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Results
16-Nov-21
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Analysis
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Ador Welding
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PAT in black with lower loss in project business
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Standalone net sales of
Ador Welding for the quarter ended Sep 2021 has increased 67% to Rs 159.51
crore. Operating profit margin (OPM) has turned from negative 5.3%
to positive 8.2%, Operating profit for the quarter stood at Rs 13.03 crore
compared to loss of Rs 5.04 crore. Raw material cost as a % of total
sales (net of stock adjustments) decreased from 78.38% to 65.23%.
Purchase of finished goods cost rose from 1.69% to 6.86%.
Employee cost decreased from 9.59% to 7.87%. Other
expenses fell from 15.48% to 11.72%. Other income up 139.29% to Rs
1.34 crore. PBIDT stood at Rs 14.37 crore compared to loss of Rs
4.48 crore. Provision for interest fell 25.32% to Rs 1.15
crore. PBDT stood at Rs 13.22 crore compared to loss of Rs 6.02
crore. Provision for depreciation down 3.99% to Rs 2.65
crore. Profit before tax reported profit of Rs 10.57 crore compared
to loss of Rs 8.78 crore. EO income was Rs 7.15 crore against nil. Exceptional items for the Quarter ended 30
September 2021, represents profit from sale of Delhi Naitaina property of Rs.
715 lakhs. The said property is sold for Rs. 900 lakhs having WDV of Rs. 185
lakhs as on the date of sale.The said profit from the sale of property is not
related to any specific segment, hence to be considered as other unallocable
income in segment reporting. Thus PBT
before EO was Rs 17.72 crore compared to a loss of Rs 8.78 crore. Provision for tax was debit of Rs
3.08 crore, compared to credit of Rs 2.38 crore. Effective tax rate
was 17.38% compared to 27.11%. Profit after tax reported profit of Rs 14.64 crore
compared to loss of Rs 6.40 crore.
Consumables reported an EBIT of Rs 12.76 crore (up 4% & 84% of EBIT)
driven largely by 56% jump in segment sales of it to Rs 125.98 crore as its
segment margin contract by 500 bps to 10.1%. EBIT of Equipment & automation
jumped to Rs 3.11 crore (up from Rs 0.75 crore), driven by 57% growth in sales
to Rs 27.63 crore and 700 bps expansion in segment margin to 11.3%. However the
projects business reported a segment loss of Rs 0.75 crore (lower from a loss
of Rs 18.43 crore) on a sales of Rs 6.19 crore, a fall of 334%. Thus the EBIT was up at a profit of Rs 15.12
crore compared to a loss of Rs 10.57 crore in the corresponding previous
period.
Consolidated net sales for the quarter ended Sep 2021 has increased 66.24% to Rs
159.51 crore. Operating profit margin (OPM) has turned from negative
5.04% to positive 8.16%, Operating profit for the quarter stood at Rs 13.02
crore compared to loss of Rs 4.84 crore. Other income rose 140.35%
to Rs 1.37 crore. Provision for interest fell 25.32% to Rs
1.15 crore. Provision for depreciation fell 3.96% to Rs
2.67 crore. Profit before tax reported profit of Rs 10.57 crore compared to
loss of Rs 8.59 crore. Share of profit/loss were nil in both the
periods. Provision for tax was debit of Rs 3.08 crore, compared to
credit of Rs 2.95 crore. Effective tax rate was 17.38% compared to
34.34%. Minority interest was nil in both the periods. Thus the net
profit after MI was a profit of Rs 6.42 crore compared to a loss of Rs 4.15
crore.
Half-yearly performance
Net sales has increased 90.78% to Rs 287.39 crore. Operating
profit margin (OPM) has turned from negative 1.9% to positive 8.4%, Operating
profit for the quarter stood at Rs 24.15 crore compared to loss of Rs 2.93
crore. Raw material cost as a % of total sales (net of stock
adjustments) decreased from 74.72% to 67.30%. Purchase of finished
goods cost rose from 1.25% to 5.60%. Employee cost decreased from
11.19% to 7.85%. Other expenses fell from 14.72% to 11.17%.
