Capitaline

Results 26-Oct-23

Analysis

Voltamp Transformers

Net up 49% on good operating show

Standalone net sales (including other operating income) of Voltamp Transformers for the quarter ended Sep 2023 has increased 20.07% to Rs 381.39 crore. Operating profit margin has jumped from 14.60% to 18.03%, leading to 48.33% rise in operating profit to Rs 68.78 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 79.38% to 71.52%. Employee cost increased from 2.81% to 3.43%. Other expenses rose from 5.14% to 7.53%. Other income up 12.50% to Rs 17.91 crore. PBIDT rose 39.17% to Rs 86.69 crore. Provision for interest up 55% to Rs 0.31 crore. PBDT rose 39.12% to Rs 86.38 crore. Provision for depreciation rose 13.69% to Rs 2.74 crore. Profit before tax grew 40.15% to Rs 83.64 crore. Provision for tax was expense of Rs 15.2 crore, compared to Rs 13.74 crore. Effective tax rate was 18.17% compared to 23.02%. Profit after tax rose 48.98% to Rs 68.44 crore.

For year-to-date (YTD) results analysis

Net sales (including other operating income) of Voltamp Transformers for the half year ended Sep 2023 has increased 19.70% to Rs 703.58 crore. Operating profit margin has jumped from 14.06% to 16.60%, leading to 41.28% rise in operating profit to Rs 116.77 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 79.28% to 73.69%. Employee cost increased from 3.02% to 3.35%. Other expenses rose from 5.54% to 7.47%.

Other income up 163.96% to Rs 40.94 crore. PBIDT rose 60.67% to Rs 157.71 crore. Provision for interest up 25% to Rs 0.55 crore. PBDT rose 60.83% to Rs 157.16 crore. Provision for depreciation rose 9.76% to Rs 5.06 crore. Profit before tax grew 63.36% to Rs 152.10 crore. Provision for tax was expense of Rs 32.88 crore, compared to Rs 20.49 crore. Effective tax rate was 21.62% compared to 22.01%. Profit after tax rose 64.17% to Rs 119.22 crore.

Others

Equity capital stood at Rs 10.12 crore as of 30 September 2023 to Rs 10.12 crore as of 30 September 2022. Per share face Value remained same at Rs 10.00.

Promoters’ stake was 38.00% as of 30 September 2023 ,compared to 50.00% as of 30 September 2022 .

Loan funds remained nil. Inventories declined from Rs 310.88 crore as of 30 September 2022 to Rs 206.02 crore as of 30 September 2023. Sundry debtors were higher at Rs 206.53 crore as of 30 September 2023 compared to Rs 113.17 crore as of 30 September 2022. Cash and bank balance declined from Rs 10.33 crore as of 30 September 2022 to Rs 9.19 crore as of 30 September 2023. Investments rose to Rs 809.37 crore as of 30 September 2023 from Rs 586.62 crore as of 30 September 2022 . Fixed assets increased to Rs 73.73 crore as of 30 September 2023 from Rs 67.34 crore as of 30 September 2022. Intangible assets declined from Rs 0.50 crore to Rs 0.30 crore.

Voltamp Transformers : Standalone Results

	Quarter ended			Year to Date			Year ended
Particulars	202309	202209	Var.(%)	202309	202209	Var.(%)	202303	202203	Var.(%)
Net Sales (including other operating income)	381.39	317.63	20.07	703.58	587.78	19.70	1,385.10	1,127.21	22.88
OPM (%)	18.03	14.60	344 bps	16.60	14.06	254 bps	16.67	12.33	434 bps
OP	68.78	46.37	48.33	116.77	82.65	41.28	230.87	139.00	66.09
Other Inc.	17.91	15.92	12.50	40.94	15.51	163.96	40.08	42.95	-6.68
PBIDT	86.69	62.29	39.17	157.71	98.16	60.67	270.95	181.95	48.91
Interest	0.31	0.2	55.00	0.55	0.44	25.00	0.89	0.8	11.25
PBDT	86.38	62.09	39.12	157.16	97.72	60.83	270.06	181.15	49.08
Depreciation	2.74	2.41	13.69	5.06	4.61	9.76	9.69	7.94	22.04
PBT	83.64	59.68	40.15	152.1	93.11	63.36	260.37	173.21	50.32
PBT before EO	83.64	59.68	40.15	152.1	93.11	63.36	260.37	173.21	50.32
EO Income	0	0	-	0	0	-	0	0	-
PBT after EO	83.64	59.68	40.15	152.1	93.11	63.36	260.37	173.21	50.32
Taxation	15.2	13.74	10.63	32.88	20.49	60.47	60.43	40.37	49.69
PAT	68.44	45.94	48.98	119.22	72.62	64.17	199.94	132.84	50.51
P/(L) from discontinued operations net of tax	0	0	-	0	0	-	0	0	-
Net profit after discontinued operations	68.44	45.94	48.98	119.22	72.62	64.17	199.94	132.84	50.51
EPS (Rs)*	67.65	45.41	48.98	117.84	71.78	64.17	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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