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For the quarter ended December 2015, Va Tech Wabag reported a 12% rise its consolidated sales to Rs 630.77 crore. OPM improved 70 basis points to 7.1% which pulled OP up 16% to Rs 44.77 crore.
Interest cost grew 67% to Rs 10.14 crore and depreciation fell 8% to Rs 4.99 crore. Thus PBT grew 9% to Rs 29.64 crore.
Provision for taxation fell 12% to Rs 11.47 crore, after which PAT grew 29% to Rs 18.17 crore.
Minority interest and share of profit/loss of associate companies stood at a profit Rs 73 lakh against a loss of Rs 25 lakh.
Finally net profit grew 37% to Rs 18.90 crore.
Nine months quarter results
For nine months ended December 2015, Va Tech Wabag reported a 11% rise its consolidated sales to Rs 1689.74 crore. OPM fell from 6.4% to 6.1% which pulled OP up 5% to Rs 103.34 crore.
Interest cost grew 56% to Rs 28.18 crore and depreciation grew 8% to Rs 15.40 crore. Thus PBT fell 9% to Rs 59.76 crore.
Provision for taxation jumped 36% to Rs 36.08 crore, after which PAT fell 40% to Rs 23.68 crore.
Minority interest and share of profit/loss of associate companies stood at a loss of Rs 3 lakh against a profit of Rs 45 lakh.
Finally net profit dived 40% to Rs 23.65 crore.
Consolidated Segmented Performance
During the quarter Indian business contributed 38% of the total revenue. Revenue grew 17% to Rs 253.10 crore. PBIT jumped 119% to Rs 53.71 crore and accounted for 39% of total
During the quarter Rest of the World business accounted for 62% of the total revenue. Revenue fell 1% to Rs 415.92 crore. PBIT grew 4% to Rs 85.33 crore and accounted for 61% of total
During the nine months Indian business contributed 39% of the total revenue. Revenue grew 44% to Rs 675.50 crore. PBIT rose 58% to Rs 141.73 crore and accounted for 40% of total
During the nine months Rest of the World business accounted for 61% of the total revenue. Revenue fell 3% to Rs 1078.96 crore. PBIT fell 6% to Rs 215.13 crore and accounted for 60% of total
Guidance
The management gave guidance range of Rs 2800 crore to Rs 3000 crore for FY 16. Order book guidance range is Rs 3500 crore to Rs 3700 crore.
Other details
In the consolidated results, personnel cost directly attributable to operations and maintenance contracts have been classified as cost of materials consumed as they represent directly attributable project cost. Consequently Rs 45.21 crore for the nine months and Rs 28.44 crore for the quarter and Rs 77.02 crore for the FY 2015 have been reclassified to conform to the figures presented during the period.
Valuation
The share price trades at Rs 578.
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