Consolidated net sales (including other operating income) of Power Mech Projects for the quarter ended March 2021 has increased 27% to Rs 755.19 crore. Revenue growth in high twenties was largely due to strong revenue growth registered by civil and O&M business segment of the company. While the revenue of civil was up by 75% to Rs 329 crore that of O&M was up by 29% to Rs 223 crore. The revenue of erection was down by 12% (to RS 166 crore) and that of electrical and others ws down by 14% (to Rs 36 crore). Operating profit margin has slumped from 10.9% to 9.9%, leading to 15% rise in operating profit to Rs 74.53 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 16.01% to 15.02%. Employee cost decreased from 14.31% to 12.59%. Other expenses rose from 58.88% to 62.52%. Selling and administration expenses rose from 57.56% to 61.37%. Construction development cost rose from 57.56% to 61.37%. Other income rose 36% to Rs 4.73 crore. Provision for interest fell 6% to Rs 21.4 crore. Provision for depreciation fell 5% to Rs 8.99 crore. Profit before tax grew 35% to Rs 48.88 crore. Provision for tax was expense of Rs 13.91 crore, compared to Rs 4.76 crore. Effective tax rate was 27.83% compared to 13.11%.PAT was up 11% to Rs 34.96 crore. Share of profit from associate was Rs 1.12 crore compared to a loss of Rs 0.01 crore in the corresponding previous period. Minority interest increased 122% to Rs 0.42 crore. Net profit attributable to owners of the company increased 14% to Rs 35.66 crore.
Yearly performance
Net sales (including other operating income) has declined 13% to Rs 1884.09 crore. Operating profit margin has slumped from 12.5% to 2.2%, leading to 85% decline in operating profit to Rs 41.88 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 14.87% to 14.06%. Employee cost increased from 14.91% to 17.16%. Other expenses rose from 57.78% to 66.55%. Selling and administration expenses rose from 56.54% to 65.16%. Construction development cost rose from 56.54% to 65.16%. Other income rose 75% to Rs 16.34 crore. Provision for interest rose 7% to Rs 79.25 crore. Provision for depreciation fell 9% to Rs 35.77 crore. PBT was a loss of Rs 56.80 crore compared to a profit of Rs 166.61 crore in the corresponding previous period. Provision for tax was credit of Rs 11.33 crore, compared to debit of Rs 37.48 crore PAT was a loss of Rs 45.47 crore compared to a profit of Rs 129.13 crore in the corresponding previous period. Share of profit from associate was a loss of Rs 3.09 crore compared to a profit of Rs 1.57 crore. Minority interest decreased 412.07% to Rs -2.97 crore. Thus net profit (after MI) was a loss of Rs 45.59 crore compared to a profit of Rs 131.28 crore.
Order book
Orders bagged in FY21 were about Rs 4638 crore (16.3% is erection, 18% is O&M, 65.7% is civil & other works) up from Rs 1953 crore (29.8% is erection, 33.8% is O&M, 36.4% is civil & other works) of order inflow in FY20. Of the FY21 order inflow non power orders were 57.9% and power were 42.1%.
Order backlog as of today (Jun 22, 2021 stands) at Rs 7333 crore (up from Rs 4575 crore as end of FY20) and provides strong revenue visibility. Of the order book about 32.3% is erection, 15.9% is O&M and 48.9% is civil & others. While non power orders were 34% balance 66% is power sector orders.
Other developments
Equity capital stood at Rs 14.71 crore as of 31 March 2021 to Rs 14.71 crore as of 31 March 2020. Per share face Value remained same at Rs 10.00.
Promoters' stake was 63.22% as of 31 March 2021,compared to 62.50% as of 31 March 2020.
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