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Results
23-Oct-21
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Analysis
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Wendt India
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Sales up 45%, net jump 188%
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Consolidated net sales of Wendt India for the quarter ended Sep 2021 has
increased 45% to Rs 47.47 crore. Operating profit margin has jumped from
16.1% to 25.2%, leading to 126% rise in operating profit to Rs 11.96
crore. Raw material cost as a % of total sales (net of stock
adjustments) decreased from 27.57% to 24.14%. Purchase of finished
goods cost rose from 6.39% to 10.04%. Employee cost decreased from
23.79% to 18.49%. Other expenses fell from 25.00% to 22.00%. Other
income rose 36% to Rs 0.91 crore. PBIDT rose 116% to Rs 12.87
crore. Provision for interest fell 50% to Rs 0.01 crore.
PBDT rose 116% to Rs 12.87 crore. Provision for depreciation fell 3%
to Rs 2.15 crore. Profit before tax grew 187% to Rs
10.71 crore. Share of profit/loss were nil in both the
periods. Provision for tax was expense of Rs 2.67 crore, compared to
Rs 0.94 crore. Effective tax rate was 24.93% compared to 25.20%. Minority
interest was nil in both the periods. Net profit attributable to
owners of the company increased 188% to Rs 8.04 crore.
Sales of Super Abrasives segment has gone up 52.56% to Rs 31.26 crore
(accounting for 67.00% of total sales). Sales of Machines
Accessories and components segment has gone up 17.02% to Rs 10.59 crore
(accounting for 22.70% of total sales). Sales of Others segment rose
64.73% to Rs 4.81 crore (accounting for 10.31% of total sales).
Profit before interest, tax and other unallocable items (PBIT) has
jumped 120.59% to Rs 11.25 crore. PBIT of Super Abrasives segment
rose 141.19% to Rs 8.08 crore (accounting for 71.82% of total
PBIT). PBIT of Machines Accessories and components segment rose
85.00% to Rs 2.22 crore (accounting for 19.73% of total PBIT). PBIT of
Others segment rose 72.73% to Rs 0.95 crore (accounting for 8.44% of total
PBIT).
PBIT margin of Super Abrasives segment rose from 16.35% to
25.85%. PBIT margin of Machines Accessories and components segment
rose from 13.26% to 20.96%. PBIT margin of Others segment rose from
18.84% to 19.75%. Overall PBIT margin rose from 15.71% to
24.11%.
Half yearly performance
Net sales has increased 63% to Rs 89.84 crore. Operating profit
margin has jumped from 11.8% to 23.8%, leading to 228% rise in operating profit
to Rs 21.39 crore. Raw material cost as a % of total sales (net of
stock adjustments) increased from 24.11% to 24.37%. Purchase of
finished goods cost rose from 9.08% to 11.89%. Employee cost
decreased from 29.14% to 18.30%. Other expenses fell from 24.80% to
21.81%. Other income fell 16% to Rs 1.92 crore. PBIDT
rose 165% to Rs 23.31 crore. Provision for interest fell 50% to Rs
0.01 crore. PBDT rose 165% to Rs 23.3 crore. Provision
for depreciation fell 0.45% to Rs 4.45 crore. Profit before tax grew
337% to Rs 18.85 crore. Share of profit/loss were nil in both the
periods. Provision for tax was expense of Rs 4.81 crore, compared to
Rs 1.11 crore. Effective tax rate was 25.52% compared to 25.75%. PAT
was up 339% to Rs 14.04 crore.
Sales of Super Abrasives segment has
gone up 73.91% to Rs 59.32 crore (accounting for 66.82% of total
sales). Sales of Machines Accessories and components segment has
gone up 33.71% to Rs 19.87 crore (accounting for 22.38% of total
sales). Sales of Others segment rose 69.14% to Rs 9.59 crore
(accounting for 10.80% of total sales).
Profit before interest, tax and other
unallocable items (PBIT) has jumped 237.76% to Rs 20.84 crore. PBIT
of Super Abrasives segment rose 324.35% to Rs 14.64 crore (accounting for
70.25% of total PBIT). PBIT of Machines Accessories and components
segment rose 142.44% to Rs 4.17 crore (accounting for 20.01% of total
PBIT). PBIT of Others segment rose 103.00% to Rs 2.03 crore
(accounting for 9.74% of total PBIT).
