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Results
23-Apr-22
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Analysis
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Wendt India
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Strong allround show
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Consolidated net
sales (including other operating income) of Wendt India for the quarter ended
Mar 2022 has increased 5% to Rs 47.75 crore. Operating profit margin
has jumped from 19% to 23.9%, leading to 32% rise in operating profit to Rs
11.40 crore. Raw material cost as a % of total sales (net of stock
adjustments) increased from 29.53% to 29.57%. Purchase of finished
goods cost fell from 8.73% to 6.29%. Employee cost decreased from
18.89% to 16.84%. Other expenses fell from 24.33% to 24.09%.
Other income rose 59.32% to Rs 0.94 crore. PBIDT rose 33%
to Rs 12.34 crore. Provision for interest remained nil. PBDT
rose 33.55% to Rs 12.34 crore. Provision for depreciation fell 8.04%
to Rs 2.06 crore. Profit before tax grew 46.86% to Rs 10.28
crore. Share of profit/loss were nil in both the
periods. Provision for tax was expense of Rs 2.81 crore, compared to
Rs 1.7 crore. Effective tax rate was 27.33% compared to 24.29%. Thus
PAT was up 41% to Rs 7.47 crore. Minority interest was nil in both the
periods. Net profit attributable to owners of the company increased
40.94% to Rs 7.47 crore.
Sales of Super Abrasives segment has gone up 0.31% to Rs 26.16 crore
(accounting for 55.31% of total sales). Sales of Machines
Accessories and components segment has gone up 12.70% to Rs 17.84 crore
(accounting for 37.72% of total sales). Sales of Others segment fell
4.62% to Rs 3.30 crore (accounting for 6.98% of total sales).
Profit before interest, tax and other unallocable items (PBIT) has
jumped 23.62% to Rs 10.94 crore. PBIT of Super Abrasives segment
fell 0.00% to Rs 5.58 crore (accounting for 51.01% of total
PBIT). PBIT of Machines Accessories and components segment rose
83.03% to Rs 4.96 crore (accounting for 45.34% of total PBIT). PBIT
of Others segment fell 28.57% to Rs 0.40 crore (accounting for 3.66% of total
PBIT).
PBIT margin of Super Abrasives segment fell from 21.40% to
21.33%. PBIT margin of Machines Accessories and components segment
rose from 17.12% to 27.80%. PBIT margin of Others segment fell from
16.18% to 12.12%. Overall PBIT margin rose from 19.51% to
23.13%.
Yearly performance
Consolidated net sales (including other operating income) of Wendt India has
increased 30.88% to Rs 178.81 crore. Sales of Super Abrasives
segment has gone up 34.25% to Rs 112.54 crore (accounting for 63.50% of total
sales). Sales of Machines Accessories and components segment has
gone up 22.42% to Rs 47.61 crore (accounting for 26.86% of total
sales). Sales of Others segment rose 31.97% to Rs 17.09 crore
(accounting for 9.64% of total sales).
Profit before interest, tax and other unallocable items (PBIT) has
jumped 83.46% to Rs 40.82 crore. PBIT of Super Abrasives segment
rose 87.16% to Rs 25.79 crore (accounting for 63.18% of total
PBIT). PBIT of Machines Accessories and components segment rose
96.53% to Rs 11.91 crore (accounting for 29.18% of total PBIT). PBIT
of Others segment rose 29.46% to Rs 3.12 crore (accounting for 7.64% of total
PBIT).
PBIT margin of Super Abrasives segment rose from 16.44% to
22.92%. PBIT margin of Machines Accessories and components segment
rose from 15.58% to 25.02%. PBIT margin of Others segment fell from
18.61% to 18.26%. Overall PBIT margin rose from 16.40% to
23.03%.
Operating profit
margin has jumped from 16.10% to 23.30%, leading to 89.41% rise in operating
profit to Rs 41.67 crore. Raw material cost as a % of total sales
(net of stock adjustments) decreased from 26.24% to 25.87%.
Purchase of finished goods cost rose from 8.83% to 9.79%.
Employee cost decreased from 23.63% to 18.39%. Other
expenses fell from 24.77% to 22.89%.
Other income fell 2.27% to Rs 3.87 crore. PBIDT rose 75.42%
to Rs 45.54 crore. Provision for interest fell 33.33% to Rs 0.02
crore. PBDT rose 75.55% to Rs 45.52 crore. Provision for
depreciation fell 3.58% to Rs 8.61 crore. Profit before tax grew 117.12%
to Rs 36.91 crore. Share of profit/loss were nil in both the
periods. Provision for tax was expense of Rs 9.84 crore, compared to
Rs 4.23 crore. Effective tax rate was 26.66% compared to 24.88%. Minority
interest was nil in both the periods. Net profit attributable to
owners of the company increased 111.98% to Rs 27.07 crore.
