Results     06-Nov-23
Analysis
WPIL
Sales down 14% hit by lower projects revenue
Consolidated net sales (including other operating income) of WPIL for the quarter ended Sep 2023 has declined 13.91% to Rs 348.06 crore.  Operating profit margin has jumped from 12.21% to 20.35%, leading to 43.50% rise in operating profit to Rs 70.83 crore.  Raw material cost as a % of total sales (net of stock adjustments) decreased from 61.71% to 21.62%.   Employee cost increased from 11.39% to 17.26%.   Other expenses rose from 15.08% to 41.10%.   Other income rose 39.29% to Rs 5.53 crore.  PBIDT rose 43.18% to Rs 76.36 crore.  Provision for interest rose 25.08% to Rs 7.48 crore.   PBDT rose 45.47% to Rs 68.88 crore.  Provision for depreciation rose 13.88% to Rs 9.6 crore.   Profit before tax grew 52.31% to Rs 59.28 crore.  Share of profit/loss was 74.19% higher at Rs 0.54 crore.  Provision for tax was expense of Rs 16.88 crore, compared to Rs 12.85 crore.  Effective tax rate was 28.22% compared to 32.76%. Minority interest increased 180.60% to Rs 8.39 crore.  Net profit attributable to owners of the company increased 47.71% to Rs 34.55 crore.  

  • Sales of Pumps and Accessories segment has gone up 7.18% to Rs 205.75 crore (accounting for 59.11% of total sales).  Sales of Project (Works Contract) segment has gone down 32.97% to Rs 142.30 crore (accounting for 40.89% of total sales).  
  • Profit before interest, tax and other unallocable items (PBIT) has jumped 108.62% to Rs 85.30 crore.  PBIT of Pumps and Accessories segment rose 264.98% to Rs 47.77 crore (accounting for 56.00% of total PBIT).  PBIT of Project (Works Contract) segment rose 35.00% to Rs 37.53 crore (accounting for 44.00% of total PBIT).  
  • PBIT margin of Pumps and Accessories segment rose from 6.82% to 23.22%.  PBIT margin of Project (Works Contract) segment rose from 13.09% to 26.37%.  Overall PBIT margin rose from 10.11% to 24.51%.  

 For year-to-date (YTD) results analysis.


Consolidated Net sales (including other operating income) of WPIL for half year ended Sep 2023 has increased 0.32% to Rs 705.77 crore.  Operating profit margin has jumped from 14.16% to 19.44%, leading to 37.72% rise in operating profit to Rs 137.17 crore.  Raw material cost as a % of total sales (net of stock adjustments) decreased from 55.50% to 21.28%.   Employee cost increased from 13.75% to 17.26%.   Other expenses rose from 16.94% to 42.11%.   Other income rose 38.01% to Rs 10.24 crore.  PBIDT rose 37.74% to Rs 147.41 crore.  Provision for interest rose 36.75% to Rs 15.22 crore.  PBDT rose 37.86% to Rs 132.19 crore.  Provision for depreciation rose 8.29% to Rs 18.81 crore.  Profit before tax grew 44.40% to Rs 113.38 crore.  Share of profit/loss was 32.35% higher at Rs 1.35 crore.  Provision for tax was expense of Rs 31.35 crore, compared to Rs 22.9 crore.  Effective tax rate was 27.33% compared to 28.79%. Minority interest increased 95.30% to Rs 17.03 crore.  Net profit attributable to owners of the company increased 38.46% to Rs 66.35 crore.  

  • Sales of Pumps and Accessories segment has gone up 6.81% to Rs 419.52 crore (accounting for 59.44% of total sales).  Sales of Project (Works Contract) segment has gone down 7.88% to Rs 286.25 crore (accounting for 40.56% of total sales).  
  • Profit before interest, tax and other unallocable items (PBIT) has jumped 91.42% to Rs 170.56 crore.  PBIT of Pumps and Accessories segment rose 102.63% to Rs 93.95 crore (accounting for 55.08% of total PBIT).  PBIT of Project (Works Contract) segment rose 79.26% to Rs 76.61 crore (accounting for 44.92% of total PBIT).  
  • PBIT margin of Pumps and Accessories segment rose from 11.80% to 22.40%.  PBIT margin of Project (Works Contract) segment rose from 13.75% to 26.76%.  Overall PBIT margin rose from 12.67% to 24.17%.  

Others

Equity capital stood at Rs 9.77 crore as of 30 September 2023 to Rs 9.77 crore as of 30 September 2022.  Per share face Value remained same at Rs 10.00.  

Promoters’ stake was 70.80% as of 30 September 2023 ,compared to 70.69% as of 30 September 2022 .  

