Results 22-Jul-23
Analysis
Wendt India
Sales up 7%, Net up 25%
Consolidated net sales (including other operating income) of Wendt India for the quarter ended Jun 2023 has increased 7.40% to Rs 51.26 crore. Operating profit margin has jumped from 23.55% to 24.19%, leading to 10.32% rise in operating profit to Rs 12.40 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 23.56% to 26.14%. Purchase of finished goods cost fell from 9.56% to 6.63%. Employee cost decreased from 18.41% to 18.06%. Other expenses rose from 23.93% to 25.14%. Other income rose 254.90% to Rs 1.81 crore. PBIDT rose 20.94% to Rs 14.21 crore. Provision for interest remained nil. PBDT rose 21.14% to Rs 14.21 crore. Provision for depreciation rose 1.48% to Rs 2.06 crore. Profit before tax grew 25.26% to Rs 12.15 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 3.13 crore, compared to Rs 2.47 crore. Effective tax rate was 25.76% compared to 25.46%. Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 24.76% to Rs 9.02 crore.
Sales of Super Abrasives segment has gone up 3.75% to Rs 33.22 crore (accounting for 65.21% of total sales). Sales of Machines Accessories and components segment has gone up 33.49% to Rs 5.78 crore (accounting for 11.35% of total sales). Sales of Others segment rose 1.37% to Rs 4.45 crore (accounting for 8.74% of total sales). Sales of Precision Products segment has gone up 6.70% to Rs 7.49 crore (accounting for 14.70% of total sales). Inter-segment sales came down from Rs 0.26 crore to Rs 0.12 crore.
Profit before interest, tax and other unallocable items (PBIT) has jumped 11.40% to Rs 10.55 crore. PBIT of Super Abrasives segment rose 5.32% to Rs 7.13 crore (accounting for 67.58% of total PBIT). PBIT of Machines Accessories and components segment rose 485.00% to Rs 1.17 crore (accounting for 11.09% of total PBIT). PBIT of Others segment fell 19.12% to Rs 0.55 crore (accounting for 5.21% of total PBIT). PBIT of Precision Products segment fell 6.59% to Rs 1.70 crore (accounting for 16.11% of total PBIT).
PBIT margin of Super Abrasives segment rose from 21.14% to 21.46%. PBIT margin of Machines Accessories and components segment rose from 4.62% to 20.24%. PBIT margin of Others segment fell from 15.49% to 12.36%. PBIT margin of Precision Products segment fell from 25.93% to 22.70%. Overall PBIT margin rose from 19.83% to 20.71%.
Promoters’ stake was 75.00% as of 30 June 2023 ,compared to 75.00% as of 30 June 2022 .
Wendt India : Consolidated Results
Quarter ended
Year ended
Particulars
202306
202206
Var.(%)
202303
202203
Var.(%)
Net Sales (including other operating income)
51.26
47.73
7.40
210.24
178.81
17.58
OPM (%)
24.19
23.55
64 bps
26.71
23.30
341 bps
OP
12.40
11.24
10.32
56.16
41.67
34.77
Other Inc.
1.81
0.51
254.90
4.99
3.87
28.94
PBIDT
14.21
11.75
20.94
61.15
45.54
34.28
Interest
0
0.02
-
0.02
0.02
0
PBDT
14.21
11.73
21.14
61.13
45.52
34.29
Depreciation
2.06
2.03
1.48
8.11
8.61
-5.81
PBT
12.15
9.70
25.26
53.02
36.91
43.65
Share of Profit/(Loss) from Associates
0
0
-
0
0
-
PBT before EO
12.15
9.7
25.26
53.02
36.91
43.65
EO Income
0
0
-
0
0
-
PBT after EO
12.15
9.7
25.26
53.02
36.91
43.65
Taxation
3.13
2.47
26.72
12.93
9.84
31.40
PAT
9.02
7.23
24.76
40.09
27.07
48.10
Minority Interest (MI)
0
0
-
0
0
-
Net profit
9.02
7.23
24.76
40.09
27.07
48.10
P/(L) from discontinued operations net of tax
0
0
-
0
0
-
Net profit after discontinued operations
9.02
7.23
24.76
40.09
27.07
48.10
EPS (Rs)*
45.10
36.15
24.76
200.45
135.35
48.10
* EPS is on current equity of Rs 2.00 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
Wendt India : Consolidated Segment Results
Quarter ended
Year ended
% of (Total)
202306
202206
Var.(%)
% of (Total)
202303
202203
Var.(%)
Sales
Super Abrasives
65.21
33.22
32.02
3.75
65.36
135.99
112.54
20.84
Machines Accessories and components
11.35
5.78
4.33
33.49
13.34
27.76
24.54
13.12
Others
8.74
4.45
4.39
1.37
7.54
15.69
17.09
-8.19
Precision Products
14.70
7.49
7.02
6.70
13.76
28.63
23.07
24.10
Total Reported Sales
100.00
50.94
47.76
6.66
100.00
208.07
177.24
17.39
Less: Inter segment revenues
0.12
0.26
-53.85
0.00
0.00
-
Net Sales
100.00
50.82
47.50
6.99
100.00
208.07
177.24
17.39
PBIT
Super Abrasives
67.58
7.13
6.77
5.32
72.49
35.28
20.44
72.60
Machines Accessories and components
11.09
1.17
0.20
485.00
8.86
4.31
4.43
-2.71
Others
5.21
0.55
0.68
-19.12
4.50
2.19
3.12
-29.81
Precision Products
16.11
1.70
1.82
-6.59
14.16
6.89
5.50
25.27
Total PBIT
100.00
10.55
9.47
11.40
100.00
48.67
33.49
45.33
Less : Interest
0.00
0.02
-
0.02
0.02
0
Add: Other un-allcoable
1.60
0.25
540.00
4.37
3.44
27.03
PBIT Margin(%)
Super Abrasives
21.46
21.14
31.99
25.94
18.16
778.07
Machines Accessories and components
20.24
4.62
1,562.33
15.53
18.05
-252.62
Others
12.36
15.49
-313.02
13.96
18.26
-429.84
Precision Products
22.70
25.93
-322.90
24.07
23.84
22.52
PBT
100.00
12.15
9.70
25.26
100.00
53.02
36.91
43.65
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