Other developments
Loan funds stood at Rs 1.00 crore as of 31 March 2022 to Rs 1.00 crore
as of 31 March 2021. Inventories rose to Rs 28.19 crore as of 31
March 2022 from Rs 24.94 crore as of 31 March 2021. Sundry debtors
were lower at Rs 34.37 crore as of 31 March 2022 compared to Rs 36.42 crore as
of 31 March 2021. Cash and bank balance declined from Rs 14.55 crore
as of 31 March 2021 to Rs 13.67 crore as of 31 March 2022. Investments
rose to Rs 64.48 crore as of 31 March 2022 from Rs 37.47 crore as of 31 March
2021.
Fixed assets declined from Rs 57.12 crore as of 31 March 2021 to
Rs 54.59 crore as of 31 March 2022. Intangible assets stood at Rs
0.10 crore.
Equity capital stood at Rs 2.00 crore as of 31 March 2022 to Rs 2.00
crore as of 31 March 2021. Per share face Value remained same at Rs
10.00.
Promoters’ stake was 75.00% as of 31 March 2022, compared to 75.00% as
of 31 March 2021 .
Cash flow from operating activities increased to Rs 36.86 crore for year
ended March 2022 from Rs 8.22 crore for year ended March 2021. Cash
flow used in acquiring fixed assets during the year ended March 2022 stood at
Rs 4.90 crore, compared to Rs 10.34 crore during the year ended March
2021.
The
Board of Directors have recommended a final dividend of Rs.45/-per share (450%
on face value of equity shares of Rs.10/-each). The total dividend for the year
2021-22 is Rs.65/-per share (650% on face value of equity share of Rs.
10/-each) including the interim dividend of Rs. 20/-per share (200% on face
value of equity share of Rs. 10/-each) declared at the Board Meeting held on
January 21, 2022 and paid subsequently. The payment of final dividend is
subject to the approval of the shareholders in the ensuing Annual General
meeting of the company.
The
Board of Directors of the company had approved a proposal for voluntary
de-registration of M/s. Wendt Middle East FZE (`WME"), a wholly owned
subsidiary of the company located at Hamriyah Free Zone, Sharjah, UAE during
January 2021 and the de-registration process was initiated during the previous
year. During the year 2021-22, WME has substantially completed liquidation
related procedures and also repaid back the share capital to the company.
Further, the final clearance from the Hamriyah Free Zone Authority (HFZA) is
awaited, after which WME will be de-registered.
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Wendt (India): Consolidated Results
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2203
(3)
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2103
(3)
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Var. (%)
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2203 (12)
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2103 (12)
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Var. (%)
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Sales
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47.75
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45.62
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5
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178.81
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136.62
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31
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OPM (%)
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23.9
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19.0
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23.3
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16.1
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OP
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11.40
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8.66
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32
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41.67
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22.00
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89
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Other inc.
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0.94
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0.59
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59
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3.87
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3.96
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-2
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PBIDT
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12.34
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9.25
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33
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45.54
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25.96
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75
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Interest
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0.00
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0.01
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0.02
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0.03
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-33
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PBDT
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12.34
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9.24
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34
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45.52
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25.93
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76
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Dep.
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2.06
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2.24
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-8
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8.61
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8.93
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-4
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PBT before EO
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10.28
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7.00
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47
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36.91
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17.00
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117
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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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PBT
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10.28
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7.00
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47
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36.91
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17.00
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117
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Taxation
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2.81
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1.70
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65
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9.84
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4.23
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133
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PAT
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7.47
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5.30
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41
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27.07
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12.77
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112
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EPS (Rs)*
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#
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#
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135.4
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63.9
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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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2203
(3)
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2103
(3)
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Var. (%)
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% to total
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2103 (12)
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2103 (12)
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Var.(%)
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Sales
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Super Abrasives
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55
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26.16
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26.08
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0
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63
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112.54
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83.67
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35
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Machines Accessories & Components
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38
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17.84
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15.83
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13
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27
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47.61
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38.44
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24
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Others
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7
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3.30
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3.46
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-5
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10
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17.09
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12.95
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32
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Total
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100
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47.30
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45.37
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4
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100
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177.24
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135.06
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31
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Less Inter segment revenue
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####
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####
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Net
sales
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47.30
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45.37
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4
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177.24
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135.06
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31
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PBIT
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Super Abrasives
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51
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5.58
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5.58
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0
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63
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25.79
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13.78
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87
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Machines Accessories & Components
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45
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4.96
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2.71
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83
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29
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11.91
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6.06
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97
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Others
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4
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0.40
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0.56
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-29
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8
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3.12
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2.41
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29
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Total
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100
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10.94
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8.85
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24
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100
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40.82
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22.25
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83
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Less:
Interest (net)
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0.01
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-100
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0.02
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0.03
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-33
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Less:
Others Un-allocable Exp/Income (net)
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0.66
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1.84
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-64
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3.89
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5.22
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-25
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Add: EO
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PBT
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10.28
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7.00
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47
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36.91
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17.00
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117
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