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Results
27-May-24
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Analysis
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WPIL
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PAT of continuing business up 12%
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Consolidated net sales
(including other operating income) of WPIL for the quarter ended Mar 2024 has
increased 13.64% to Rs 591.41 crore. Operating profit margin has declined
from 19.63% to 17.29%, leading to 0.10% rise in operating profit to Rs 102.27
crore. Raw material cost as a % of total sales (net of stock
adjustments) increased from 18.10% to 22.03%. Employee cost
decreased from 9.57% to 7.92%. Other expenses rose from 53.01% to
53.62%. Contract job process charges rose from 42.23% to 42.87%.
Other income rose
310.81% to Rs 10.64 crore. PBIDT rose 7.78% to Rs 112.91
crore. Provision for interest fell 5.82% to Rs 6.96 crore.
PBDT rose 8.81% to Rs 105.95 crore. Provision for depreciation rose
16.47% to Rs 7.99 crore. PBT before EO was up 21% to Rs 109.85 crore. Share
of profit/loss was 9.70% lower at Rs 1.49 crore. Profit before tax before
EO grew 21% to Rs 111.33 crore.
EO for the quarter was
Rs 11.88 crore against nil. During the quarter ended one of the EPC contract
has been terminated by the client for slow progress and performance Bank
Guarantee amounting Rs 11.8820 crore has been encashed, which the parent
company has disputed and taken appropriate contractual remedies at various
forums. However in view of prudent accounting practices the said amount has
been charged off as expense in the financial statement for the quarter ended
March 31, 2024. The same is deducted from expenses and shown as part of EO. PBT after EO was up 8% to Rs 99.45 crore.
Provision for tax was
expense of Rs 25.81 crore, compared to Rs 26.12 crore. Effective tax
rate was 25.95% compared to 28.34%. PAT of continuing business up 12% to Rs
73.65 crore. After accounting for loss from discontinued operations of RS 0.09
crore (against a profit of Rs 13.32 crore) and gain from disposal of asset
being a loss of RS 7.71 crore the net profit (both continuing and discontinued
operations) was down 17% to Rs 65.84 crore. Minority interest decreased 73.89%
to Rs 2.06 crore. Net profit attributable to owners of the company decreased
11% to Rs 63.78 crore.
Sales of Pumps and
Accessories segment has gone down 3.40% to Rs 248.29 crore (accounting for
41.98% of total sales). Sales of Project (Works Contract) segment
has gone up 8.21% to Rs 343.11 crore (accounting for 58.02% of total
sales).
Profit before interest,
tax and other unallocable items (PBIT) has slumped 11.62% to Rs 114.63
crore. PBIT of Pumps and Accessories segment fell 13.65% to Rs 52.01
crore (accounting for 45.37% of total PBIT). PBIT of Project (Works
Contract) segment fell 9.87% to Rs 62.62 crore (accounting for 54.63% of total
PBIT).
PBIT margin of Pumps and
Accessories segment fell from 23.43% to 20.95%. PBIT margin of
Project (Works Contract) segment fell from 21.91% to 18.25%. Overall
PBIT margin fell from 22.59% to 19.38%.
Full year results analysis.
Net sales (including other operating income) of WPIL has increased 3.67% to Rs
1664.4 crore. Operating profit margin has jumped from 16.66% to
17.92%, leading to 11.55% rise in operating profit to Rs 298.34
crore. Raw material cost as a % of total sales (net of stock
adjustments) decreased from 22.89% to 21.23%. Employee cost
increased from 10.59% to 12.14%. Other expenses fell from 50.14% to
48.78%. Contract job process charges fell from 39.04% to 35.90%.
Other income rose 17.74% to Rs 28.21 crore. PBIDT rose
12.06% to Rs 326.55 crore. Provision for interest rose 29.91% to Rs
30.84 crore. PBDT rose 10.48% to Rs 295.71 crore. Provision
for depreciation rose 8.07% to Rs 30.12 crore. Profit before tax
grew 10.75% to Rs 265.59 crore. Share of profit/loss was 96.27%
higher at Rs 5.26 crore. PBT before EO was up 17% to Rs 282.73
crore.
EO for the quarter was
Rs 11.88 crore against nil. During the quarter ended one of the EPC contract
has been terminated by the client for slow progress and performance Bank
Guarantee amounting Rs 11.8820 crore has been encashed, which the parent
company has disputed and taken appropriate contractual remedies at various
forums. However in view of prudent accounting practices the said amount has
been charged off as expense in the financial statement for the quarter ended
March 31, 2024. The same is deducted from expenses and shown as part of EO. PBT after EO was up 12% to Rs 270.85 crore.
Provision for tax was expense of Rs 77.83 crore, compared to Rs
64.61 crore. Effective tax rate was 28.74% compared to 26.65%. PAT
of continuing business was up 9% to Rs 193.02 crore. After accounting for profit
from discontinued operations of RS 8.40 crore (against a profit of Rs 41.81
crore) and gain from disposal of asset being a profit of RS 482.35 crore the
net profit (both continuing and discontinued operations) jumped up 211% to Rs 683.77
crore.
Minority interest increased 584.20% to Rs 208.75
crore. Thus net profit after MI was up 151% to Rs 475.02 crore.
Sales of Pumps and
Accessories segment has gone up 7.02% to Rs 848.24 crore (accounting for 50.96%
of total sales). Sales of Project (Works Contract) segment has gone
up 0.40% to Rs 816.17 crore (accounting for 49.04% of total sales).
