% qoq. The company’s standalone revenue stood at Rs. 124.48 crore, down 1.67% yoy and 1.1% qoq.

Its standalone core operating profit of Rs. 25.56 crore for the quarter, declined by 4.45% yoy and 7.61% qoq. Operating profit margin for the current quarter at 20.53% contracted by 60 bps yoy and 145 bps qoq.

For the year ended March 31, 2016, the company reported standalone net profit of Rs. 50.09 crore, declining by 0.91% yoy. Its standalone revenue for the period stood at Rs. 502.26 crore, registering decline of 0.05% yoy.

M M Forgings Ltd's core operating profit stood at Rs. 108.01 crore, recording decline of 2.49% yoy. Operating margin for the current period at 21.31% contracted by 73 bps yoy.

Result Highlights: (Rs. in crore)

Reported Results IIFL Estimates Variance (%)
Standalone Revenue 124.48 128 [2.75]
Standalone Net Profit 10.97 13 [15.62]

Standalone EPS for the quarter stood at Rs. 9.09.

Bloomberg estimated the company’s standalone net profit at Rs. 12.90 crore.

Stock Commentary:

M M Forgings Ltd ended at Rs. 476.6, up by 1.6 points or 0.34% from its previous closing of Rs. 475 on the BSE.

The scrip opened at Rs. 482 and touched a high and low of Rs. 487.9 and Rs. 467 respectively. A total of 3434(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 573.33 crore.

The BSE group 'B' stock of face value Rs. 10 touched a 52 week high of Rs. 716.75 on 04-Aug-2015 and a 52 week low of Rs. 335.6 on 12-Feb-2016. Last one week high and low of the scrip stood at Rs. 500 and Rs. 465 respectively.

The promoters holding in the company stood at 56.41 % while Institutions and Non-Institutions held 17.09 % and 26.5 % respectively.

The stock traded below its 200 DMA.

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