Timken India Ltd's Q2FY19 standalone net profit declines 7% yoy to Rs35cr : Beats Estimates

The company’s standalone revenue stood at Rs414cr, up 33% yoy but down 1% qoq.

November 05, 2018 6:13 IST | India Infoline Research Team

Timken India Ltd Q2FY19

Standalone Results Q2FY19: (Rs. in cr)

Q2FY19 YoY (%)
Revenue 413.84 33.4
EBITDA 70.42 31.0
EBITDA Margin (%) 17 [32]
Net Profit (reported) 34.56 [7.2]
***EBITDA margin change is bps

Timken India Limited (Timken) reported better than estimated numbers at revenue and EBITDA level, while PAT came in-line with estimates. Company reported standalone revenue of Rs414cr, up 33% yoy and flat qoq. This was above consensus estimate of Rs403cr. EBITDA came in at Rs70cr, up 31% yoy (12% qoq) against consensus estimate of Rs63cr. EBITDA margin contracted 32bps yoy (expanded 200bps qoq) to 17%. Presence of higher other income in the year ago quarter and high tax rate in the current quarter led to PAT decline of 7% yoy in Q2FY19. Timken reported a PAT of Rs35cr, in-line with consensus estimate.

Other Highlights
  • Tax rate for the quarter was 35% vs. 34% in Q2FY18 and was unchanged sequentially.
  • Company continued to have a debt-free balance sheet as suggested by negligible interest expenses in its P&L statement.

Technical View:

Timken India Ltd is currently trading at Rs. 525, down by 6.45 points or 1.21% from its previous closing of Rs. 531.45 on the BSE.
The scrip opened at Rs. 538.95 and has touched a high and low of Rs. 539.85 and Rs. 525 respectively. So far 19,425 (NSE+BSE) shares were traded on the counter. The stock is currently trading above its 200 DMA.

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