On consolidated basis
Quarter ended June 2022 compared with Quarter
ended June 2021.
Net sales (including other operating income) of West Coast
Paper Mills has increased 107.25% to Rs 1114.15 crore. Sales of
Paper and Paper Board segment has gone up 110.37% to Rs 1,061.58 crore
(accounting for 95.28% of total sales). Sales of Telecommunication
Cable segment has gone up 59.08% to Rs 52.52 crore (accounting for 4.71% of
total sales).
Profit
before interest, tax and other unallocable items (PBIT) has jumped 375.47% to
Rs 297.13 crore. PBIT of Paper and Paper Board segment rose 386.60%
to Rs 292.31 crore (accounting for 98.38% of total PBIT). PBIT of
Telecommunication Cable segment rose 38.94% to Rs 3.40 crore (accounting for
1.14% of total PBIT). PBIT of Others reported profit of Rs 1.42
crore compared to loss of Rs 0.03 crore.
PBIT
margin of Paper and Paper Board segment rose from 11.90% to
27.54%. PBIT margin of Telecommunication Cable segment fell from
7.41% to 6.47%. PBIT margin of Others segment rose from 100.00% to
2,646.64%. Overall PBIT margin rose from 11.62% to
26.67%.
Operating profit margin has jumped
from 18.61% to 28.82%, leading to 220.96% rise in operating profit to Rs 321.15
crore. Raw material cost as a % of total sales (net of stock
adjustments) decreased from 52.89% to 45.59%. Purchase of finished
goods cost fell from 0.34% to 0.25%. Employee cost decreased from
12.79% to 7.71%. Other expenses fell from 19.11% to 17.96%.
Power and Oil fuel cost rose from 9.33% to 10.28%.
Other
income fell 20.14% to Rs 11.26 crore. PBIDT rose 191.18% to Rs
332.41 crore. Provision for interest fell 66.52% to Rs 6.14
crore.
PBDT
rose 240.50% to Rs 326.27 crore. Provision for depreciation fell
11.82% to Rs 46.1 crore.
Profit
before tax grew 543.48% to Rs 280.17 crore. Share of profit/loss
were nil in both the periods. Provision for tax was expense of Rs
71.21 crore, compared to Rs 4.33 crore. Effective tax rate was
25.42% compared to 9.94%.
Minority interest increased 224.90%
to Rs 23.62 crore. Net profit attributable to owners of the company
increased 480.28% to Rs 185.34 crore.
Promoters’
stake was 56.48% as of 30 June 2022 ,compared to 56.35% as of 30 June 2021
.
Full year results analysis.
Net sales (including other operating
income) of West Coast Paper Mills has increased 50.48% to Rs 3377.67
crore. Sales of Paper and Paper Board segment has gone up 50.17% to
Rs 3,248.81 crore (accounting for 96.19% of total sales). Sales of
Telecommunication Cable segment has gone up 58.87% to Rs 128.61 crore
(accounting for 3.81% of total sales). Sales of Others segment rose
39.15% to Rs 0.24 crore (accounting for 0.01% of total sales).
Profit
before interest, tax and other unallocable items (PBIT) has jumped 841.61% to
Rs 482.77 crore. PBIT of Paper and Paper Board segment rose 992.74%
to Rs 473.32 crore (accounting for 98.04% of total PBIT). PBIT of
Telecommunication Cable segment rose 17.96% to Rs 9.49 crore (accounting for
1.96% of total PBIT). PBIT of Others segment rose 53.77% to Rs -0.04
crore (accounting for -0.01% of total PBIT).
PBIT
margin of Paper and Paper Board segment rose from 2.00% to
14.57%. PBIT margin of Telecommunication Cable segment fell from
9.93% to 7.38%. PBIT margin of Others segment rose from negative
49.83% to negative 16.56%. Overall PBIT margin rose from 2.28% to
14.29%.
Operating profit margin has jumped
from 11.26% to 18.75%, leading to 150.72% rise in operating profit to Rs 633.42
crore. Raw material cost as a % of total sales (net of stock
adjustments) decreased from 50.55% to 49.29%. Employee cost
decreased from 14.46% to 10.77%. Other expenses fell from 23.33% to
20.69%. Power and Oil fuel cost fell from 11.67% to 10.71%.
Other
income rose 136.09% to Rs 58.22 crore. PBIDT rose 149.42% to Rs
691.64 crore. Provision for interest fell 16.27% to Rs 58.7
crore. Loan funds declined from Rs 675.75 crore as of 31 March 2021
to Rs 478.34 crore as of 31 March 2022. Inventories declined from Rs
411.84 crore as of 31 March 2021 to Rs 395.78 crore as of 31 March
2022. Sundry debtors were higher at Rs 242.29 crore as of 31 March
2022 compared to Rs 203.94 crore as of 31 March 2021. Cash and bank
balance declined from Rs 91.47 crore as of 31 March 2021 to Rs 60.14 crore as
of 31 March 2022. Investments rose to Rs 471.94 crore as of 31 March
2022 from Rs 219.79 crore as of 31 March 2021 .
PBDT
rose 205.49% to Rs 632.94 crore. Provision for depreciation fell
7.33% to Rs 212.53 crore. Fixed assets declined from Rs 1,723.32
crore as of 31 March 2021 to Rs 1,482.92 crore as of 31 March
2022. Intangible assets increased from Rs 183.71 crore to Rs 295.76
crore.
Profit
before tax reported profit of Rs 420.41 crore compared to loss of Rs 22.16
crore. Share of profit/loss were nil in both the
periods. Provision for tax was debit of Rs 74.52 crore, compared to
credit of Rs 21.79 crore. Effective tax rate was 17.73% compared to
83.26%.
