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Results
11-Aug-23
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Analysis
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WPIL
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Sales up 20%, net up 30%
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Consolidated net sales (including other operating income) of WPIL for the quarter ended Jun 2023 has increased 19.55% to Rs 357.71 crore. Operating profit margin has jumped from 17.26% to 18.55%, leading to 28.49% rise in operating profit to Rs 66.35 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 28.34% to 20.95%. Employee cost increased from 17.00% to 17.27%. Other expenses rose from 37.67% to 43.10%. Other direct service cost rose from 23.02% to 24.12%. Other income rose 130.88% to Rs 4.71 crore. PBIDT rose 32.38% to Rs 71.06 crore. Provision for interest rose 50.29% to Rs 7.74 crore. PBDT rose 30.48% to Rs 63.32 crore. Provision for depreciation rose 3.02% to Rs 9.21 crore. Profit before tax grew 36.68% to Rs 54.11 crore. Share of profit/loss was 12.50% higher at Rs 0.81 crore. Provision for tax was expense of Rs 14.47 crore, compared to Rs 10.05 crore. Effective tax rate was 26.35% compared to 24.93%. Minority interest increased 51.05% to Rs 8.64 crore. Net profit attributable to owners of the company increased 29.63% to Rs 31.81 crore.
- Sales of Pumps and Accessories segment has gone up 6.46% to Rs 213.77 crore (accounting for 59.76% of total sales). Sales of Project (Works Contract) segment has gone up 46.27% to Rs 143.95 crore (accounting for 40.24% of total sales).
- Profit before interest, tax and other unallocable items (PBIT) has jumped 76.84% to Rs 85.27 crore. PBIT of Pumps and Accessories segment rose 38.78% to Rs 46.18 crore (accounting for 54.16% of total PBIT). PBIT of Project (Works Contract) segment rose 161.63% to Rs 39.08 crore (accounting for 45.84% of total PBIT).
- PBIT margin of Pumps and Accessories segment rose from 16.57% to 21.60%. PBIT margin of Project (Works Contract) segment rose from 15.18% to 27.15%. Overall PBIT margin rose from 16.11% to 23.84%.
Standalone net sales (including other operating income) of WPIL for the quarter ended Jun 2023 has increased 38.82% to Rs 182.20 crore. Operating profit margin has declined from 16.12% to 15.96%, leading to 37.43% rise in operating profit to Rs 29.08 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 55.88% to 58.25%. Employee cost decreased from 7.29% to 6.64%. Other expenses fell from 20.42% to 18.57%. Other income up 55.83% to Rs 6.42 crore. PBIDT rose 40.43% to Rs 35.5 crore. Provision for interest up 71.72% to Rs 4.19 crore. PBDT rose 37.08% to Rs 31.31 crore. Provision for depreciation rose 15.86% to Rs 1.68 crore. Profit before tax grew 38.52% to Rs 29.63 crore. Provision for tax was expense of Rs 7.57 crore, compared to Rs 5.42 crore. Effective tax rate was 25.55% compared to 25.34%. Profit after tax rose 38.13% to Rs 22.06 crore.
Promoters’ stake was 70.80% as of 30 June 2023 ,compared to 70.69% as of 30 June 2022 . Promoters pledged stake was 4.19% as of 30 June 2023
| WPIL : Consolidated Results | | | Quarter ended | Year ended |
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| Particulars | 202306 | 202206 | Var.(%) | 202303 | 202203 | Var.(%) |