Other income fell 7.57% to Rs 2.93 crore. PBIDT rose
11,183.30% to Rs 27.08 crore. Provision for interest fell 43.63% to
Rs 2.08 crore. PBDT stood at Rs 25 crore compared to loss of Rs
3.45 crore. Provision for depreciation down 4.12% to Rs 5.35
crore. Profit before tax reported profit of Rs 19.65 crore compared
to loss of Rs 9.03 crore. EO income was Rs 7.15 crore against nil. Exceptional items for the Quarter ended 30
September 2021, represents profit from sale of Delhi Naitaina property of Rs.
715 lakhs. Thus PBT before EO was Rs 26.80 crore compared
to a loss of Rs 9.03 crore. Provision for tax was debit of Rs 5.41 crore, compared to credit
of Rs 2.29 crore. Effective tax rate was 20.19% compared to 25.36%. Profit
after tax reported profit of Rs 21.39 crore compared to loss of Rs 6.74
crore.
Consolidated net sales for half year ended Sep 2021 has increased 90.50%
to Rs 287.39 crore and the PBT was a profit of Rs 19.65 crore compared to loss
of Rs 8.81 crore. Provision for tax was debit of Rs 5.41 crore,
compared to credit of Rs 2.99 crore. Share of profit/loss were nil in both the
periods. Minority interest was nil in both the periods. Thus
the net profit after MI was a profit of Rs 11.53 crore compared to a loss of Rs
4.28 crore.
Other developments
During the
previous year, the Company had entered into a Memorandum of Understanding (MOU)
for the sale/transfer of its leasehold tights in Ahmednagar property
admeasuring 66,108 squate meters, on “as is where is basis”, for a
consideration of Rs. 1,462 lakhs, which was duly approved by the Board. The
Company have received Rs. 950 lakhs as advance against the said transaction as
on date. This transaction is likely to be completed by Decembet 2021, as
approval for the transfer is awaited from Mahatashtta Industrial Development
Corporation (MIDC), hence the same has been shown as “Assets classified as held
for sale’. Also, during this quarter ended 30 September 2021, the Company has
entered into agreement/MOU for sale of 3 flats situated at Silvassa having WDV
of Rs. 21 lakhs for a sale consideration of Rs. 69 lakhs, hence the same is
classified from ‘ownership premises’ to ‘Assets classified as held for sale’.
The Board
of Directors of the Company, at its meeting held on 28 May 2021, have approved
the Scheme of Amalgamation (merger by absorption) of Ador Welding Academy
Private Limited (“Ttansferor Company”) with Adot Welding Limited (“Transferee
Company” ot “the Company”). The Management has filed the scheme of amalgamation
with the National Company Law| Tribunal (NCLT). Statutory approval of Mumbai
Bench of National Company Law Tribunal (NCLT) is pending, hence no adjustment
has been made in the books of account of the Company and in the standalone
financial results upto all periods ending 30 September 2021.
Equity capital stood at Rs 13.60 crore as of 30 September 2021 to Rs
13.60 crore as of 30 September 2020. Per share face Value remained
same at Rs 10.00.
Promoters’ stake was 56.90% as of 30 September 2021, compared to 56.75%
as of 30 September 2020 .
Standalone Loan funds declined
from Rs 47.77 crore as of 30 September 2020 to Rs 32.19 crore as of 30 September
2021. Inventories rose to Rs 95.30 crore as of 30 September 2021
from Rs 66.62 crore as of 30 September 2020. Sundry debtors were
lower at Rs 98.95 crore as of 30 September 2021 compared to Rs 104.19 crore as
of 30 September 2020. Cash and bank balance rose to Rs 10.61 crore
as of 30 September 2021 from Rs 9.70 crore as of 30 September
2020. Investments rose to Rs 17.94 crore as of 30 September 2021
from Rs 6.66 crore as of 30 September 2020 . Fixed assets declined
from Rs 121.24 crore as of 30 September 2020 to Rs 118.02 crore as of 30
September 2021. Intangible assets declined from Rs 0.77 crore to Rs
0.59 crore.
