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Results
30-Jan-22
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Analysis
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Power Mech Projects
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Strong all round show
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Consolidated net sales (including other operating income) of Power Mech
Projects for the quarter ended Dec 2021 has increased 27% to Rs 645.91
crore. Operating profit margin has jumped from 4.3% to 10.5%,
leading to 207% rise in operating profit to Rs 67.72 crore. Raw
material cost as a % of total sales (net of stock adjustments) decreased from
13.17% to 11.92%. Employee cost increased from 16.28% to 16.72%.
Other expenses fell from 66.13% to 60.88%. Selling and
administration expenses fell from 64.91% to 60.00%. Construction
development cost fell from 64.91% to 60.00%. Other income fell
56.79% to Rs 4.07 crore. PBIDT rose 128.24% to Rs 71.78
crore. Provision for interest rose 4.16% to Rs 19.78
crore. PBDT rose 317.34% to Rs 52 crore. Provision for
depreciation rose 2.60% to Rs 9.09 crore. Profit before tax grew
1,091.94% to Rs 42.91 crore. Provision for tax was
expense of Rs 10.64 crore, compared to Rs 1.13 crore. Effective tax
rate was 24.52% compared to 26.40%. PAT was up 1205% to Rs 32.27 crore. Share
of profit was down 29% at Rs 0.49 crore. MI was –Rs 0.12 crore
compared to +Rs 0.02 crore. Net profit attributable to owners of the company
increased 950% to Rs 32.88 crore.
Nine-month performance
Net sales (including other operating income) of Power Mech Projects has
increased 60.17% to Rs 1808.09 crore. Operating profit margin (OPM)
has turned from negative 3.05% to positive 10.59%, Operating profit for the
quarter stood at Rs 191.53 crore compared to loss of Rs 34.47
crore. Raw material cost as a % of total sales (net of stock
adjustments) decreased from 13.41% to 12.47%. Employee cost
decreased from 20.23% to 16.35%. Other expenses fell from 69.43% to
60.60%. Selling and administration expenses fell from 67.72% to
59.60%. Construction development cost fell from 67.72% to 59.60%.
Other income rose 6.03% to Rs 14.24 crore. PBIDT stood
at Rs 205.77 crore compared to loss of Rs 21.04 crore. Provision for
interest fell 3.49% to Rs 55.84 crore. PBDT stood at Rs 149.93 crore
compared to loss of Rs 78.9 crore. Provision for depreciation rose
2.32% to Rs 27.4 crore. Profit before tax reported profit of Rs
122.53 crore compared to loss of Rs 105.68 crore. Share of
profit/loss was 34.92% higher at Rs -2.74 crore. Provision for tax
was debit of Rs 28.53 crore, compared to credit of Rs 25.24
crore. Effective tax rate was 23.82% compared to 22.97%. Minority
interest increased 95.87% to Rs -0.14 crore.
Others
Promoters’ stake was 63.69% as of 31
December 2021, compared to 63.11% as of 31 December 2020.
| Power Mech Projects : Consolidated Results | | | Quarter ended | Year to Date | Year ended |
|---|
| Particulars | 202112 | 202012 | Var.(%) | 202112 | 202012 | Var.(%) | 202103 | 202003 | Var.(%) |
|---|
| Net Sales (including other operating income) | 645.91 | 508.49 | 27.03 | 1,808.09 | 1,128.89 | 60.17 | 1,884.09 | 2,164.68 | -12.96 | | OPM (%) | 10.48 | 4.33 | 615 bps | 10.59 | -3.05 | 1,365 bps | 2.22 | 12.51 | -1,029 bps | | OP | 67.71 | 22.03 | 207.35 | 191.53 | -34.47 | LP | 41.87 | 270.77 | -84.54 | | Other Inc. | 4.07 | 9.42 | -56.79 | 14.24 | 13.43 | 6.03 | 16.34 | 9.34 | 74.95 | | PBIDT | 71.78 | 31.45 | 128.24 | 205.77 | -21.04 | LP | 58.21 | 280.11 | -79.22 | | Interest | 19.78 | 18.99 | 4.16 | 55.84 | 57.86 | -3.49 | 79.25 | 74.06 | 7.01 | | PBDT | 52.00 | 12.46 | 317.34 | 149.93 | -78.90 | LP | -21.04 | 206.05 | PL | | Depreciation | 9.09 | 8.86 | 2.60 | 27.4 | 26.78 | 2.32 | 35.77 | 39.42 | -9.26 | | PBT | 42.91 | 3.60 | 1,091.94 | 122.53 | -105.68 | LP | -56.81 | 166.63 | PL | | Share of Profit/(Loss) from Associates | 0.49 | 0.68 | -27.94 | -2.74 | -4.21 | 34.92 | -3.09 | 1.57 | PL | | PBT before EO | 43.4 | 4.28 | 914.02 | 119.79 | -109.89 | LP | -59.9 | 168.2 | PL | | EO Income | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | PBT after EO | 43.4 | 4.28 | 914.02 | 119.79 | -109.89 | LP | -59.9 | 168.2 | PL | | Taxation | 10.64 | 1.13 | 841.59 | 28.53 | -25.24 | PL | -11.33 | 37.45 | LP | | PAT | 32.76 | 3.15 | 940.00 | 91.26 | -84.65 | LP | -48.57 | 130.75 | PL | | Minority Interest (MI) | -0.12 | 0.02 | LP | -0.14 | -3.39 | 95.87 | -2.97 | -0.58 | -412.07 | | Net profit | 32.88 | 3.13 | 950.48 | 91.4 | -81.26 | LP | -45.6 | 131.33 | PL | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 32.88 | 3.13 | 950.48 | 91.4 | -81.26 | LP | -45.6 | 131.33 | PL | | EPS (Rs)* | 22.35 | 2.13 | 950.48 | 62.13 | -55.24 | LP | -31.00 | 89.27 | PL | | | * EPS is on current equity of Rs 14.71 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 |
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