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Standalone net sales (including other operating income) of Voltamp Transformers for the quarter ended Dec 2023 has increased 14.27% to Rs 408.48 crore with volume up 4%YoY. Operating profit margin has jumped from 15.50% to 25.66%, leading to 89.19% rise in operating profit to Rs 104.83 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 71.55% to 68.19%. Employee cost decreased from 3.47% to 2.77%. Other expenses fell from 6.55% to 4.62%. Other income up 80.63% to Rs 24.8 crore. PBIDT rose 87.49% to Rs 129.63 crore. Provision for interest up 27.27% to Rs 0.28 crore. PBDT rose 87.68% to Rs 129.35 crore. Provision for depreciation rose 17.93% to Rs 2.96 crore. Profit before tax grew 90.32% to Rs 126.39 crore. Provision for tax was expense of Rs 31.78 crore, compared to Rs 15.65 crore. Effective tax rate was 25.14% compared to 23.57%. Profit after tax rose 86.39% to Rs 94.61 crore. For year-to-date (YTD) results analysis
Standalone net sales (including other operating income) of Voltamp Transformers for the nine month ended Dec 2023 has increased 17.65% to Rs 1,112.06 crore with volume up 9%YoY.
Operating profit margin has jumped from 14.60% to 19.93%, leading to 60.53% rise in operating profit to Rs 221.60 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 76.91% to 71.69%. Employee cost decreased from 3.16% to 3.14%. Other expenses rose from 5.85% to 6.44%. Other income up 124.75% to Rs 65.74 crore. PBIDT rose 71.76% to Rs 287.34 crore. Provision for interest up 25.76% to Rs 0.83 crore. PBDT rose 71.94% to Rs 286.51 crore. Provision for depreciation rose 12.64% to Rs 8.02 crore. Profit before tax grew 74.59% to Rs 278.49 crore. Provision for tax was expense of Rs 64.66 crore, compared to Rs 36.14 crore. Effective tax rate was 23.22% compared to 22.66%.Profit after tax rose 73.32% to Rs 213.83 crore.
ORDER BOOK & REVENUE VISIBILITY:
The Company is aiming for healthy growth in its SALES & SERVICES revenue during the current
year 2023-24. The opening order book at 01st April, 2023 was Rs. 602.66 crores (5859 MVA)
and new orders worth Rs. 1385 crores ( 11734 MVA) got added from April, 2023 onwards till
31st December 2023, with growth of 34% in value terms and 31% in volume (MVA) terms
compare to the previous year.
Enquiry pipelines is healthy and is expected to continue. However in the run up to the 2024 general election, there is likely slowdown in ordering of the government funded projects during the first half of FY:2024-25.
Other key highlights
Profitability during the current year is better than budgeted numbers, largely on the
back of vendors passing on benefit of softening raw material prices and also effect of
operating leverage. Reported profit also include reversal of past periods provisioning
for doubtful debt, liquidated damages and employee benefits, along with improved
income from the investment portfolio.
Price realisation (margin) from next year onwards are likely to be impacted with:
a) MNCs and large players in industry going ahead with substantial capacity addition
plans.
b) Few of MNC players also repositioning themselves to cater private sector demand
with regulation restricting their participation in utilities tenders.
c) Unlisted regional players bidding aggressively for green energy and private sector
projects.
d) Weak/sick units getting revived with increased demand, with EPC players
encouraging / using them for their cost savings.
Others Promoters’ stake was 38.00% as of 31 December 2023 ,compared to 50.00% as of 31 December 2022 .
| Voltamp Transformers : Standalone Results | | Quarter ended | Year to Date | Year ended |
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| Particulars | 202312 | 202212 | Var.(%) | 202312 | 202212 | Var.(%) | 202303 | 202203 | Var.(%) |
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| Net Sales (including other operating income) | 408.48 | 357.47 | 14.27 | 1,112.06 | 945.24 | 17.65 | 1,385.10 | 1,127.21 | 22.88 | | OPM (%) | 25.66 | 15.50 | 1,016 bps | 19.93 | 14.60 | 532 bps | 16.67 | 12.33 | 434 bps | | OP | 104.83 | 55.41 | 89.19 | 221.60 | 138.04 | 60.53 | 230.87 | 139.00 | 66.09 | | Other Inc. | 24.80 | 13.73 | 80.63 | 65.74 | 29.25 | 124.75 | 40.08 | 42.95 | -6.68 | | PBIDT | 129.63 | 69.14 | 87.49 | 287.34 | 167.29 | 71.76 | 270.95 | 181.95 | 48.91 | | Interest | 0.28 | 0.22 | 27.27 | 0.83 | 0.66 | 25.76 | 0.89 | 0.8 | 11.25 | | PBDT | 129.35 | 68.92 | 87.68 | 286.51 | 166.63 | 71.94 | 270.06 | 181.15 | 49.08 | | Depreciation | 2.96 | 2.51 | 17.93 | 8.02 | 7.12 | 12.64 | 9.69 | 7.94 | 22.04 | | PBT | 126.39 | 66.41 | 90.32 | 278.49 | 159.51 | 74.59 | 260.37 | 173.21 | 50.32 | | PBT before EO | 126.39 | 66.41 | 90.32 | 278.49 | 159.51 | 74.59 | 260.37 | 173.21 | 50.32 | | EO Income | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | PBT after EO | 126.39 | 66.41 | 90.32 | 278.49 | 159.51 | 74.59 | 260.37 | 173.21 | 50.32 | | Taxation | 31.78 | 15.65 | 103.07 | 64.66 | 36.14 | 78.92 | 60.43 | 40.37 | 49.69 | | PAT | 94.61 | 50.76 | 86.39 | 213.83 | 123.37 | 73.32 | 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 | 94.61 | 50.76 | 86.39 | 213.83 | 123.37 | 73.32 | 199.94 | 132.84 | 50.51 | | EPS (Rs)* | 93.51 | 50.17 | 86.39 | 211.35 | 121.94 | 73.32 | 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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