Equity
capital stood at Rs 13.21 crore as of 31 March 2022 to Rs 13.21 crore as of 31
March 2021. Per share face Value remained same at Rs
2.00.
Promoters’
stake was 56.48% as of 31 March 2022 ,compared to 56.29% as of 31 March 2021
.
Cash flow from operating activities increased to
Rs 590.56 crore for year ended March 2022 from Rs 337.82 crore for year ended
March 2021. Cash flow used in acquiring fixed assets during the year
ended March 2022 stood at Rs 62.86 crore, compared to Rs 74.05 crore during the
year ended March 2021.
| West Coast Paper Mills : Consolidated Results | | | Quarter ended | Year ended |
|---|
| Particulars | 202206 | 202106 | Var.(%) | 202203 | 202103 | Var.(%) |
|---|
| Net Sales (including other operating income) | 1,114.15 | 537.60 | 107.25 | 3,377.67 | 2,244.53 | 50.48 | | OPM (%) | 28.82 | 18.61 | 1,021 bps | 18.75 | 11.26 | 750 bps | | OP | 321.15 | 100.06 | 220.96 | 633.42 | 252.64 | 150.72 | | Other Inc. | 11.26 | 14.10 | -20.14 | 58.22 | 24.66 | 136.09 | | PBIDT | 332.41 | 114.16 | 191.18 | 691.64 | 277.30 | 149.42 | | Interest | 6.14 | 18.34 | -66.52 | 58.70 | 70.11 | -16.27 | | PBDT | 326.27 | 95.82 | 240.50 | 632.94 | 207.19 | 205.49 | | Depreciation | 46.1 | 52.28 | -11.82 | 212.53 | 229.35 | -7.33 | | PBT | 280.17 | 43.54 | 543.48 | 420.41 | -22.16 | LP | | Share of Profit/(Loss) from Associates | 0 | 0 | - | 0 | 0 | - | | PBT before EO | 280.17 | 43.54 | 543.48 | 420.41 | -22.16 | LP | | EO Income | 0 | 0 | - | 0 | -4.01 | - | | PBT after EO | 280.17 | 43.54 | 543.48 | 420.41 | -26.17 | LP | | Taxation | 71.21 | 4.33 | 1,544.57 | 74.52 | -21.79 | PL | | PAT | 208.96 | 39.21 | 432.93 | 345.89 | -4.38 | LP | | Minority Interest (MI) | 23.62 | 7.27 | 224.90 | 38.85 | -1.28 | PL | | Net profit | 185.34 | 31.94 | 480.28 | 307.04 | -3.1 | LP | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 185.34 | 31.94 | 480.28 | 307.04 | -3.1 | LP | | EPS (Rs)* | 28.06 | 4.84 | 480.28 | 46.49 | -0.04 | LP | | | * EPS is on current equity of Rs 13.21 crore, Face value of Rs 2, Excluding extraordinary items. | | # EPS is not annualised | | bps : Basis points | | EO : Extraordinary items | | Figures in Rs crore | | Source: Capitaline Corporate Database |
|
| West Coast Paper Mills : Consolidated Segment Results | | | Quarter ended | Year ended |
|---|
| % of (Total) | 202206 | 202106 | Var.(%) | % of (Total) | 202203 | 202103 | Var.(%) |
|---|
| Sales | | Paper and Paper Board | 95.28 | 1,061.58 | 504.62 | 110.37 | 96.19 | 3,248.81 | 2,163.40 | 50.17 | | Telecommunication Cable | 4.71 | 52.52 | 33.01 | 59.08 | 3.81 | 128.61 | 80.95 | 58.87 | | Others | 0.00 | 0.05 | -0.03 | LP | 0.01 | 0.24 | 0.17 | 39.15 | | Total Reported Sales | 100.00 | 1,114.15 | 537.60 | 107.24 | 100.00 | 3,377.67 | 2,244.53 | 50.48 | | Less: Inter segment revenues | | 0.00 | 0.00 | - | | 0.00 | 0.00 | - | | Net Sales | 100.00 | 1,114.15 | 537.60 | 107.24 | 100.00 | 3,377.67 | 2,244.53 | 50.48 | | PBIT | | Paper and Paper Board | 98.38 | 292.31 | 60.07 | 386.60 | 98.04 | 473.32 | 43.32 | 992.74 | | Telecommunication Cable | 1.14 | 3.40 | 2.45 | 38.94 | 1.96 | 9.49 | 8.04 | 17.96 | | Others | 0.48 | 1.42 | -0.03 | LP | -0.01 | -0.04 | -0.09 | 53.77 | | Total PBIT | 100.00 | 297.13 | 62.49 | 375.47 | 100.00 | 482.77 | 51.27 | 841.61 | | Less : Interest | | 6.14 | 18.34 | -66.52 | | 58.70 | 70.11 | -16.28 | | Add: Other un-allcoable | | -10.83 | -0.62 | -1,657.43 | | -3.67 | -7.33 | 49.94 | | PBIT Margin(%) | | Paper and Paper Board | | 27.54 | 11.90 | 1,563.10 | | 14.57 | 2.00 | 1,256.69 | | Telecommunication Cable | | 6.47 | 7.41 | -93.85 | | 7.38 | 9.93 | -255.83 | | Others | | 2,646.64 | 100.00 | 2,54,664.18 | | -16.56 | -49.83 | 3,327.08 | | PBT | 100.00 | 280.16 | 43.54 | 543.47 | 100.00 | 420.40 | -26.17 | LP |
|
|