Capitaline

Results 23-May-22

Analysis

Power Mech Projects

Net up 33% largely on good operating show

Consolidated net sales (including other operating income) of Power Mech Projects for the quarter ended Mar 2022 has increased 19.49% to Rs 902.4 crore. Operating profit margin has jumped from 9.87% to 10.47%, leading to 26.75% rise in operating profit to Rs 94.47 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 15.02% to 12.24%. Employee cost increased from 12.59% to 14.09%. Other expenses rose from 62.52% to 63.20%. Selling and administration expenses rose from 61.37% to 61.43%. Construction development cost rose from 61.37% to 61.43%. Other income fell 34.88% to Rs 3.08 crore. PBIDT rose 23.08% to Rs 97.55 crore. Provision for interest rose 10.42% to Rs 23.63 crore. PBDT rose 27.76% to Rs 73.92 crore. Provision for depreciation rose 5.67% to Rs 9.5 crore. Profit before tax grew 31.82% to Rs 64.42 crore. Share of profit/loss was 58.04% lower at Rs 0.47 crore. Provision for tax was expense of Rs 17.65 crore, compared to Rs 13.91 crore. Effective tax rate was 27.20% compared to 27.83%. Net profit attributable to owners of the company increased 33.48% to Rs 47.60 crore.

Full year results analysis.

Net sales (including other operating income) of Power Mech Projects has increased 43.86% to Rs 2710.48 crore. Operating profit margin has jumped from 2.22% to 10.55%, leading to 583.09% rise in operating profit to Rs 286.01 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 14.06% to 12.39%. Employee cost decreased from 17.16% to 15.60%. Other expenses fell from 66.55% to 61.46%. Selling and administration expenses fell from 65.16% to 60.21%. Construction development cost fell from 65.16% to 60.21%. Other income rose 6% to Rs 17.32 crore. PBIDT rose 421.10% to Rs 303.33 crore. Provision for interest rose 0.29% to Rs 79.48 crore. PBDT stood at Rs 223.85 crore compared to loss of Rs 21.04 crore. Provision for depreciation rose 3.16% to Rs 36.9 crore. Profit before tax reported profit of Rs 186.95 crore compared to loss of Rs 56.81 crore. Share of profit/loss was 26.54% higher at Rs -2.27 crore. Provision for tax was debit of Rs 46.18 crore, compared to credit of Rs 11.33 crore. Effective tax rate was 25.01% compared to 18.91%. Minority interest increased 83.16% to Rs -0.50 crore.

Order book

Order inflow during FY22 excluding MDO contract is Rs. 4,231 crores. The Company sourced MDO contract of Rs. 9,294 crores (executable over 25 years) during FY22 and thus total OI including MDO order was Rs 13525 crore.

Order backlog including MDO contract as end of Mar 2022 stood at Rs 18149 crore and excluding MDO contract stood at Rs 8855 crore.

Other developments

Equity capital stood at Rs 14.71 crore as of 31 March 2022 to Rs 14.71 crore as of 31 March 2021. Per share face Value remained same at Rs 10.00.

Promoters’ stake was 63.69% as of 31 March 2022 ,compared to 63.22% as of 31 March 2021 .

Fixed assets increased to Rs 180.38 crore as of 31 March 2022 from Rs 177.42 crore as of 31 March 2021. Intangible assets declined from Rs 2.56 crore to Rs 2.50 crore.

Cash flow from operating activities increased to Rs 176.99 crore for year ended March 2022 from Rs 122.17 crore for year ended March 2021. Cash flow used in acquiring fixed assets during the year ended March 2022 stood at Rs 46.16 crore, compared to Rs 26.91 crore during the year ended March 2021.

Power Mech Projects : Consolidated Results

	Quarter ended			Year ended
Particulars	202203	202103	Var.(%)	202203	202103	Var.(%)
Net Sales (including other operating income)	902.40	755.19	19.49	2,710.48	1,884.09	43.86
OPM (%)	10.47	9.87	60 bps	10.55	2.22	833 bps
OP	94.47	74.53	26.75	286.01	41.87	583.09
Other Inc.	3.08	4.73	-34.88	17.32	16.34	6.00
PBIDT	97.55	79.26	23.08	303.33	58.21	421.10
Interest	23.63	21.40	10.42	79.48	79.25	0.29
PBDT	73.92	57.86	27.76	223.85	-21.04	LP
Depreciation	9.5	8.99	5.67	36.9	35.77	3.16
PBT	64.42	48.87	31.82	186.95	-56.81	LP
Share of Profit/(Loss) from Associates	0.47	1.12	-58.04	-2.27	-3.09	26.54
PBT before EO	64.89	49.99	29.81	184.68	-59.9	LP
EO Income	0	0	-	0	0	-
PBT after EO	64.89	49.99	29.81	184.68	-59.9	LP
Taxation	17.65	13.91	26.89	46.18	-11.33	PL
PAT	47.24	36.08	30.93	138.5	-48.57	LP
Minority Interest (MI)	-0.36	0.42	LP	-0.5	-2.97	83.16
Net profit	47.6	35.66	33.48	139	-45.6	LP
P/(L) from discontinued operations net of tax	0	0	-	0	0	-
Net profit after discontinued operations	47.6	35.66	33.48	139	-45.6	LP
EPS (Rs)*	32.36	24.24	33.48	94.49	-31.00	LP

* 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

Previous News

Power Mech Projects appoints director
( Corporate News - 26-Jul-23 10:19 )

Power Mech Projects
( Results - Analysis 09-Feb-23 05:19 )

Power Mech Projects consortium bags MDO contract worth Rs 30,438 cr
( Corporate News - 31-Jul-23 08:44 )

Power Mech Projects announces cessation of director
( Corporate News - 26-Jul-23 10:24 )

Power Mech Projects
( Analyst Meet / AGM - Conference Call 24-Nov-20 11:31 )

Power Mech Projects to discuss results
( Corporate News - 03-Aug-23 14:49 )

Power Mech Projects
( Analyst Meet / AGM - Conference Call 18-Feb-21 00:40 )

Power Mech Projects wins orders worth Rs 1034.13 cr
( Corporate News - 26-Dec-22 12:10 )

Power Mech Projects
( Results - Analysis 15-Nov-18 09:47 )

Power Mech Projects
( Analyst Meet / AGM - Conference Call 23-Jun-21 11:46 )

Power Mech Projects to table results
( Corporate News - 01-Feb-21 17:41 )