Profit before interest,
tax and other unallocable items (PBIT) has jumped 26.60% to Rs 355.65
crore. PBIT of Pumps and Accessories segment rose 20.80% to Rs
175.57 crore (accounting for 49.37% of total PBIT). PBIT of Project
(Works Contract) segment rose 32.82% to Rs 180.08 crore (accounting for 50.63%
of total PBIT).
PBIT margin of Pumps and
Accessories segment rose from 18.34% to 20.70%. PBIT margin of
Project (Works Contract) segment rose from 16.68% to 22.06%. Overall
PBIT margin rose from 17.50% to 21.37%.
Others
Equity capital stood at Rs 9.77 crore as of 31 March 2024 to Rs
9.77 crore as of 31 March 2023. Per share face Value remained same
at Rs 10.00.
BOD approved sub-division (Split) of Equity Share of the Company
having a face value of Rs. 10/- each (fully paid-up) into one (1) Equity Share
of face value of Re. 1/- each (fully paidup).
Promoters’ stake was 70.80% as of 31 March 2024 ,compared to 70.80%
as of 31 March 2023 .
Cash flow from operating activities has turned negative Rs 89.55
crore for year ended March 2024 from positive Rs 187.24 crore for year ended
March 2023. Cash flow used in acquiring fixed assets during the year
ended March 2024 stood at Rs 42.65 crore, compared to Rs 39.67 crore during the
year ended March 2023.
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WPIL: Consolidated Results
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2403 (3)
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2303 (3)
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Var.(%)
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2403 (12)
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2303 (12)
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Var. (%)
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Sales
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591.41
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520.41
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14
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1664.40
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1605.46
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4
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OPM (%)
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19.3
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19.6
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18.6
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16.7
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OP
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114.15
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102.18
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12
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310.22
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267.45
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16
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Other inc.
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10.64
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2.59
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311
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28.21
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23.96
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18
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PBIDT
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124.80
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104.77
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19
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338.43
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291.40
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16
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Interest
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6.96
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7.39
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-6
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30.84
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23.74
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30
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PBDT
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117.84
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97.37
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21
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307.59
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267.66
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15
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Dep.
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7.99
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6.86
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17
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30.12
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27.87
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8
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PBT
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109.85
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90.52
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21
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277.47
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239.80
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16
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Share of P(L) from Associates
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1.49
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1.65
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-10
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5.26
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2.68
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96
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PBT before EO
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111.33
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92.16
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21
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282.73
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242.48
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17
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EO
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11.88
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0.00
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11.88
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0.00
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PBT after EO
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99.45
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92.16
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8
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270.85
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242.48
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12
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Taxation
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25.81
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26.12
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-1
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77.83
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64.61
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20
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PAT of Continuing
Operations
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73.65
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66.04
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12
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193.02
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177.87
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9
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P/L from Discontinued Operation (net of tax)
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-0.09
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13.32
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-101
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8.40
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41.81
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-80
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Gain on disposal of Asset (net of tax)
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-7.71
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0.00
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482.35
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0.00
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Net profit
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65.84
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79.36
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-17
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683.77
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219.68
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211
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Minority Interest
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2.06
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7.89
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-74
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208.75
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30.51
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584
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Net profit
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63.78
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71.47
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-11
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475.02
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189.17
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151
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EPS (Rs)*^
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#
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#
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146.0
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156.8
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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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^ EPS for FY23 & FY24 on Net Profit (after MI) of continuing
business operations only
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Var % truncated to 999 in case of >=1000
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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) | 202403 | 202303 | Var.(%) | % of (Total) | 202403 | 202303 | Var.(%) |
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| Sales | | Pumps and Accessories | 41.98 | 248.29 | 257.04 | -3.40 | 50.96 | 848.24 | 792.56 | 7.02 | | Project (Works Contract) | 58.02 | 343.11 | 317.09 | 8.21 | 49.04 | 816.17 | 812.89 | 0.40 | | Total Reported Sales | 100.00 | 591.41 | 574.13 | 3.01 | 100.00 | 1,664.40 | 1,605.46 | 3.67 | | Less: Inter segment revenues | | 0.00 | 0.00 | - | | 0.00 | 0.00 | - | | Net Sales | 100.00 | 591.41 | 574.13 | 3.01 | 100.00 | 1,664.40 | 1,605.46 | 3.67 | | PBIT | | Pumps and Accessories | 45.37 | 52.01 | 60.23 | -13.65 | 49.37 | 175.57 | 145.34 | 20.80 | | Project (Works Contract) | 54.63 | 62.62 | 69.48 | -9.87 | 50.63 | 180.08 | 135.58 | 32.82 | | Total PBIT | 100.00 | 114.63 | 129.70 | -11.62 | 100.00 | 355.65 | 280.91 | 26.60 | | Less : Interest | | 6.96 | 7.97 | -12.70 | | 30.84 | 23.74 | 29.89 | | Add: Other un-allcoable | | -8.21 | -13.07 | 37.15 | | -53.96 | -14.69 | -267.23 | | PBIT Margin(%) | | Pumps and Accessories | | 20.95 | 23.43 | -248.49 | | 20.70 | 18.34 | 236.07 | | Project (Works Contract) | | 18.25 | 21.91 | -366.07 | | 22.06 | 16.68 | 538.56 | | PBT | 100.00 | 99.45 | 108.66 | -8.48 | 100.00 | 270.85 | 242.48 | 11.70 |
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