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Results
21-May-22
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Analysis
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WPIL
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Steady show
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Consolidated net sales (including other operating income) of WPIL for the
quarter ended Mar 2022 has increased 20% to Rs 422.57 crore. Operating
profit margin has declined from 22.5% to 21.7%, leading to 15% rise in
operating profit to Rs 91.84 crore. Contraction in OPM was largely
due to revenue mix with increased contribution from low margin project business
during the quarter. Raw material cost as a % of total sales (net of stock
adjustments) increased from 36.85% to 48.43%. Employee cost
decreased from 14.31% to 12.04%. Other expenses fell from 25.81% to
17.99%. Other income rose 32% to Rs 6.08 crore. PBIDT
rose 16% to Rs 97.91 crore. Provision for interest fell 36% to Rs
4.2 crore. PBDT rose 21% to Rs 93.71 crore. Provision
for depreciation rose 13% to Rs 10.32 crore. Profit before tax grew 22%
to Rs 83.39 crore. Share of profit from associate was Rs 0.81 crore
against a loss of Rs 0.29 crore. Provision for tax was expense of Rs 23.76
crore, compared to Rs 19.47 crore. Effective tax rate was 28.22%
compared to 28.51%. Minority interest increased 1.33% to Rs 11.43 crore. PAT
from continuing operations/business was up 24% to Rs 60.44 crore. Minority
interest was up 1% to Rs 11.43 crore. Net profit attributable to owners
of the company increased 31% to Rs 49.01 crore.
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- Sales of Pumps and Accessories segment has gone down 22.90% to Rs 204.55
crore (accounting for 48.41% of total sales). Sales of Project
(Works Contract) segment has gone up 147.98% to Rs 218.01 crore (accounting for
51.59% of total sales).
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- Profit before interest, tax and other un-allocable items (PBIT) has
jumped 29.98% to Rs 93.67 crore. PBIT of Pumps and Accessories
segment rose 19.24% to Rs 56.08 crore (accounting for 59.87% of total
PBIT). PBIT of Project (Works Contract) segment rose 50.14% to Rs
37.59 crore (accounting for 40.13% of total PBIT).
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- PBIT margin of Pumps and Accessories segment rose from 17.73% to
27.42%. PBIT margin of Project (Works Contract) segment fell from
28.48% to 17.24%. Overall PBIT margin rose from 20.40% to
22.17%.
Standalone sales has increased 110% to
Rs 246.95 crore. Operating profit margin has declined from 27.1% to
16.3%, leading to 26% rise in operating profit to Rs 40.27 crore. Other
income was Rs 7.47 crore against an expense of Rs 1.82 crore. PBIDT rose 59% to
Rs 47.75 crore. Provision for interest up 52% to Rs 3.21
crore. PBDT rose 59% to Rs 44.54
crore. Provision for depreciation rose 15% to Rs 1.62
crore. Profit before tax grew 62% to Rs 42.92
crore. Provision for tax was expense of Rs 11.02 crore, compared to
Rs 6.38 crore. Effective tax rate was 25.68% compared to 24.02%. Profit
after tax rose 58% to Rs 31.90 crore.
On deducting standalone financials from
consolidated financials, the sales of subsidiaries largely overseas was down
25% to Rs 175.61 crore. With OPM expand by 910 bps to 29.4%, the OP was up 8%
to Rs 51.57 crore. The PBT was eventually down by 4% to Rs 40.47 crore hit by
lower other income and higher depreciation.
Full year results analysis
Consolidated net sales has increased 19% to Rs 1181.28
crore. Operating profit margin has jumped from 15.7% to 17.8%,
leading to 34% rise in operating profit to Rs 210.24 crore. Raw
material cost as a % of total sales (net of stock adjustments) increased from 41.42%
to 44.76%. Employee cost decreased from 19.83% to 17.03%.
Other expenses fell from 22.66% to 20.76%. Other income
fell 9% to Rs 8.59 crore. PBIDT rose 32% to Rs 218.83
crore. Provision for interest fell 12% to Rs 19.86
crore. Provision for depreciation rose 1% to Rs 37.26 crore. Profit
before tax grew 52% to Rs 161.71 crore. Share of profit/loss was
37.79% lower at Rs 1.35 crore. Provision for tax was expense of Rs
45.05 crore, compared to Rs 30.5 crore. Effective tax rate was
27.63% compared to 28.04%. PAT from continuing operations/business was up 51%
to Rs 118.01 crore. Minority interest increased 43.97% to Rs 20.89
crore. Net profit attributable to owners of the company increased 52%
to Rs 97.12 crore.
