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Standalone net sales (including other operating income) of Voltamp Transformers for the quarter ended Jun 2023 has increased 19.27% to Rs 322.19 crore with volume jump by 15% to 2751 MVA. Operating profit margin has jumped from 13.43% to 14.89%, leading to 32.28% rise in operating profit to Rs 47.99 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 79.18% to 76.04%. Other expenses rose from 6.01% to 7.41%. Other income (net of FVTPL) was Rs 23.03 crore against an exp of Rs 0.41 crore. FVTPL for the quarter was Rs 16.59 crore against an loss of Rs 5.30 crore. PBIDT rose 97.99% to Rs 71.02 crore. Provision for interest remained nil. PBDT rose 98.65% to Rs 70.78 crore. Provision for depreciation rose 5.45% to Rs 2.32 crore. Profit before tax grew 104.79% to Rs 68.46 crore. Provision for tax was expense of Rs 17.68 crore, compared to Rs 6.75 crore. Effective tax rate was 25.83% compared to 20.19%. Profit after tax rose 90.33% to Rs 50.78 crore.
UPDATE ON BUSINESS / OPERATIONS:
The Company’s major focus in the current financial year is to optimise margin by
closely monitoring supplies chain and sourcing material saving in budgeted cost by
effectively using available cash.
The Company’s focus continued on timely realization of receivables. Receivables
position is totally under control. Select order picking with execution visibility and
timely collection of receivables remains the focus area for optimum working capital
cycle.
Going forward, business outlook looks stable, aided by steady growth in domestic
demand, easing of commodity cost pressures and the Government’s thrust on green
energy and infrastructure spending and also PLI lead investment. The order booking
tempo is expected to continue at market prices except inflationary pressures leading to steep interest rate hike, forcing corporates to defer CAPEX. Competitive pressures
are back, limiting scope for expanding margin.
The order booking for Savli location factories resumed from March 2023 with full
thrust and manufacturing operations are back to normal. The capacity utilisation of
Savli factories will increase from 2nd quarter of current year 2023-24. Business for
lower voltage class transformers remains very competitive and new players from
unorganized sector are entering the market with increased opportunities.
The present production capacity of 14000 MVA is expected to reach at full utilisation
level by FY: 2025-26. Anticipating product demand scenario remain supportive, the
Board will review situation and take call on investing in capacity expansion post
general election due in May 2024. In meantime the Company is making preliminary
enquiry for suitable plot of land at new location, to base new factory near the existing
Vadodara facility.
ORDER BOOK & REVENUE VISIBILITY
As on date with available orders, the revenue visibility for the current year 2023-24 is Rs. 1192
crores (10202 MVA). New orders will be booked during August to December 2023 for the
current year delivery.
Promoters’ stake was 50.00% as of 30 June 2023 ,compared to 50.00% as of 30 June 2022 .
| Voltamp Transformers : Standalone Results | | Quarter ended | Year ended |
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| Particulars | 202306 | 202206 | Var.(%) | 202303 | 202203 | Var.(%) |
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| Net Sales (including other operating income) | 322.19 | 270.14 | 19.27 | 1,385.10 | 1,127.21 | 22.88 | | OPM (%) | 14.89 | 13.43 | 146 bps | 16.67 | 12.33 | 434 bps | | OP | 47.99 | 36.28 | 32.28 | 230.87 | 139.00 | 66.09 | | Other Inc. | 23.03 | -0.41 | LP | 40.08 | 42.95 | -6.68 | | PBIDT | 71.02 | 35.87 | 97.99 | 270.95 | 181.95 | 48.91 | | Interest | 0.24 | 0.24 | 0.00 | 0.89 | 0.8 | 11.25 | | PBDT | 70.78 | 35.63 | 98.65 | 270.06 | 181.15 | 49.08 | | Depreciation | 2.32 | 2.2 | 5.45 | 9.69 | 7.94 | 22.04 | | PBT | 68.46 | 33.43 | 104.79 | 260.37 | 173.21 | 50.32 | | PBT before EO | 68.46 | 33.43 | 104.79 | 260.37 | 173.21 | 50.32 | | EO Income | 0 | 0 | - | 0 | 0 | - | | PBT after EO | 68.46 | 33.43 | 104.79 | 260.37 | 173.21 | 50.32 | | Taxation | 17.68 | 6.75 | 161.93 | 60.43 | 40.37 | 49.69 | | PAT | 50.78 | 26.68 | 90.33 | 199.94 | 132.84 | 50.51 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 50.78 | 26.68 | 90.33 | 199.94 | 132.84 | 50.51 | | EPS (Rs)* | 50.19 | 26.37 | 90.33 | 197.63 | 131.30 | 50.51 | | | * EPS is on current equity of Rs 10.12 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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