WPIL registered 4% growth in consolidated sales to Rs 200.98283.07 crore for the quarter ended Mar 2020. That together with 740 bps expansion in operating profit margin has led to sharp 67% jump in operating profit to Rs 54.79 crore. The other income was up by 65% to Rs 3.94 crore and thus the growth at PBIDT was 67% to Rs 58.73 crore. However the growth at PBT moderated to stand at 60% to Rs 43.77 crore after accounting for higher interest cost and higher depreciation. With share of loss from associate stand at Rs 0.50 crore against a profit of RS 0.19 crore, the PBT after share of profit from associate and before EO was up by 57% to Rs 43.26 crore. The EO was nil for the quarter as well as corresponding previous period. Taxation in absolute terms stood higher by 33% to Rs 14.24 crore but the tax rate was lower at 32.9% compared to 39.1% in the corresponding previous period. Thus the PAT was up by 73% to Rs 29.02 crore. After accounting for 91% jump in minority interest to Rs 4.12 crore, the net profit (After MI) was up by 71% to Rs 24.90 crore.
- Standalone sales of the company for the quarter was down by 32% to Rs 100.38 crore and with OPM contract by 110 bps to 12.4%, the operating profit was down by 37% to Rs 12.50 crore. But with OI jump by 521% to Rs 13.91 crore, the PBIDT was up by 19% to Rs 26.40 crore. After accounting for higher interest and higher depreciation the growth at PBT was restricted at 13% to Rs 22.10 crore. With taxation down by 42% to Rs 4.84 crore, the PAT was up by 53% to Rs 17.26 crore.
- On deducting standalone financials from consolidated financials, the sales of subsidiaries was up by 45% to Rs 182.69 crore. Moreover with OPM expand to 23.1% (from 10.2% in corresponding previous period) the operating profit jumped to 229% to Rs 42.29 crore. The PBT was up by 180% to Rs 21.67 crore
During the first quarter ended June 2019, Gruppo Aturia S.p.A (a step down subsidiary of the company) has acquired Finder Pompe Sri, an Italian Company and it has become a subsidiary of Gruppo Aturia S.p.A. During the quarter ended Dec 2019, Finder Pompe Sri got merged with Gruppo Aturia S.p.A.
The above consolidated financial results include WPIL and its 11 subsidiaries (including 9 step down subsidiaries), 1 Associate, 1 Joint Venture and 5 Joint Operations.
Yearly performance
Consolidated sales was down by 21% to Rs 908.89 crore. And with OPM crash by 720 bps to 13%, that together with lower sales led to 49% fall in OP to Rs 118.34 crore. After accounting for lower OI, higher interest and depreciation, the PBT (before share of profit from associate& EO) was down by 66% to Rs 76 crore. The PBT after share of profit from associate was down by 65% to Rs 77.13 crore with share of profit from associate stand higher by 49% to Rs 1.13 crore. The PAT was down by 66% to Rs 53.84 crore with taxation down 64% to Rs 23.30 crore. Eventually the net profit was down by 55% to Rs 56.22 crore as minority interest being a share of loss amounting Rs 2.38 crore against a share of profit of Rs 31.63 crore.
Dividend
The Board of Directors' of the Company has recommended Dividend@ Rs 7.50 per equity share of Rs 10 each, subject to the approval of the Shareholders at the ensuing Annual General Meeting.
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