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WPIL has to its credit a rich experience of more than 60 years in designing, developing, manufacturing, erecting, casting, commissioning and servicing and after sales and refurbishment of Pumps & Pumping Systems. These pumps whether vertical or horizontal, of various sizes, are required in micro and major irrigation systems, Barge Pump stations, river water pumping, sewage submersible, offshore, fire fighting and other industrial applications, thermal, nuclear power plants, hydro power etc. The company has operations spread across India and in International market it has operations through subsidiaries in Thailand, Australia, UK and South Africa.
For the quarter ended June 17, WPIL registered a 81% increase in standalone net sales to Rs 73.40 crore. OPM was lower by 560 bps to 9.3%, thus restricting the OP growth to 13% to Rs 6.85 crore. Other income was higher by 204% to Rs 4.93 crore. Interest costs stood at Rs 2.67 crore down by 3% YoY. Depreciation costs was higher by 4% to Rs 0.76 crore. Thus PBT stood at Rs 8.35 crore, up by 99% YoY. After providing total tax of Rs 3.03 crore, up by 133%, standalone PAT stood at Rs 5.32 crore, up by 83% YoY.
Performance for 12 months ended Mar 17
For the 12 months ended Mar 17 period WPIL registered a 24% increase in standalone net sales to Rs 262.94 crore. OPM was up by 70 bps to 14.2%, thus resulting in OP growth of 31% to Rs 37.38 crore. Other income was up by 40% to Rs 8.77 crore. Interest costs was higher by 196% to Rs 19.12 crore and depreciation costs was higher by 2% to Rs 2.89 crore. Interest costs included some forex losses which resulted in lower PBT. Thus PBT stood at Rs 24.14 crore, down by 6% YoY. After providing total tax of Rs 6.95 crore, down by 17%, standalone PAT stood at Rs 17.19 crore, flat on YoY basis.
Other updates
The company has decided to close the operations of its subsidiary Mathers Foundry UK in line with the process in compliance with UK laws. Due to the sustained uncertainty in the Oil and Gas sector, its key market, the viability of operations was under severe pressure. Hence the board considered it prudent to discontinue its operations and to bear closure costs rather than be exposed to continuous uncertainty and losses.
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