Capitaline

Results 04-Aug-22

Analysis

WPIL

Net up 121% on strong operating show and lower depreciation

Consolidated net sales (including other operating income) of WPIL for the quarter ended Jun 2022 has increased 33% to Rs 299.21 crore. Operating profit margin has jumped from 11.1% to 17.3%, leading to 107 % rise in operating profit to Rs 51.65 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 43.68% to 46.98%. Employee cost decreased from 22.55% to 17.00%. Other expenses fell from 22.73% to 19.03%. Other income fell 62.01% to Rs 2.04 crore. PBIDT rose 77.28% to Rs 53.68 crore. Provision for interest rose 8.65% to Rs 5.15 crore. PBDT rose 90.02% to Rs 48.54 crore. Provision for depreciation fell 0.89% to Rs 8.94 crore. Profit before tax grew 140% to Rs 39.59 crore. Share of profit/loss was 28% higher at Rs 0.72 crore. Provision for tax was expense of Rs 10.05 crore, compared to Rs 4.82 crore. Effective tax rate was 24.93% compared to 28.22%. Minority interest increased 407% to Rs 5.72 crore. Net profit attributable to owners of the company increased 121% to Rs 24.54 crore.

Sales of Pumps and Accessories segment has gone up 17.22% to Rs 200.80 crore (accounting for 67.11% of total sales). Sales of Project (Works Contract) segment has gone up 83.00% to Rs 98.41 crore (accounting for 32.89% of total sales).
Profit before interest, tax and other unallocable items (PBIT) has jumped 127.69% to Rs 48.22 crore. PBIT of Pumps and Accessories segment rose 233.02% to Rs 33.28 crore (accounting for 69.02% of total PBIT). PBIT of Project (Works Contract) segment rose 33.58% to Rs 14.94 crore (accounting for 30.98% of total PBIT).
PBIT margin of Pumps and Accessories segment rose from 5.83% to 16.57%. PBIT margin of Project (Works Contract) segment fell from 20.80% to 15.18%. Overall PBIT margin rose from 9.41% to 16.11%.

Standalone net sales (including other operating income) of WPIL for the quarter ended Jun 2022 has increased 111% to Rs 131.25 crore. Operating profit margin has jumped from 12.2% to 16.1%, leading to 7% rise in operating profit to Rs 21.16 crore. After accounting for lower OI, higher interest and depreciation the Profit before tax grew 77% to Rs 21.39 crore. Provision for tax was up 71% to Rs 5.42 crore. Profit after tax rose 80% to Rs 15.97 crore.

On deducting standalone financials from consolidated financials, the sales was up 3% to Rs 167.96 crore. The OPM expanded by 750 bps to 18.1% and thus the OP was up 76% to Rs 30.48 crore. The PBT was up by 308% to Rs 18.21 crore.

Promoters’ stake was 70.69% as of 30 June 2022, compared to 70.66% as of 30 June 2021.

WPIL: Consolidated Results
	2206 (3)	2106 (3)	Var.(%)	2203 (12)	2103 (12)	Var. (%)
Sales	299.21	225.08	33	1181.28	994.83	19
OPM (%)	17.3	11.1		17.8	15.7
OP	51.65	24.91	107	210.24	156.58	34
Other inc.	2.04	5.37	-62	8.59	9.46	-9
PBIDT	53.69	30.28	77	218.83	166.05	32
Interest	5.15	4.74	9	19.86	22.50	-12
PBDT	48.54	25.54	90	198.97	143.54	39
Dep.	8.94	9.02	-1	37.26	36.95	1
PBT	39.60	16.52	140	161.71	106.59	52
Share of P(L) from Associates	0.72	0.56	28	1.35	2.17	-38
PBT before EO	40.32	17.08	136	163.06	108.76	50
EO	0.00	0.00		0.00	0.00
PBT after EO	40.32	17.08	136	163.06	108.76	50
Taxation	10.05	4.82	108	45.05	30.50	48
PAT of Continuing Operations	30.26	12.26	147	118.01	78.25	51
Minority Interest	5.72	1.13	407	20.89	14.51	44
Net profit	24.54	11.13	121	97.12	63.75	52
EPS (Rs)*	#	#		99.4	65.3
* 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
	2206 (3)	2106 (3)	Var.(%)	2203 (12)	2103 (12)	Var. (%)
Sales	131.25	62.34	111	529.82	340.33	56
OPM (%)	16.1	12.2		16.0	22.7
OP	21.16	7.64	177	84.51	77.21	9
Other inc.	4.12	7.43	-45	16.18	17.20	-6
PBIDT	25.28	15.06	68	100.69	94.41	7
Interest	2.44	1.67	46	8.90	9.57	-7
PBDT	22.84	13.40	71	91.78	84.84	8
Dep.	1.45	1.34	8	5.63	5.48	3
PBT	21.39	12.06	77	86.16	79.36	9
Total Tax	5.42	3.17	71	22.28	19.63	13
PAT	15.97	8.89	80	63.87	59.73	7
EPS (Rs) *	#	#		65.4	61.1
*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)	202206	202106	Var.(%)	% of (Total)	202203	202103	Var.(%)
Sales
Pumps and Accessories	67.11	200.80	171.30	17.22	64.14	757.66	773.74	-2.08
Project (Works Contract)	32.89	98.41	53.78	83.00	35.86	423.62	221.10	91.60
Total Reported Sales	100.00	299.21	225.08	32.94	100.00	1,181.28	994.83	18.74
Less: Inter segment revenues		0.00	0.00	-		0.00	0.00	-
Net Sales	100.00	299.21	225.08	32.94	100.00	1,181.28	994.83	18.74
PBIT
Pumps and Accessories	69.02	33.28	9.99	233.02	62.95	124.25	90.65	37.07
Project (Works Contract)	30.98	14.94	11.18	33.58	37.05	73.12	52.16	40.18
Total PBIT	100.00	48.22	21.18	127.69	100.00	197.37	142.81	38.21
Less : Interest		5.15	4.74	8.58		19.86	22.50	-11.76
Add: Other un-allcoable		-2.75	0.64	PL		-14.45	-11.55	-25.18
PBIT Margin(%)
Pumps and Accessories		16.57	5.83	1,073.88		16.40	11.72	468.38
Project (Works Contract)		15.18	20.80	-561.53		17.26	23.59	-633.13
PBT	100.00	40.32	17.08	136.03	100.00	163.06	108.76	49.93

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