Capitaline

Results 23-Jul-22

Analysis

Wendt India

Good Show

Consolidated net sales (including other operating income) of Wendt India for the quarter ended June 2022, has increased 12.65% to Rs 47.73 crore. Sales of Super Abrasives segment has gone up 14.15% to Rs 32.02 crore (accounting for 67.04% of total sales). Sales of Machines Accessories and components segment has gone down 6.28% to Rs 4.33 crore (accounting for 9.07% of total sales). Sales of Others segment fell 8.16% to Rs 4.39 crore (accounting for 9.19% of total sales). Sales of Precision Products segment has gone up 49.68% to Rs 7.02 crore (accounting for 14.70% of total sales).

Profit before interest, tax and other unallocable items (PBIT) has jumped 31.16% to Rs 9.47 crore. PBIT of Super Abrasives segment rose 36.22% to Rs 6.77 crore (accounting for 71.49% of total PBIT). PBIT of Machines Accessories and components segment fell 35.48% to Rs 0.20 crore (accounting for 2.11% of total PBIT). PBIT of Others segment fell 37.04% to Rs 0.68 crore (accounting for 7.18% of total PBIT). PBIT of Precision Products segment rose 111.63% to Rs 1.82 crore (accounting for 19.22% of total PBIT).

PBIT margin of Super Abrasives segment rose from 17.72% to 21.14%. PBIT margin of Machines Accessories and components segment fell from 6.71% to 4.62%. PBIT margin of Others segment fell from 22.59% to 15.49%. PBIT margin of Precision Products segment rose from 18.34% to 25.93%. Overall PBIT margin rose from 17.13% to 19.83%.

Operating profit margin has jumped from 22.26% to 23.55%, leading to 19.19% rise in operating profit to Rs 11.24 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 24.62% to 23.56%. Purchase of finished goods cost fell from 13.91% to 9.56%. Employee cost increased from 18.09% to 18.41%. Other expenses rose from 21.60% to 23.93%.

Other income fell 49.50% to Rs 0.51 crore. PBIDT rose 12.55% to Rs 11.75 crore. Provision for interest remained nil.

PBDT rose 12.36% to Rs 11.73 crore. Provision for depreciation fell 11.74% to Rs 2.03 crore.

Profit before tax grew 19.16% to Rs 9.70 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 2.47 crore, compared to Rs 2.14 crore. Effective tax rate was 25.46% compared to 26.29%.

Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 20.50% to Rs 7.23 crore.

Promoters' stake was 75.00% as of 30 June 2022 ,compared to 75.00% as of 30 June 2021 .

Wendt India : Consolidated Results

	Quarter ended			Year ended
Particulars	202206	202106	Var.(%)	202203	202103	Var.(%)
Net Sales (including other operating income)	47.73	42.37	12.65	178.81	136.62	30.88
OPM (%)	23.55	22.26	129 bps	23.30	16.10	720 bps
OP	11.24	9.43	19.19	41.67	22.00	89.41
Other Inc.	0.51	1.01	-49.50	3.87	3.96	-2.27
PBIDT	11.75	10.44	12.55	45.54	25.96	75.42
Interest	0.02	0	-	0.02	0.03	-33.33
PBDT	11.73	10.44	12.36	45.52	25.93	75.55
Depreciation	2.03	2.3	-11.74	8.61	8.93	-3.58
PBT	9.70	8.14	19.16	36.91	17	117.12
Share of Profit/(Loss) from Associates	0	0	-	0	0	-
PBT before EO	9.7	8.14	19.16	36.91	17	117.12
EO Income	0	0	-	0	0	-
PBT after EO	9.7	8.14	19.16	36.91	17	117.12
Taxation	2.47	2.14	15.42	9.84	4.23	132.62
PAT	7.23	6	20.50	27.07	12.77	111.98
Minority Interest (MI)	0	0	-	0	0	-
Net profit	7.23	6	20.50	27.07	12.77	111.98
P/(L) from discontinued operations net of tax	0	0	-	0	0	-
Net profit after discontinued operations	7.23	6	20.50	27.07	12.77	111.98
EPS (Rs)*	36.15	30.00	20.50	135.35	63.85	111.98

* EPS is on current equity of Rs 2.00 crore, Face value of Rs 10, Excluding extraordinary items.
# EPS is not annualised
bps : Basis points
EO : Extraordinary items
Figures in Rs crore
Source: Capitaline Corporate Database

Wendt India : Consolidated Segment Results

	Quarter ended				Year ended
	% of (Total)	202206	202106	Var.(%)	% of (Total)	202203	202103	Var.(%)
Sales
Super Abrasives	67.04	32.02	28.05	14.15	63.50	112.54	83.83	34.25
Machines Accessories and components	9.07	4.33	4.62	-6.28	13.85	24.54	38.89	-36.90
Others	9.19	4.39	4.78	-8.16	9.64	17.09	12.95	31.97
Precision Products	14.70	7.02	4.69	49.68
Total Reported Sales	100.00	47.76	42.14	13.34	100.00	177.24	135.67	30.64
Less: Inter segment revenues		0.26	0.00	-		0.00	0.00	-
Net Sales	100.00	47.50	42.14	12.72	100.00	177.24	135.67	30.64
PBIT
Super Abrasives	71.49	6.77	4.97	36.22	61.03	20.44	13.78	48.33
Machines Accessories and components	2.11	0.20	0.31	-35.48	13.23	4.43	6.06	-26.90
Others	7.18	0.68	1.08	-37.04	9.32	3.12	2.41	29.46
Precision Products	19.22	1.82	0.86	111.63
Total PBIT	100.00	9.47	7.22	31.16	100.00	33.49	22.25	50.52
Less : Interest		0.02	0.00	-		0.02	0.03	-33.33
Add: Other un-allcoable		0.25	0.92	-72.83		3.44	-5.22	LP
PBIT Margin(%)
Super Abrasives		21.14	17.72	342.47		18.16	16.44	172.44
Machines Accessories and components		4.62	6.71	-209.10		18.05	15.58	246.97
Others		15.49	22.59	-710.44		18.26	18.61	-35.37
Precision Products		25.93	18.34	758.90		23.84	0.00	2,384.05
PBT	100.00	9.70	8.14	19.16	100.00	36.91	17.00	117.12

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