Loan funds rose to Rs 295.11 crore as of 30 September 2023 from Rs 271.13 crore as of 30 September 2022.  Inventories rose to Rs 357.96 crore as of 30 September 2023 from Rs 297.93 crore as of 30 September 2022.  Sundry debtors were higher at Rs 456.87 crore as of 30 September 2023 compared to Rs 400.53 crore as of 30 September 2022.  Cash and bank balance rose to Rs 272.92 crore as of 30 September 2023 from Rs 216.23 crore as of 30 September 2022.  Investments rose to Rs 21.07 crore as of 30 September 2023 from Rs 17.96 crore as of 30 September 2022 .  Fixed assets increased to Rs 420.63 crore as of 30 September 2023 from Rs 299.07 crore as of 30 September 2022.  Intangible assets declined from Rs 92.19 crore to Rs 53.29 crore.  

Cash flow from operating activities decreased to Rs 24.66 crore for YTD ended September 2023 from Rs 84.32 crore for YTD ended September 2022.  Cash flow used in acquiring fixed assets during the YTD ended September 2023 stood at Rs 21.84 crore, compared to Rs 16.97 crore during the YTD ended September 2022.  


Full year results analysis.

Net sales (including other operating income) of WPIL has increased 51.09% to Rs 1784.8 crore.  Sales of Pumps and Accessories segment has gone up 19.14% to Rs 902.71 crore (accounting for 50.58% of total sales).  Sales of Project (Works Contract) segment has gone up 108.23% to Rs 882.09 crore (accounting for 49.42% of total sales).  

Profit before interest, tax and other unallocable items (PBIT) has jumped 69.71% to Rs 334.96 crore.  PBIT of Pumps and Accessories segment rose 40.21% to Rs 174.20 crore (accounting for 52.01% of total PBIT).  PBIT of Project (Works Contract) segment rose 119.84% to Rs 160.75 crore (accounting for 47.99% of total PBIT).  

PBIT margin of Pumps and Accessories segment rose from 16.40% to 19.30%.  PBIT margin of Project (Works Contract) segment rose from 17.26% to 18.22%.  Overall PBIT margin rose from 16.71% to 18.77%.  

Operating profit margin has jumped from 17.80% to 18.19%, leading to 54.37% rise in operating profit to Rs 324.57 crore.  Raw material cost as a % of total sales (net of stock adjustments) decreased from 44.76% to 21.42%.   Employee cost decreased from 17.03% to 12.09%.   Other expenses rose from 20.76% to 48.61%.   

Other income rose 228.17% to Rs 28.19 crore.  PBIDT rose 61.20% to Rs 352.76 crore.  Provision for interest rose 24.12% to Rs 24.65 crore.  Loan funds declined from Rs 316.67 crore as of 31 March 2022 to Rs 257.79 crore as of 31 March 2023.  Inventories rose to Rs 341.90 crore as of 31 March 2023 from Rs 295.50 crore as of 31 March 2022.  Sundry debtors were higher at Rs 518.64 crore as of 31 March 2023 compared to Rs 426.78 crore as of 31 March 2022.  Cash and bank balance rose to Rs 258.89 crore as of 31 March 2023 from Rs 213.07 crore as of 31 March 2022.  Investments rose to Rs 19.72 crore as of 31 March 2023 from Rs 16.94 crore as of 31 March 2022 .  

PBDT rose 64.90% to Rs 328.11 crore.  Provision for depreciation fell 3.95% to Rs 35.79 crore.  Fixed assets increased to Rs 420.98 crore as of 31 March 2023 from Rs 367.93 crore as of 31 March 2022.  Intangible assets declined from Rs 61.79 crore to Rs 55.04 crore.  

Profit before tax grew 80.76% to Rs 292.32 crore.  Share of profit/loss was 98.52% higher at Rs 2.68 crore.  Provision for tax was expense of Rs 74.96 crore, compared to Rs 45.05 crore.  Effective tax rate was 25.41% compared to 27.63%.

Minority interest increased 46.05% to Rs 30.51 crore.  Net profit attributable to owners of the company increased 95.13% to Rs 189.53 crore.  

Equity capital stood at Rs 9.77 crore as of 31 March 2023 to Rs 9.77 crore as of 31 March 2022.  Per share face Value remained same at Rs 10.00.  

Promoters’ stake was 70.80% as of 31 March 2023 ,compared to 70.69% as of 31 March 2022 .  Promoters pledged stake was 4.19% as of 31 March 2023

Cash flow from operating activities increased to Rs 187.24 crore for year ended March 2023 from Rs 114.56 crore for year ended March 2022.  Cash flow used in acquiring fixed assets during the year ended March 2023 stood at Rs 39.67 crore, compared to Rs 25.25 crore during the year ended March 2022.  



