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Results
16-Aug-20
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Analysis
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WPIL
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Net jumps 146% thanks to improved show by subsidiaries
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WPIL registered 3% growth in consolidated sales to Rs 201.98 crore for the quarter ended Jun 2020. That together with 640 bps expansion in operating profit margin has led to sharp 194% jump in operating profit to Rs 19.85 crore. The other income was down by 13% to Rs 3.19 crore and thus the growth at PBIDT was 122% to Rs 23.03 crore. The interest cost was up by 2% to Rs 5.59 crore, and thus the PBDT was up by whopping 255% to Rs 17.44 crore. The depreciation was down by 17% to Rs 7.06 crore and thus the PBT was a profit of Rs 10.38 crore compared to a loss of Rs 3.57 crore in the corresponding previous period. The SoP of Associate was an loss of Rs 0.63 crore compared to a profit of Rs 0.18 crore in the corresponding previous period. Thus the PBT after SoP was a profit of Rs 9.75 crore compared to a loss of Rs 3.39 crore in the corresponding previous period. The taxation was higher by 109% to Rs 3.76 crore and thus the PAT was a profit of Rs 5.99 crore compared to a loss of Rs 5.19 crore in the corresponding previous period. The minority interest was a loss of Rs 0.60 crore, a fall of 92%. Thus the net profit (After MI) was a profit of Rs 6.59 crore, a jump of 146% in the corresponding previous period.
- Standalone sales of the company for the quarter was down by 35% to Rs 56.78 crore and with OPM contracting by 1270 bps to 13%, the operating profit was down by 67% to Rs 7.36 crore. But with OI jump by 60% to Rs 7.04 crore, the PBIDT was down by 46% to Rs 14.40 crore. After accounting for higher interest and lowerdepreciation the PBT was lower by 55% to Rs 10.16 crore. With taxation stand lower by 67% to Rs 2.54 crore, the PAT was down by 49% to RS 7.63 crore.
- Considering tepid standalone performance the growth in consolidated revenue and net profit was largely due to impressive performance at subsidiary levels especially the overseas one. On deducting standalone financials from consolidated financials, the sales of subsidiaries was up by 32% to Rs 145.20 crore. Moreover with OPM expand to 8.6% (from negative 14.2% in corresponding previous period) the operating profit was Rs 12.49 crore compared to a loss of Rs 15.58 crore in the corresponding previous period. The PBT was a profit of Rs 0.22 crore compared to loss of Rs 26.26 crore in the corresponding previous period.
Yearly performance
Consolidated sales was down by 21% to Rs 908.89 crore. And with OPM crash by 720 bps to 13%, that together with lower sales led to 49% fall in OP to Rs 118.34 crore. After accounting for lower OI, higher interest and depreciation, the PBT (before share of profit from associate& EO) was down by 66% to Rs 76 crore. The PBT after share of profit from associate was down by 65% to Rs 77.13 crore with share of profit from associate stand higher by 49% to Rs 1.13 crore. The PAT was down by 66% to Rs 53.84 crore with taxation down 64% to Rs 23.30 crore. Eventually the net profit was down by 55% to Rs 56.22 crore as minority interest being a share of loss amounting Rs 2.38 crore against a share of profit of Rs 31.63 crore.
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