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| Net Sales (including other operating income) | 357.71 | 299.21 | 19.55 | 1,784.80 | 1,181.28 | 51.09 | | OPM (%) | 18.55 | 17.26 | 129 bps | 18.19 | 17.80 | 39 bps | | OP | 66.35 | 51.64 | 28.49 | 324.57 | 210.25 | 54.37 | | Other Inc. | 4.71 | 2.04 | 130.88 | 28.19 | 8.59 | 228.17 | | PBIDT | 71.06 | 53.68 | 32.38 | 352.76 | 218.84 | 61.20 | | Interest | 7.74 | 5.15 | 50.29 | 24.65 | 19.86 | 24.12 | | PBDT | 63.32 | 48.53 | 30.48 | 328.11 | 198.98 | 64.90 | | Depreciation | 9.21 | 8.94 | 3.02 | 35.79 | 37.26 | -3.95 | | PBT | 54.11 | 39.59 | 36.68 | 292.32 | 161.72 | 80.76 | | Share of Profit/(Loss) from Associates | 0.81 | 0.72 | 12.50 | 2.68 | 1.35 | 98.52 | | PBT before EO | 54.92 | 40.31 | 36.24 | 295 | 163.07 | 80.90 | | EO Income | 0 | 0 | - | 0 | 0 | - | | PBT after EO | 54.92 | 40.31 | 36.24 | 295 | 163.07 | 80.90 | | Taxation | 14.47 | 10.05 | 43.98 | 74.96 | 45.05 | 66.39 | | PAT | 40.45 | 30.26 | 33.67 | 220.04 | 118.02 | 86.44 | | Minority Interest (MI) | 8.64 | 5.72 | 51.05 | 30.51 | 20.89 | 46.05 | | Net profit | 31.81 | 24.54 | 29.63 | 189.53 | 97.13 | 95.13 | | P/(L) from discontinued operations net of tax | -0.02 | -0.02 | 0 | -0.36 | 0.2 | PL | | Net profit after discontinued operations | 31.79 | 24.52 | 29.65 | 189.17 | 97.33 | 94.36 | | EPS (Rs)* | 32.57 | 25.13 | 29.63 | 194.04 | 99.44 | 95.14 | | | * EPS is on current equity of Rs 9.77 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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| WPIL : Consolidated Segment Results | | | Quarter ended | Year ended |
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| % of (Total) | 202306 | 202206 | Var.(%) | % of (Total) | 202303 | 202203 | Var.(%) |
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| Sales | | Pumps and Accessories | 59.76 | 213.77 | 200.80 | 6.46 | 50.58 | 902.71 | 757.66 | 19.14 | | Project (Works Contract) | 40.24 | 143.95 | 98.41 | 46.27 | 49.42 | 882.09 | 423.62 | 108.23 | | Total Reported Sales | 100.00 | 357.71 | 299.21 | 19.55 | 100.00 | 1,784.80 | 1,181.28 | 51.09 | | Less: Inter segment revenues | | 0.00 | 0.00 | - | | 0.00 | 0.00 | - | | Net Sales | 100.00 | 357.71 | 299.21 | 19.55 | 100.00 | 1,784.80 | 1,181.28 | 51.09 | | PBIT | | Pumps and Accessories | 54.16 | 46.18 | 33.28 | 38.78 | 52.01 | 174.20 | 124.25 | 40.21 | | Project (Works Contract) | 45.84 | 39.08 | 14.94 | 161.63 | 47.99 | 160.75 | 73.12 | 119.84 | | Total PBIT | 100.00 | 85.27 | 48.22 | 76.84 | 100.00 | 334.96 | 197.37 | 69.71 | | Less : Interest | | 7.74 | 5.15 | 50.36 | | 24.65 | 19.86 | 24.14 | | Add: Other un-allcoable | | -22.61 | -2.75 | -720.89 | | -15.31 | -14.45 | -5.95 | | PBIT Margin(%) | | Pumps and Accessories | | 21.60 | 16.57 | 503.19 | | 19.30 | 16.40 | 289.89 | | Project (Works Contract) | | 27.15 | 15.18 | 1,197.20 | | 18.22 | 17.26 | 96.31 | | PBT | 100.00 | 54.92 | 40.32 | 36.22 | 100.00 | 294.99 | 163.06 | 80.91 |
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| WPIL : Standalone Results | | Quarter ended | Year ended |
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| Particulars | 202306 | 202206 | Var.(%) | 202303 | 202203 | Var.(%) |
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| Net Sales (including other operating income) | 182.20 | 131.25 | 38.82 | 1,002.44 | 529.82 | 89.20 | | OPM (%) | 15.96 | 16.12 | -16 bps | 17.57 | 15.95 | 162 bps | | OP | 29.08 | 21.16 | 37.43 | 176.09 | 84.50 | 108.39 | | Other Inc. | 6.42 | 4.12 | 55.83 | 31.68 | 16.18 | 95.80 | | PBIDT | 35.50 | 25.28 | 40.43 | 207.77 | 100.68 | 106.37 | | Interest | 4.19 | 2.44 | 71.72 | 12.13 | 8.9 | 36.29 | | PBDT | 31.31 | 22.84 | 37.08 | 195.64 | 91.78 | 113.16 | | Depreciation | 1.68 | 1.45 | 15.86 | 5.51 | 5.63 | -2.13 | | PBT | 29.63 | 21.39 | 38.52 | 190.13 | 86.15 | 120.70 | | PBT before EO | 29.63 | 21.39 | 38.52 | 190.13 | 86.15 | 120.70 | | EO Income | 0 | 0 | - | 0 | 0 | - | | PBT after EO | 29.63 | 21.39 | 38.52 | 190.13 | 86.15 | 120.70 | | Taxation | 7.57 | 5.42 | 39.67 | 47.1 | 22.28 | 111.40 | | PAT | 22.06 | 15.97 | 38.13 | 143.03 | 63.87 | 123.94 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 22.06 | 15.97 | 38.13 | 143.03 | 63.87 | 123.94 | | EPS (Rs)* | 22.59 | 16.35 | 38.13 | 146.44 | 65.39 | 123.94 | | | * EPS is on current equity of Rs 9.77 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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