Capitaline

Results 26-May-22

Analysis

Voltamp Transformers

Strong show

Standalone net sales (including other operating income) of Voltamp Transformers for the quarter ended Mar 2022 has increased 36.35% to Rs 387.20 crore. Operating profit margin has jumped from 11.64% to 17.23%, leading to 101.85% rise in operating profit to Rs 66.71 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 76.31% to 72.86%. Employee cost decreased from 3.50% to 2.30%. Other expenses fell from 7.56% to 6.22%. Other income fell 27.69% to Rs 7.81 crore. PBIDT rose 69.94% to Rs 74.52 crore. Provision for interest up 27.78% to Rs 0.23 crore. PBDT rose 70.12% to Rs 74.29 crore. Provision for depreciation down 0.45% to Rs 2.21 crore. Fixed assets increased to Rs 68.88 crore as of 31 March 2022 from Rs 60.55 crore as of 31 March 2021. Intangible assets declined from Rs 0.42 crore to Rs 0.41 crore. Profit before tax grew 73.90% to Rs 72.08 crore. Provision for tax was expense of Rs 20.22 crore, compared to Rs 10.39 crore. Effective tax rate was 28.05% compared to 25.07%. Profit after tax rose 66.97% to Rs 51.86 crore.

Full year results analysis

Standalone net sales (including other operating income) has increased 62.82% to Rs 1,127.21 crore. Operating profit margin has jumped from 11.19% to 12.33%, leading to 79.49% rise in operating profit to Rs 139.00 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 76.01% to 78.46%. Employee cost decreased from 4.88% to 3.35%. Other expenses fell from 7.73% to 6.21%. Other income fell 40.73% to Rs 42.95 crore. PBIDT rose 21.37% to Rs 181.95 crore. Provision for interest up 33.33% to Rs 0.8 crore. PBDT rose 21.32% to Rs 181.15 crore. Provision for depreciation down 10.28% to Rs 7.94 crore. Profit before tax grew 23.32% to Rs 173.21 crore. Provision for tax was expense of Rs 40.37 crore, compared to Rs 28.24 crore. Effective tax rate was 23.31% compared to 20.11%. Profit after tax rose 18.37% to Rs 132.84 crore.

Other developments

Equity capital stood at Rs 10.12 crore as of 31 March 2022 to Rs 10.12 crore as of 31 March 2021. Per share face Value remained same at Rs 10.00.

Promoters’ stake was 50.00% as of 31 March 2022 ,compared to 50.00% as of 31 March 2021 .

Cash flow from operating activities increased to Rs 65.58 crore for year ended March 2022 from Rs 19.61 crore for year ended March 2021. Cash flow used in acquiring fixed assets during the year ended March 2022 stood at Rs 18.64 crore, compared to Rs 9.96 crore during the year ended March 2021.

Voltamp Transformers : Standalone Results

	Quarter ended			Year ended
Particulars	202203	202103	Var.(%)	202203	202103	Var.(%)
Net Sales (including other operating income)	387.20	283.97	36.35	1,127.21	692.31	62.82
OPM (%)	17.23	11.64	559 bps	12.33	11.19	115 bps
OP	66.71	33.05	101.85	139.00	77.44	79.49
Other Inc.	7.81	10.80	-27.69	42.95	72.47	-40.73
PBIDT	74.52	43.85	69.94	181.95	149.91	21.37
Interest	0.23	0.18	27.78	0.8	0.6	33.33
PBDT	74.29	43.67	70.12	181.15	149.31	21.32
Depreciation	2.21	2.22	-0.45	7.94	8.85	-10.28
PBT	72.08	41.45	73.90	173.21	140.46	23.32
PBT before EO	72.08	41.45	73.90	173.21	140.46	23.32
EO Income	0	0	-	0	0	-
PBT after EO	72.08	41.45	73.90	173.21	140.46	23.32
Taxation	20.22	10.39	94.61	40.37	28.24	42.95
PAT	51.86	31.06	66.97	132.84	112.22	18.37
P/(L) from discontinued operations net of tax	0	0	-	0	0	-
Net profit after discontinued operations	51.86	31.06	66.97	132.84	112.22	18.37
EPS (Rs)*	51.26	30.70	66.97	131.30	110.92	18.37

* 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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