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- Sales of Pumps and Accessories segment has gone down 2.08% to Rs 757.66
crore (accounting for 64.14% of total sales). Sales of Project
(Works Contract) segment has gone up 91.60% to Rs 423.62 crore (accounting for
35.86% of total sales).
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- Profit before interest, tax and other unallocable items (PBIT) has
jumped 38.21% to Rs 197.37 crore. PBIT of Pumps and Accessories
segment rose 37.07% to Rs 124.25 crore (accounting for 62.95% of total
PBIT). PBIT of Project (Works Contract) segment rose 40.18% to Rs
73.12 crore (accounting for 37.05% of total PBIT).
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- PBIT margin of Pumps and Accessories segment rose from 11.72% to
16.40%. PBIT margin of Project (Works Contract) segment fell from
23.59% to 17.26%. Overall PBIT margin rose from 14.35% to
16.71%.
Standalone net sales has increased 56%
to Rs 529.82 crore. Operating profit margin has declined from 22.7%
to 16%, leading to 9% rise in operating profit to Rs 84.51 crore. Other
income fell 6% to Rs 16.18 crore. PBIDT rose 7% to Rs 100.69
crore. Provision for interest fell 7% to Rs 8.9 crore. PBDT
rose 8% to Rs 91.78 crore. Provision for depreciation rose 3% to Rs
5.63 crore. Profit before tax grew 9% to Rs 86.16
crore. Provision for tax was expense of Rs 22.28 crore, compared to
Rs 19.63 crore. Effective tax rate was 25.86% compared to 24.74%. Profit
after tax rose 7% to Rs 63.87 crore.
On deducting standalone financials from
consolidated financials, the sales of subsidiaries largely overseas was flat at
Rs 651.46 crore. With OPM expand by 720 bps to 19.3%, the OP
was up 58% to Rs 125.73 crore. The PBT was eventually up by 177% to Rs 75.56
crore.
Other developments
The Board of Directors of the Company
has recommended dividend@ Rs 10.00 per equity share of Rs 10 each, subject to
the approval of the shareholders at the ensuing Annual General Meeting.
Equity capital stood at Rs 9.77 crore
as of 31 March 2022 to Rs 9.77 crore as of 31 March 2021. Per share
face Value remained same at Rs 10.00.
Promoters’ stake was 70.69% as of 31
March 2022, compared to 70.66% as of 31 March 2021.
Consolidated Loan funds rose to Rs
316.67 crore as of 31 March 2022 from Rs 311.80 crore as of 31 March
2021. Inventories rose to Rs 295.50 crore as of 31 March 2022 from
Rs 253.32 crore as of 31 March 2021. Sundry debtors were higher at
Rs 426.78 crore as of 31 March 2022 compared to Rs 325.85 crore as of 31 March
2021. Cash and bank balance rose to Rs 213.07 crore as of 31 March
2022 from Rs 152.37 crore as of 31 March 2021. Investments rose to
Rs 16.94 crore as of 31 March 2022 from Rs 15.56 crore as of 31 March 2021. PBDT
rose 38.62% to Rs 198.98 crore. . Fixed assets increased to Rs
367.93 crore as of 31 March 2022 from Rs 367.89 crore as of 31 March
2021. Intangible assets increased from Rs 61.17 crore to Rs 61.79
crore.
Consolidated Cash flow from operating
activities decreased to Rs 114.56 crore for year ended March 2022 from Rs
229.73 crore for year ended March 2021. Cash flow used in acquiring
fixed assets during the year ended March 2022 stood at Rs 25.25 crore, compared
to Rs 23.43 crore during the year ended March 2021.
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WPIL:
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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422.57
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353.22
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20
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1181.28
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994.83
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19
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OPM (%)
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21.7
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22.5
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17.8
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15.7
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OP
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91.84
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79.64
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15
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210.24
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156.58
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34
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Other inc.
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6.08
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4.61
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32
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8.59
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9.46
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-9
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PBIDT
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97.92
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84.26
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16
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218.83
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166.05
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32
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Interest
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4.20
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6.56
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-36
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19.86
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22.50
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-12
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PBDT
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93.72
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77.70
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21
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198.97
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143.54
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39
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Dep.
