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WPIL registered 37% fall in consolidated sales to Rs 200.98 crore for the quarter ended Dec 2019. That together with 1440 bps crash in operating profit margin has led to sharp 72% fall in operating profit to Rs 22.93 crore. The other income was up by 91% to Rs 9.54 crore and thus the fall at PBIDT stood moderated at 63% to Rs 32.46 crore. However the PBT was down by 81% to Rs 15.07 crore after accounting for higher interest cost and depreciation. With share of profit from associate stand higher by 527% to Rs 1.19 crore, the PBT after share of profit from associate but before EO was down by 80% to Rs 16.27 crore. EO for the quarter as well as corresponding previous period was nil. As taxation was down by 60% to Rs 7.65 crore, the PAT was down by 86% to Rs 8.62 crore. Eventually the net profit was down by 76% to Rs 10.62 crore with minority interest being a share of loss of Rs 1.99 crore, a swing of Rs 18.64 core.
Sharp 1440 bps crash in OPM is largely due to rise in all cost heads. Material cost as proportion to sales net of stocks was up by 820 bps to 43.4%. Equally the staff cost went up by 850 bps to 21.7% and OE was up by 150 bps to 23.5%.
- Standalone sales of the company for the quarter was down by 35% to Rs 81.13 crore and with OPM contract by 820 bps to 15%, the operating profit was down by 58% to Rs 12.13 crore. After accounting for higher OI, higher interest and depreciation the PBT was down by 33% to Rs 19.27 crore. But with taxation stand lower by 57% to Rs 5.02 crore, the fall in PAT has moderated to stand at 18% to Rs 14.25 crore.
- On deducting standalone financials from consolidated financials, the sales of subsidiaries was down by 38% to Rs 119.85 crore. Moreover with OPM crash by 1850 bps to 9% that together with lower sales, dragged operating profit down by sharp 80% to Rs 10.79 crore. At PBT level it was a loss of Rs 4.20 crore compared to profit of Rs 50.98 crore in the corresponding previous period.
- Consolidated PBT (before share of profit from Associate & EO) at Rs 15.07 crore (down 81% from 79.73 crore) was lower than standalone PBT of Rs 19.27 crore (down 33% from Rs 28.94 crore) and that is largely as the aggregate PBT of subsidiary being a loss of Rs 4.20 crore (against a profit of Rs 50.79 crore).
During the first quarter ended June 2019, Gruppo Aturia S.p.A (a step down subsidiary of the company) has acquired Finder Pompe Sri, an Italian Company and it has become a subsidiary of Gruppo Aturia S.p.A. During the quarter ended Dec 2019, Finder Pompe Sri got merged with Gruppo Aturia S.p.A.
The above consolidated financial results include WPIL and its 11 subsidiaries (including 9 step down subsidiaries), 1 Associate, 1 Joint Venture and 5 Joint Operations.
Nine month performance
Consolidated sales was down by 29% to Rs 625.81crore and with OPM crash to 10.2% from 22.8% in corresponding previous period, that together with lower sales led to 68% fall in OP to Rs 63.55 crore. After accounting for lower OI, higher interest and depreciation, the PBT (before share of profit from associate& EO) was down by 83% to Rs 32.24 crore. The PBT after share of profit from associate was down by 83% to Rs 33.87 crore with share of profit from associate stand higher by 186% to Rs 1.64 crore. The PAT was down by 82% to Rs 24.82 crore with taxation down 83% to Rs 9.06 crore. Eventually the net profit was down by 72% to Rs 31.31 crore as minority interest being a share of loss amounting Rs 6.50 crore against a share of profit of Rs 29.47 crore.
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