WPIL : Consolidated Results
 Quarter endedYear to DateYear ended
Particulars202309202209Var.(%)202309202209Var.(%)202303202203Var.(%)
Net Sales (including other operating income)348.06404.29-13.91705.77703.500.321,784.801,181.2851.09
OPM (%)20.3512.21814 bps19.4414.16528 bps18.1917.8039 bps
OP70.8349.3643.50137.1799.6037.72324.57210.2554.37
Other Inc.5.533.9739.2910.247.4238.0128.198.59228.17
PBIDT76.3653.3343.18147.41107.0237.74352.76218.8461.20
Interest7.485.9825.0815.2211.1336.7524.6519.8624.12
PBDT68.8847.3545.47132.1995.8937.86328.11198.9864.90
Depreciation9.68.4313.8818.8117.378.2935.7937.26-3.95
PBT59.2838.9252.31113.3878.5244.40292.32161.7280.76
Share of Profit/(Loss) from Associates0.540.3174.191.351.0232.352.681.3598.52
PBT before EO59.8239.2352.49114.7379.5444.24295163.0780.90
EO Income00-00-00-
PBT after EO59.8239.2352.49114.7379.5444.24295163.0780.90
Taxation16.8812.8531.3631.3522.936.9074.9645.0566.39
PAT42.9426.3862.7783.3856.6447.21220.04118.0286.44
Minority Interest (MI)8.392.99180.6017.038.7295.3030.5120.8946.05
Net profit34.5523.3947.7166.3547.9238.46189.5397.1395.13
P/(L) from discontinued operations net of tax-0.02-0.020-0.04-0.03-33.33-0.360.2PL
Net profit after discontinued operations34.5323.3747.7566.3147.8938.46189.1797.3394.36
EPS (Rs)*35.3623.9547.6767.9349.0738.43194.0499.4495.14
* 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


WPIL : Consolidated Segment Results
td>-
 Quarter endedYear to DateYear ended
% of (Total)202309202209Var.(%)% of (Total)202309202209Var.(%)% of (Total)202303202203Var.(%)
Sales
Pumps and Accessories59.11205.75191.987.1859.44419.52392.786.8150.58902.71757.6619.14
Project (Works Contract)40.89142.30212.31-32.9740.56286.25310.72-7.8849.42882.09423.62108.23
Total Reported Sales100.00348.06404.29-13.91100.00705.77703.500.32100.001,784.801,181.2851.09
Less: Inter segment revenues 0.000.00- 0.000.00 0.000.00-
Net Sales100.00348.06404.29-13.91100.00705.77703.500.32100.001,784.801,181.2851.09
PBIT
Pumps and Accessories56.0047.7713.09264.9855.0893.9546.37102.6352.01174.20124.2540.21
Project (Works Contract)44.0037.5327.8035.0044.9276.6142.7479.2647.99160.7573.12119.84
Total PBIT100.0085.3040.89108.62100.00170.5689.1091.42100.00334.96197.3769.71
Less : Interest7.485.9825.0815.2211.1336.7724.6519.8624.14
Add: Other un-allcoable-18.004.33PL-40.611.57PL-15.31-14.45-5.95
PBIT Margin(%)
Pumps and Accessories 23.226.821,639.94 22.4011.801,059.07 19.3016.40289.89
Project (Works Contract) 26.3713.091,327.86 26.7613.751,301.00 18.2217.2696.31
PBT100.0059.8139.2352.47100.00114.7379.5544.23100.00294.99163.0680.91
Previous News
  WPIL consolidated net profit declines 10.76% in the March 2024 quarter
 ( Results - Announcements 25-May-24   15:30 )
  WPIL consolidated net profit rises 120.70% in the June 2022 quarter
 ( Results - Announcements 04-Aug-22   14:52 )
  WPIL
 ( Results - Analysis 01-Nov-22   20:46 )
  WPIL receives order worth Rs 430.87 cr from Govt. of West Bengal
 ( Corporate News - 14-Jun-22   09:23 )
  WPIL to discuss results
 ( Corporate News - 09-May-24   10:58 )
  WPIL bags Rs 425 cr project from Govt. of West Bengal
 ( Corporate News - 21-Dec-23   17:16 )
  WPIL consolidated net profit rises 68.59% in the June 2021 quarter
 ( Results - Announcements 09-Aug-21   15:06 )
  WPIL
 ( Results - Analysis 03-Jun-21   21:57 )
  WPIL to discuss results
 ( Corporate News - 27-Jan-24   16:31 )
  WPIL standalone net profit rises 16.51% in the June 2021 quarter
 ( Results - Announcements 09-Aug-21   14:52 )
  WPIL to announce Quarterly Result
 ( Corporate News - 01-Feb-22   19:20 )
Other Stories
  Apollo Hospitals Enterprise
  04-Jun-24   10:04
  ITL Industries
  01-Jun-24   02:14
  International Combustion (India)
  31-May-24   11:32
  Fluidomat
  31-May-24   11:28
  ISGEC Heavy Engineering
  31-May-24   11:24
  Sreeleathers
  31-May-24   11:20
  Cummins India
  31-May-24   11:18
  Bata India
  31-May-24   09:55
  Tata Steel
  31-May-24   08:36
  India Nippon Electricals
  31-May-24   07:03
Back Top