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Standalone net sales (including other operating income) of Voltamp Transformers for the quarter ended Mar 2021 has increased 26% to Rs 283.98 crore. Operating profit margin has slumped from 16.7% to 11.6%, leading to 12% decline in operating profit to Rs 32.98 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 72.79% to 76.32%. Employee cost increased from 2.71% to 3.50%. Other expenses fell from 7.68% to 7.58%. Other income (net of fair value of investment) was Rs 10.69 crore compared to a loss of Rs 16.38 crore. FVTPL was a loss of Rs 2.18 crore, a fall of 89%. Thus excluding FVTPL, the other income was up 262% to Rs 12.87 crore. Provision for interest remained nil. Provision for depreciation down 14% to Rs 2.22 crore. Profit before tax grew 122% to Rs 41.45 crore. Provision for tax was expense of Rs 10.39 crore, compared to Rs 7.11 crore. Effective tax rate was 25.07% compared to 38.12%. Profit after tax rose 169% to Rs 31.06 crore.
Yearly performance
Net sales (including other operating income) has declined 19% to Rs 692.31 crore. Operating profit margin has slumped from 13.2% to 11.1%, leading to 32% decline in operating profit to Rs 77.02 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 75.63% to 76.01%. Employee cost increased from 3.81% to 4.88%. Other expenses rose from 7.54% to 7.80%. Other income up 740% to Rs 72.29 crore. Provision for interest remained nil. Provision for depreciation down 2% to Rs 8.85 crore. Profit before tax grew 24% to Rs 140.46 crore. Provision for tax was expense of Rs 28.24 crore, compared to Rs 23.98 crore. Effective tax rate was 20.11% compared to 21.15%. Profit after tax rose 26% to Rs 112.22 crore.
Other developments
The Board of Directors in their meeting held on 25th June, 2021 recommended dividend of Rs 25 per equity share of face value of Rs 10 each for the financial year ended 31st March, 2021.
The Board of Directors of the Company, at its meeting held on 11th May, 2020 have considered and approved a Scheme of Amalgamation (the "Scheme") between the Company and Kunjal Investment Private Limited ("KIPL"). The scheme contemplates the amalgamation of KIPL with the Company. The appointed date for the scheme is 1st June, 2020 or such other date as may be fixed or approved by the National Company Law Tribunal (NCLT} as and when applicable. The scheme was approved with requisite majority by Equity shareholders, Secured Creditor and Unsecured Creditors of the Company at their respective meetings held on April 27, 2021 through video conferencing/ other audio visual means, in compliance with the applicable provisions of the Companies Act, 2013 and the Listing Regulations. The company petition for sanctioning the scheme is admitted with the Hon'ble National Company Law Tribunal, Ahmedabad Bench and is subject to requisite statutory and regulatory approval. Pending such approvals, no accounting effect of the above mentioned scheme has been given in the Financial Statements for the year ended 31st March, 2021.
Equity capital stood at Rs 10.12 crore as of 31 March 2021 to Rs 10.12 crore as of 31 March 2020. Per share face Value remained same at Rs 10.00.
Promoters' stake was 50.00% as of 31 March 2021, compared to 50.00% as of 31 March 2020.
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