Capitaline

Results 10-Aug-21

Analysis

WPIL

Sales up 11%, PBT up 53%

Consolidated net sales (including other operating income) of WPIL for the quarter ended Jun 2021 has increased 11% to Rs 225.08 crore. Operating profit margin has jumped from 10.0% to 11.1%, leading to 23% rise in operating profit to Rs 24.91 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 47.12% to 43.68%. Employee cost increased from 22.48% to 22.55%. Other expenses rose from 19.63% to 22.73%. Other income rose 69% to Rs 5.37 crore. Provision for interest fell 15% to Rs 4.74 crore. Provision for depreciation rose 28% to Rs 9.02 crore. Profit before tax grew 53% to Rs 16.52 crore. Share of profit from associated was Rs 0.56 crore as against a loss of Rs 63.14 crore in the corresponding previous period. Thus PBT after share of profit from associate was a profit of Rs 17.08 crore compared to a loss of Rs 52.34 crore in the corresponding previous period. Provision for tax was expense of Rs 4.82 crore, compared to Rs 3.76 crore. Effective tax rate was 28.22% compared to 36.94%. Thus PAT was a profit of RS 12.26 crore compared to a loss of Rs 56.09 crore in the corresponding previous period. The minority interest was a share of profit of Rs 1.13 crore compared to a share of loss of Rs 0.60 crore. Net profit attributable to owners of the company was Rs 11.13 crore compared to a loss of Rs 55.50 crore.

Sales of Pumps and Accessories segment has gone up 15.29% to Rs 171.30 crore (accounting for 76.11% of total sales). Sales of Project (Works Contract) segment has gone up 0.72% to Rs 53.78 crore (accounting for 23.89% of total sales).

Profit before interest, tax and other un-allocable items (PBIT) has jumped 11.85% to Rs 21.18 crore. PBIT of Pumps and Accessories segment rose 4.16% to Rs 9.99 crore (accounting for 47.19% of total PBIT). PBIT of Project (Works Contract) segment rose 19.75% to Rs 11.18 crore (accounting for 52.81% of total PBIT).

PBIT margin of Pumps and Accessories segment fell from 6.46% to 5.83%. PBIT margin of Project (Works Contract) segment rose from 17.49% to 20.80%. Overall PBIT margin rose from 9.37% to 9.41%.

Standalone net sales (including other operating income) for the quarter ended June 2020 has increased 10% to Rs 62.34 crore. Operating profit margin has slumped from 13% to 12.2%, leading to 4% rise in operating profit to Rs 7.64 crore. Other income up 5% to Rs 7.43 crore. Provision for interest fell 42% to Rs 1.67 crore. Depreciation was flat at Rs 1.34 crore. Profit before tax grew 19% to Rs 12.06 crore. Provision for tax was expense of Rs 3.17 crore, compared to Rs 2.54 crore. Effective tax rate was 26.29% compared to 24.98%. Profit after tax rose 17% to Rs 8.89 crore.

On deducting standalone financials from consolidated, the sales of subsidiaries was up 12% to Rs 162.74 crore. With OPM expand by 170 bps to 10.6%, the operating profit was up 34% to Rs 17.27 crore. The PBT was jumped up 600% to Rs 4.46 crore.

Other developments

Promoters’ stake was 70.66% as of 30 June 2021, compared to 69.38% as of 30 June 2020.

WPIL: Consolidated Results
	2106 (3)	2006 (3)	Var. (%)	2103 (12)	2003 (12)	Var. (%)
Sales	225.08	201.98	11	994.83	908.89	9
OPM (%)	11.1	10.0		15.1	13.2
OP	24.91	20.27	23	150.69	120.17	25
Other inc.	5.37	3.19	69	15.35	15.31	0
PBIDT	30.28	23.45	29	166.05	135.48	23
Interest	4.74	5.59	-15	22.50	20.99	7
PBDT	25.54	17.86	43	143.54	114.49	25
Dep.	9.02	7.06	28	36.95	37.26	-1
PBT	16.52	10.80	53	106.59	77.23	38
Share of P(L) from Associates	0.56	-63.14	LP	2.17	1.13	91
PBT before EO	17.08	-52.34	LP	108.76	78.36	39
EO	0.00	0.00		0.00	0.00
PBT after EO	17.08	-52.34	LP	108.76	78.36	39
Taxation	4.82	3.76	28	30.50	22.80	34
PAT	12.26	-56.09	LP	78.25	55.56	41
Minority Interest	1.13	-0.60	LP	14.51	-2.38	PL
Net profit	11.13	-55.50	LP	63.75	57.94	10
EPS (Rs)*	#	#		65.3	59.3
* EPS is on current equity of Rs 9.7671 crore, Face value of Rs 10
# EPS is not annualised due to seasonality of business
Figures in Rs crore
Source: Capitaline Corporate Database

WPIL: Standalone Results
	2103 (3)	2003 (3)	Var. (%)	2103 (12)	2003 (12)	Var. (%)
Sales	62.34	56.78	10	340.33	371.93	-8
OPM (%)	12.2	13.0		21.3	17.0
OP	7.64	7.36	4	72.65	63.30	15
Other inc.	7.43	7.04	5	21.76	30.06	-28
PBIDT	15.06	14.40	5	94.41	93.36	1
Interest	1.67	2.89	-42	9.57	10.20	-6
PBDT	13.40	11.51	16	84.84	83.16	2
Dep.	1.34	1.34	0	5.48	5.67	-3
PBT	12.06	10.16	19	79.36	77.49	2
Total Tax	3.17	2.54	25	19.63	18.24	8
PAT	8.89	7.63	17	59.73	59.25	1
EPS (Rs) *	#	#		61.1	60.6
*Annualised on current equity of Rs 9.77 crore: Face value of Rs 10 each
Figures in crore, PL: Profit to Loss
Source: Capitaline Database

WPIL : Consolidated Segment Results

	Quarter ended				Year ended
	% of (Total)	202106	202006	Var.(%)	% of (Total)	202103	202003	Var.(%)
Sales
Pumps and Accessories	76.11	171.30	148.59	15.29	77.78	773.74	582.51	32.83
Project (Works Contract)	23.89	53.78	53.39	0.72	22.22	221.10	326.38	-32.26
Total Reported Sales	100.00	225.08	201.98	11.44	100.00	994.83	908.89	9.46
Less: Inter segment revenues		0.00	0.00	-		0.00	0.00	-
Net Sales	100.00	225.08	201.98	11.44	100.00	994.83	908.89	9.46
PBIT
Pumps and Accessories	47.19	9.99	9.59	4.16	63.47	90.65	2.81	3,122.26
Project (Works Contract)	52.81	11.18	9.34	19.75	36.53	52.16	84.84	-38.52
Total PBIT	100.00	21.18	18.93	11.85	100.00	142.81	87.65	62.92
Less : Interest		4.74	5.59	-15.26		22.50	10.46	115.04
Add: Other un-allcoable		0.64	-3.17	LP		-11.55	1.17	PL
PBIT Margin(%)
Pumps and Accessories		5.83	6.46	-62.32		11.72	0.48	1,123.24
Project (Works Contract)		20.80	17.49	330.38		23.59	25.99	-240.22
PBT	100.00	17.08	10.17	67.95	100.00	108.76	78.36	38.79

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