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10.32
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9.13
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13
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37.26
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36.95
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1
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PBT
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83.39
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68.57
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22
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161.71
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106.59
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52
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Share of P(L) from Associates
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0.81
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-0.29
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LP
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1.35
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2.17
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-38
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PBT
before EO
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84.20
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68.28
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23
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163.06
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108.76
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50
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EO
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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 after EO
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84.20
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68.28
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23
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163.06
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108.76
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50
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Taxation
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23.76
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19.47
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22
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45.05
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30.50
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48
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PAT
of Continuing Operations
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60.44
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48.81
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24
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118.01
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78.25
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51
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Minority
Interest
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11.43
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11.28
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1
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20.89
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14.51
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44
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Net profit
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49.01
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37.53
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31
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97.12
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63.75
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52
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EPS (Rs)*
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#
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#
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99.4
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65.3
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* EPS
is on current equity of Rs 9.7671 crore, Face value of 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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| WPIL : Consolidated Segment Results | | | Quarter ended | Year ended |
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| % of (Total) | 202203 | 202103 | Var.(%) | % of (Total) | 202203 | 202103 | Var.(%) |
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| Sales | | Pumps and Accessories | 48.41 | 204.55 | 265.30 | -22.90 | 64.14 | 757.66 | 773.74 | -2.08 | | Project (Works Contract) | 51.59 | 218.01 | 87.91 | 147.98 | 35.86 | 423.62 | 221.10 | 91.60 | | Total Reported Sales | 100.00 | 422.57 | 353.22 | 19.63 | 100.00 | 1,181.28 | 994.83 | 18.74 | | Less: Inter segment revenues | | 0.00 | 0.00 | - | | 0.00 | 0.00 | - | | Net Sales | 100.00 | 422.57 | 353.22 | 19.63 | 100.00 | 1,181.28 | 994.83 | 18.74 | | PBIT | | Pumps and Accessories | 59.87 | 56.08 | 47.03 | 19.24 | 62.95 | 124.25 | 90.65 | 37.07 | | Project (Works Contract) | 40.13 | 37.59 | 25.03 | 50.14 | 37.05 | 73.12 | 52.16 | 40.18 | | Total PBIT | 100.00 | 93.67 | 72.06 | 29.98 | 100.00 | 197.37 | 142.81 | 38.21 | | Less : Interest | | 4.20 | 6.56 | -35.91 | | 19.86 | 22.50 | -11.76 | | Add: Other un-allcoable | | -5.26 | 2.77 | PL | | -14.45 | -11.55 | -25.18 | | PBIT Margin(%) | | Pumps and Accessories | | 27.42 | 17.73 | 968.88 | | 16.40 | 11.72 | 468.38 | | Project (Works Contract) | | 17.24 | 28.48 | -1,123.50 | | 17.26 | 23.59 | -633.13 | | PBT | 100.00 | 84.20 | 68.28 | 23.32 | 100.00 | 163.06 | 108.76 | 49.93 |
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| WPIL : Standalone Results | | Quarter ended | Year ended |
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| Particulars | 202203 | 202103 | Var.(%) | 202203 | 202103 | Var.(%) |
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| Net Sales (including other operating income) | 246.95 | 117.63 | 109.94 | 529.82 | 340.33 | 55.68 | | OPM (%) | 16.31 | 27.12 | -1,081 bps | 15.95 | 22.69 | -674 bps | | OP | 40.28 | 31.90 | 26.27 | 84.50 | 77.21 | 9.44 | | Other Inc. | 7.47 | -1.82 | LP | 16.18 | 17.20 | -5.93 | | PBIDT | 47.75 | 30.08 | 58.74 | 100.68 | 94.41 | 6.64 | | Interest | 3.21 | 2.11 | 52.13 | 8.9 | 9.57 | -7.00 | | PBDT | 44.54 | 27.97 | 59.24 | 91.78 | 84.84 | 8.18 | | Depreciation | 1.62 | 1.41 | 14.89 | 5.63 | 5.48 | 2.74 | | PBT | 42.92 | 26.56 | 61.60 | 86.15 | 79.36 | 8.56 | | PBT before EO | 42.92 | 26.56 | 61.60 | 86.15 | 79.36 | 8.56 | | EO Income | 0 | 0 | - | 0 | 0 | - | | PBT after EO | 42.92 | 26.56 | 61.60 | 86.15 | 79.36 | 8.56 | | Taxation | 11.02 | 6.38 | 72.73 | 22.28 | 19.63 | 13.50 | | PAT | 31.9 | 20.18 | 58.08 | 63.87 | 59.73 | 6.93 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 31.9 | 20.18 | 58.08 | 63.87 | 59.73 | 6.93 | | EPS (Rs)* | 32.66 | 20.66 | 58.08 | 65.39 | 61.15 | 6.93 | | | * EPS is on current equity of Rs 9.77 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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