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Results
21-May-22
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Analysis
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Ador Welding
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Sales jump 24%
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Standalone net sales (including other
operating income) of Ador Welding for the quarter ended Mar 2022 has increased
23.65% to Rs 199.81 crore. Operating profit margin has declined from
9.66% to 8.85%, leading to 13.26% rise in operating profit to Rs 17.68
crore. Raw material cost as a % of total sales (net of stock
adjustments) decreased from 68.16% to 57.60%. Purchase of finished
goods cost rose from 3.66% to 10.92%. Employee cost increased from
6.43% to 6.52%. Other expenses rose from 12.39% to 15.36%.
Other income fell 40.34% to Rs 1.42 crore. PBIDT rose
6.17% to Rs 19.1 crore. Provision for interest fell 50.99% to Rs
0.74 crore. PBDT rose 11.41% to Rs 18.36
crore. Provision for depreciation rose 1.44% to Rs 2.82
crore. Profit before tax grew 13.43% to Rs 15.54
crore. Provision for tax was debit of Rs 4.01 crore, compared to
credit of Rs 2.26 crore. Effective tax rate was 23.30% compared to
19.37%. Profit after tax reported profit of Rs 13.20 crore compared to a loss
of Rs 9.41 crore.
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Sales of Consumables segment has gone up 35.91% to Rs 166.02 crore (accounting
for 83.04% of total sales). Sales of Equipments and Automation
segment has gone up 0.87% to Rs 26.77 crore (accounting for 13.39% of total
sales). Sales of Flares & Process Equipment Division segment has
gone down 45.45% to Rs 7.13 crore (accounting for 3.57% of total
sales). Inter-segment sales came down from Rs 0.17 crore to Rs 0.11
crore.
- Profit before interest, tax and other unallocable items (PBIT) has
jumped 14.24% to Rs 20.22 crore. PBIT of Consumables segment rose
54.27% to Rs 18.59 crore (accounting for 91.94% of total PBIT). PBIT
of Equipments and Automation segment fell 66.95% to Rs 1.53 crore (accounting
for 7.57% of total PBIT). PBIT of segment fell 90.20% to Rs 0.10
crore (accounting for 0.49% of total PBIT).
- PBIT margin of Consumables segment rose from 9.86% to
11.20%. PBIT margin of Equipments and Automation segment fell from
17.45% to 5.72%. Overall PBIT margin fell from 10.94% to
10.11%.
Full year results analysis
Standalone net sales has increased
47.89% to Rs 661.48 crore. Operating profit margin has jumped from
4.45% to 8.83%, leading to 193.56% rise in operating profit to Rs 58.39
crore. Raw material cost as a % of total sales (net of stock
adjustments) decreased from 71.04% to 62.74%. Purchase of finished
goods cost rose from 2.06% to 8.71%. Employee cost decreased from
8.18% to 7.25%. Other expenses fell from 14.38% to 12.60%.
Other income fell 25.99% to Rs 5.41 crore. PBIDT rose
134.56% to Rs 63.8 crore. Provision for interest fell 41.97% to Rs
3.72 crore. PBDT rose 188.99% to Rs 60.08
crore. Provision for depreciation down 2.43% to Rs 10.83
crore. Profit before tax grew 408.26% to Rs 49.25
crore. Provision for tax was debit of Rs 13.04 crore, compared to
credit of Rs 3.69 crore. Effective tax rate was 22.39% compared to
23.53%. Profit after tax reported profit of Rs 45.19 crore compared to loss of
Rs 11.99 crore.
- Sales of Consumables
segment has gone up 52.05% to Rs 535.71 crore (accounting for 80.81% of total
sales). Sales of Equipments and Automation segment has gone up
39.42% to Rs 98.78 crore (accounting for 14.90% of total
sales). Sales of Flares & Process Equipment Division segment has
gone up 14.96% to Rs 28.43 crore (accounting for 4.29% of total
sales). Inter-segment sales rose Rs 0.63 crore to Rs 1.44 crore.
- Profit before interest, tax and other unallocable items (PBIT) has
jumped 190.83% to Rs 67.56 crore. PBIT of Consumables segment rose
41.99% to Rs 60.60 crore (accounting for 89.70% of total PBIT). PBIT
of Equipments and Automation segment rose 42.65% to Rs 7.86 crore (accounting
for 11.63% of total PBIT).
- PBIT margin of Consumables segment fell from 12.11% to
11.31%. PBIT margin of Equipments and Automation segment rose from
7.78% to 7.96%. Overall PBIT margin rose from 5.19% to
10.19%.
Other developments
The
Board of Directors of the Company, at its meeting held on 28th May 2021, had
approved the Scheme of Amalgamation (merger by absorption) of its 100%
Subsidiary Company, Ador Welding Academy Private Limited (“Transferor Company”)
with Ador Welding Limited (“Transferee Company” or “the Company”). The
Management had, accordingly, filed application for approving the scheme of
amalgamation with the National Company Law Tribunal (NCLT), Mumbai bench. The
said application was disposed off by NCLT vide its order dated 08th December
2021. The Company is complying with the instructions given in the said Order
and the petition for the scheme of amalgamation is pending with NCLT, Mumbai
bench. Hence no adjustment has been made in the books of account of the Company
and in the standalone financial results upto the period ending 31 March 2022.