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Ador
Welding : Standalone Results
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2109
(3)
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2009
(3)
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Var.
(%)
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2109
(6)
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2009
(6)
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Var. (%)
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2103
(12)
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2003
(12)
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Var.
(%)
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Sales
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159.51
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95.78
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67
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287.39
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150.64
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91
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447.28
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525.56
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-15
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OPM (%)
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8.2
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-5.3
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8.4
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-1.9
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4.4
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7.7
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OP
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13.03
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-5.04
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LP
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24.15
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-2.93
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LP
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19.89
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40.28
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-51
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Other
inc.
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1.34
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0.56
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139
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2.93
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3.17
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-8
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7.31
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9.08
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-19
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PBIDT
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14.37
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-4.48
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LP
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27.08
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0.24
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999
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27.20
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49.36
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-45
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Interest
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1.15
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1.54
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-25
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2.08
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3.69
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-44
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6.41
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8.61
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-26
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PBDT
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13.22
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-6.02
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LP
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25.00
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-3.45
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LP
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20.79
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40.75
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-49
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Dep.
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2.65
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2.76
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-4
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5.35
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5.58
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-4
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11.10
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10.68
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4
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PBT
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10.57
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-8.78
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LP
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19.65
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-9.03
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LP
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9.69
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30.07
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-68
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EO Exp
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-7.15
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0.00
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-7.15
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0.00
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25.37
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0.00
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PBT
after EO
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17.72
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-8.78
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LP
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26.80
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-9.03
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LP
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-15.68
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30.07
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-152
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Taxation
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3.08
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-2.38
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PL
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5.41
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-2.29
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PL
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-3.69
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4.45
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-183
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PAT
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14.64
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-6.40
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LP
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21.39
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-6.74
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LP
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-11.99
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25.62
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-147
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EPS
(Rs)*
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#
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#
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#
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#
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5.4
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18.8
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* EPS
is on current equity of Rs 13.60 crore, Face value of Rs 10
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# EPS
is not annualised due to seasonality of business
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Figures
in Rs crore
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Source:
Capitaline Corporate Database
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Ador
Welding: Segment Results
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Segment
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% to
total
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2109
(3)
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2009
(3)
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Var.(%)
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% to
total
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2109
(6)
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2009
(6)
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Var.(%)
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% to
total
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2103
(12)
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2003
(12)
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Var.(%)
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Sales
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Consumables
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79
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125.98
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80.99
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56
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80
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230.16
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123.06
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87
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79
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352.33
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405.02
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-13
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Equipment
& Automation
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17
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27.63
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17.58
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57
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16
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47.37
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25.50
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86
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16
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70.85
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75.05
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-6
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Projects
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4
