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Q1 results: what happened after market hours on Friday?
Publish date: 30th July 2018
Introduction
There are many factors that cause a company’s share price to move up or down. Government policies, inflation, economic outlook and interest rates are a few factors. In addition to these, another major factor is the company’s financial performance during a quarter (or year). In this piece, let’s take a look at the financial performance of a few companies that released their results the first quarter of FY19 over the weekend.
ICICI bank
For the first time ever since its listing in 2001, India’s largest private sector lender, ICICI Bank reported a quarterly loss. The company announced a net loss of Rs 119.5 crore for the first quarter of FY19. In comparison, the company had reported a profit of Rs 2,049 crore during the same quarter last year.
The loss was mainly due to the company’s decision to set aside additional provisions on existing Non Performing Assets (NPAs). In terms of operational performance, the company registered a 17% growth in operating profit to Rs 5,042 crore. The company’s stock shrugged off the loss and rallied by more than 4.5% on Monday.
Read about the quarterly analysis of Yes Bank here.
Maruti Suzuki
Operating profit below street estimates too: Maruti Suzuki profits also felt the heat of adverse commodity prices. Higher commodity prices mean higher raw material cost (input cost). This was also one of the reasons why Maruti Suzuki’s profit estimates did not fall in line with market expectations.
Mixed bag results: Markets are based on expectations. Thus, even if the above-mentioned numbers were the best in six quarters, they couldn’t meet the market expectations and thus suffered a fall in both the indices.
Overall, Maruti Suzuki sold more than 4.63 lakh units domestically and exported more than 26 thousand units during Q1 of the current fiscal. Its total sales grew 24.3% than the last year’s figures, domestic sales alone growing at 25.9 %.
Coromandel International
India’s second largest phosphatic fertilizer company, Coromandel International posted a 23% rise in net profits at Rs 90 crore for the first quarter of FY19. Total income for the quarter was Rs 2,537 crore, registering a growth of 9.4% on a YoY basis. Introduction of 5 new products in the market and improvement in capital utilization, customer-connect initiatives and operational and sourcing efficiencies were key to the strong performance displayed by Coromandel according to the company’s Managing Director Sameer Goel.
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Prestige Estate Properties
Prestige Estate Properties announced its results after market hours on 27 July, 2018. The company reported a 30% rise in net profits to Rs 122.40 crore. Revenues, on the other hand, were down by 33% to Rs 861 crore. The company registered a gain of Rs 89 crore during the quarter.
JK Cement
JK Cement posted a 38% decline in net profits to Rs 49.3 crore as a result of lower revenues during the quarter. The company registered an 8% decline in revenue to Rs 1,131 crore for the quarter. In comparison, the company had posted revenue of Rs 1,227 crore during the same period last year according to a press filing by the company.
Also read:
- Investing lessons from Guru Purnima:
- Stocks that took Sensex to a new high:
- 4 things to expect from Q1 results:
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