Equity capital stood at Rs 13.60 crore as of 31 March 2022 to Rs 13.60
crore as of 31 March 2021. Per share face Value remained same at Rs
10.00.
The
Board of Directors of the Company has recommended dividend of Rs. 12.50/-
(125%) per Equity Share, for the financial year ended 31°t March, 2022, subject
to the approval of the shareholders, at the ensuing AGM.
Promoters’ stake was 56.90% as of 31 March 2022 ,compared to 56.89% as
of 31 March 2021 .
Loan funds declined from Rs 29.19 crore as of 31 March 2021 to Rs 2.21
crore as of 31 March 2022. Inventories rose to Rs 89.97 crore as of
31 March 2022 from Rs 62.46 crore as of 31 March 2021. Sundry
debtors were lower at Rs 93.15 crore as of 31 March 2022 compared to Rs 105.33
crore as of 31 March 2021. Cash and bank balance declined from Rs
18.00 crore as of 31 March 2021 to Rs 7.40 crore as of 31 March
2022. Investments rose to Rs 20.91 crore as of 31 March 2022 from Rs
11.78 crore as of 31 March 2021. Fixed assets increased to Rs 123.09
crore as of 31 March 2022 from Rs 118.94 crore as of 31 March
2021. Intangible assets declined from Rs 0.75 crore to Rs 0.69
crore.
Cash flow from operating activities decreased to Rs 26.33 crore for year
ended March 2022 from Rs 78.98 crore for year ended March 2021. Cash
flow used in acquiring fixed assets during the year ended March 2022 stood at
Rs 17.19 crore, compared to Rs 3.21 crore during the year ended March
2021.
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Ador
Welding : Standalone Results
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2203
(3)
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2103
(3)
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Var.(%)
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2203
(12)
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2103
(12)
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Var.
(%)
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Sales
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199.81
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161.59
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24
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661.48
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447.28
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48
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OPM (%)
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8.8
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9.7
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8.8
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4.4
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OP
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17.68
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15.61
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13
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58.39
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19.89
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194
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Other
inc.
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1.42
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2.38
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-40
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5.41
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7.31
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-26
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PBIDT
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19.10
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17.99
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6
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63.80
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27.20
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135
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Interest
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0.74
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1.51
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-51
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3.72
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6.41
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-42
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PBDT
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18.36
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16.48
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11
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60.08
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20.79
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189
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Dep.
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2.82
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2.78
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1
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10.83
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11.10
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-2
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PBT
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15.54
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13.70
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13
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49.25
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9.69
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408
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EO Exp
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-1.67
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25.37
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LP
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-8.98
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25.37
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LP
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PBT
after EO
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17.21
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-11.67
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LP
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58.23
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-15.68
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LP
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Taxation
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4.01
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-2.26
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LP
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13.04
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-3.69
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LP
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PAT
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13.20
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-9.41
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LP
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45.19
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-11.99
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LP
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EPS
(Rs)*
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#
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28.1
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5.4
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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 : Standalone Segment Results | | | Quarter ended | Year ended |
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| % of (Total) | 202203 | 202103 | Var.(%) | % of (Total) | 202203 | 202103 | Var.(%) |
|---|
| Sales | | Consumables | 83.04 | 166.02 | 122.15 | 35.91 | 80.81 | 535.71 | 352.33 | 52.05 | | Equipments and Automation | 13.39 | 26.77 | 26.54 | 0.87 | 14.90 | 98.78 | 70.85 | 39.42 | | Flares & Process Equipment Division | 3.57 | 7.13 | 13.07 | -45.45 | 4.29 | 28.43 | 24.73 | 14.96 | | Total Reported Sales | 100.00 | 199.92 | 161.76 | 23.59 | 100.00 | 662.92 | 447.91 | 48.00 | | Less: Inter segment revenues | | 0.11 | 0.17 | -35.29 | | 1.44 | 0.63 | 128.57 | | Net Sales | 100.00 | 199.81 | 161.59 | 23.65 | 100.00 | 661.48 | 447.28 | 47.89 | | PBIT | | Consumables | 91.94 | 18.59 | 12.05 | 54.27 | 89.70 | 60.60 | 42.68 | 41.99 | | Equipments and Automation | 7.57 | 1.53 | 4.63 | -66.95 | 11.63 | 7.86 | 5.51 | 42.65 | | | 0.49 | 0.10 | 1.02 | -90.20 | | Flares & Process Equipment Division | 0.00 | 0.00 | 0.00 | - | | Total PBIT | 100.00 | 20.22 | 17.70 | 14.24 | 100.00 | 67.56 | 23.23 | 190.83 | | Less : Interest | | 0.50 | 0.62 | -19.35 | | 2.56 | 3.35 | -23.58 | | Add: Other un-allcoable | | -2.51 | -28.75 | 91.27 | | -6.77 | -35.56 | 80.96 | | PBIT Margin(%) | | Consumables | | 11.20 | 9.86 | 133.25 | | 11.31 | 12.11 | -80.16 | | Equipments and Automation | | 5.72 | 17.45 | -1,173.00 | | 7.96 | 7.78 | 18.01 | | Flares & Process Equipment Division | | 0.00 | 0.00 | 0.00 | | 0.00 | -100.93 | 10,093.00 | | PBT | 100.00 | 17.21 | -11.67 | LP | 100.00 | 58.23 | -15.68 | LP |
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