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6.19
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-2.64
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-334
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4
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10.84
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2.24
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384
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6
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24.73
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48.14
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-49
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Total
Sales
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100
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159.80
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95.93
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67
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100
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288.37
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150.80
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91
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100
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447.91
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528.21
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-15
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Inter
Segment Revenue
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0.29
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0.15
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0.98
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0.16
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0.63
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2.65
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Net
sales
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159.51
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95.78
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67
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287.39
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150.64
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91
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447.28
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525.56
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-15
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PBIT
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Consumables
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84
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12.76
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12.22
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4
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86
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24.06
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15.65
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54
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184
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42.68
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64.44
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-34
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Equipment
& Automation
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21
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3.11
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0.75
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999
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19
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5.29
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-0.37
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-1530
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24
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5.51
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3.33
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65
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Projects
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-5
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-0.75
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-18.43
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-96
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-5
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-1.47
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-17.85
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-92
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-107
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-24.96
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-20.89
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19
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Total
PBIT
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100
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15.12
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-5.46
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-377
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100
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27.88
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-2.57
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-1185
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100
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23.23
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46.88
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-50
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LESS:
Interest expenes
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0.77
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0.80
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-4
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1.34
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2.19
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-39
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3.35
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4.10
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-18
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Other
income & unallocable expenses
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3.78
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2.52
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50
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6.89
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4.27
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61
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10.19
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12.71
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PBT
before EO
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10.57
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-8.78
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LP
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19.65
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-9.03
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LP
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9.69
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30.07
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-68
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Less EO
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-7.15
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-7.15
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25.37
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PBT
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17.72
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-8.78
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LP
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26.80
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-9.03
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LP
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-15.68
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30.07
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Note:
Figures in Rs crore
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| Ador Welding : Consolidated Results | | | Quarter ended | Year to Date | Year ended |
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| Particulars | 202109 | 202009 | Var.(%) | 202109 | 202009 | Var.(%) | 202103 | 202003 | Var.(%) |
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| Net Sales (including other operating income) | 159.51 | 95.95 | 66.24 | 287.39 | 150.86 | 90.50 | 447.68 | 526.36 | -14.95 | | OPM (%) | 8.16 | -5.04 | 1,321 bps | 8.40 | -1.80 | 1,020 bps | 4.49 | 7.76 | -327 bps | | OP | 13.02 | -4.84 | LP | 24.14 | -2.71 | LP | 20.10 | 40.86 | -50.81 | | Other Inc. | 1.37 | 0.57 | 140.35 | 2.98 | 3.21 | -7.17 | 7.39 | 9.03 | -18.16 | | PBIDT | 14.39 | -4.27 | LP | 27.12 | 0.50 | 5,324.00 | 27.49 | 49.89 | -44.90 | | Interest | 1.15 | 1.54 | -25.32 | 2.08 | 3.69 | -43.63 | 6.41 | 8.61 | -25.55 | | PBDT | 13.24 | -5.81 | LP | 25.04 | -3.19 | LP | 21.08 | 41.28 | -48.93 | | Depreciation | 2.67 | 2.78 | -3.96 | 5.39 | 5.62 | -4.09 | 11.17 | 10.75 | 3.91 | | PBT | 10.57 | -8.59 | LP | 19.65 | -8.81 | LP | 9.91 | 30.53 | -67.54 | | Share of Profit/(Loss) from Associates | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | PBT before EO | 10.57 | -8.59 | LP | 19.65 | -8.81 | LP | 9.91 | 30.53 | -67.54 | | EO Income | 7.15 | 0 | - | 7.15 | 0 | - | -23.97 | 0 | - | | PBT after EO | 17.72 | -8.59 | LP | 26.8 | -8.81 | LP | -14.06 | 30.53 | PL | | Taxation | 3.08 | -2.95 | PL | 5.41 | -2.99 | PL | -3.68 | 4.41 | LP | | PAT | 14.64 | -5.64 | LP | 21.39 | -5.82 | LP | -10.38 | 26.12 | PL | | Minority Interest (MI) | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | Net profit | 14.64 | -5.64 | LP | 21.39 | -5.82 | LP | -10.38 | 26.12 | PL | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 14.64 | -5.64 | LP | 21.39 | -5.82 | LP | -10.38 | 26.12 | PL | | EPS (Rs)* | 6.42 | -4.15 | LP | 11.53 | -4.28 | LP | 7.29 | 19.21 | -62.06 | | | * EPS is on current equity of Rs 13.60 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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Previous News |
Ador Welding standalone net profit rises 7.97% in the June 2023 quarter
(
Results
-
Announcements
03-Aug-23
07:35
)
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Ador Welding
(
Analyst Meet / AGM
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Conference Call
17-Nov-23
08:58
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Ador Welding consolidated net profit declines 47.73% in the December 2020 quarter
(
Results
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06-Feb-21
09:27
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(
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06-Feb-19
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Ador Welding consolidated net profit rises 4.67% in the June 2019 quarter
(
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26-Jul-19
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Corporate News
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25-Apr-24
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02-May-24
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