PBIT margin of Super Abrasives segment
rose from 10.11% to 24.68%. PBIT margin of Machines Accessories and
components segment rose from 11.57% to 20.99%. PBIT margin of Others
segment rose from 17.64% to 21.17%. Overall PBIT margin rose from
11.29% to 23.47%.
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Wendt (India): Consolidated Results
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2109
(3)
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2009
(3)
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Var. (%)
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2109
(6)
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2009
(6)
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Var. (%)
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2103 (12)
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2003 (12)
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Var. (%)
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Sales
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47.47
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32.77
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45
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89.84
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55.23
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63
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136.62
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143.23
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-5
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OPM (%)
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25.2
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16.1
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23.8
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11.8
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16.1
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12.8
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OP
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11.96
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5.29
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126
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21.39
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6.52
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228
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22.00
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18.28
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20
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Other inc.
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0.91
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0.67
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36
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1.92
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2.28
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-16
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3.96
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4.85
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-18
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PBIDT
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12.87
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5.96
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116
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23.31
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8.80
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165
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25.96
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23.13
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12
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Interest
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0.01
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0.02
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-50
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0.01
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0.02
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-50
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0.03
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0.03
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0
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PBDT
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12.86
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5.94
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116
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23.30
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8.78
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165
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25.93
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23.10
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12
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Dep.
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2.15
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2.21
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-3
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4.45
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4.47
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0
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8.93
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9.49
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-6
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PBT before EO
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10.71
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3.73
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187
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18.85
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4.31
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337
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17.00
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13.61
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25
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EO Income
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0.00
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0.00
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0.00
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0.00
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0.00
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0.00
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PBT
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10.71
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3.73
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187
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18.85
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4.31
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337
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17.00
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13.61
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25
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Taxation
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2.67
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0.94
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184
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4.81
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1.11
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333
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4.23
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3.58
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18
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PAT
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8.04
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2.79
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188
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14.04
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3.20
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339
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12.77
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10.03
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27
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EPS (Rs)*
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#
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#
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#
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#
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63.9
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50.1
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*
Annualised on current equity of Rs 2.0
crore. Face Value: Rs 10
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# EPS is not annualised due to
seasonality of business
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Figures in Rs crore
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Source: Capitaline Corporate Database
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Wend (India): Consolidated Segment
Results
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Particulars
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% to total
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2109
(3)
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2009
(3)
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Var. (%)
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% to total
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2109
(6)
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2009
(6)
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Var. (%)
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% to total
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2103 (12)
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2003 (12)
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Var.(%)
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Sales
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Super Abrasives
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67
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31.26
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20.49
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53
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67
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59.32
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34.11
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74
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62
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83.67
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88.10
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-5
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Machines Accessories & Components
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23
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10.59
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9.05
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17
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22
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19.87
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14.86
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34
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28
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38.44
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36.06
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7
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Others
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10
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4.81
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2.92
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65
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11
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9.59
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5.67
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69
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10
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12.95
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16.47
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-21
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Total
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100
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46.66
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32.46
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44
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100
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88.78
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54.64
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62
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100
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135.06
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140.63
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-4
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Less Inter segment revenue
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####
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####
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####
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Net
sales
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46.66
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32.46
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44
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88.78
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54.64
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62
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135.06
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140.63
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-4
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PBIT
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Super Abrasives
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72
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8.08
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3.35
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141
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70
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14.64
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3.45
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324
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63
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13.62
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10.22
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33
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Machines Accessories & Components
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20
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2.22
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1.20
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85
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20
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4.17
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1.72
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142
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26
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5.61
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4.26
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32
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Others
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8
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0.95
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0.55
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73
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10
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2.03
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1.00
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103
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11
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2.41
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3.88
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-38
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Total
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100
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11.25
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5.10
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121
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100
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20.84
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6.17
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238
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100
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21.64
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18.36
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18
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Less:
Interest (net)
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0.01
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0.02
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-50
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0.01
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0.02
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-50
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0.03
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0.03
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0
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Less:
Others Un-allocable Exp/Income (net)
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0.53
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1.35
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-61
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1.98
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1.84
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8
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4.61
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4.72
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-2
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Add: EO
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PBT
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10.71
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3.73
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187
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18.85
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4.31
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337
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17.00
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13.61
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25
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