Capitaline

Results 01-Nov-21

Analysis

Voltamp Transformers

Net up 18% restricted by lower OPM, lower OI & higher tax

Standalone net sales (including other operating income) of Voltamp Transformers for the quarter ended Sep 2021 has increased 64.24% to Rs 263.20 crore. Operating profit margin has declined from 13.81% to 11.87%, leading to 41.21% rise in operating profit to Rs 31.25 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 72.79% to 81.18%. Employee cost decreased from 5.00% to 3.01%. Other expenses fell from 8.11% to 5.38%. Other income fell 8.64% to Rs 14.17 crore. PBIDT rose 20.67% to Rs 45.42 crore. Provision for interest up 30.77% to Rs 0.17 crore. PBDT rose 20.63% to Rs 45.25 crore. Provision for depreciation down 13.64% to Rs 1.9 crore. Profit before tax grew 22.77% to Rs 43.35 crore. Provision for tax was expense of Rs 8.27 crore, compared to Rs 5.51 crore. Effective tax rate was 19.08% compared to 15.60%. Profit after tax rose 17.72% to Rs 35.08 crore.

Half yearly performance

Net sales (including other operating income) of Voltamp Transformers has increased 82.75% to Rs 425.06 crore. Operating profit margin has declined from 10.92% to 8.91%, leading to 49.23% rise in operating profit to Rs 37.89 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 72.91% to 82.76%. Employee cost decreased from 6.86% to 3.51%. Other expenses fell from 9.10% to 6.11%. Other income fell 27.01% to Rs 27.48 crore. PBIDT rose 3.70% to Rs 65.37 crore. Provision for interest up 23.08% to Rs 0.32 crore. PBDT rose 3.62% to Rs 65.05 crore. Provision for depreciation down 14.19% to Rs 3.75 crore. Profit before tax grew 4.95% to Rs 61.30 crore. Provision for tax was expense of Rs 10.44 crore, compared to Rs 9.32 crore. Effective tax rate was 17.03% compared to 15.96%. Profit after tax rose 3.61% to Rs 50.86 crore.

Other highlights

Equity capital stood at Rs 10.12 crore as of 30 September 2021 to Rs 10.12 crore as of 30 September 2020. Per share face Value remained same at Rs 10.00.

Promoters’ stake was 50.00% as of 30 September 2021, compared to 50.00% as of 30 September 2020.

Loan funds remained nil. Inventories rose to Rs 217.06 crore as of 30 September 2021 from Rs 103.40 crore as of 30 September 2020. Sundry debtors were higher at Rs 146.18 crore as of 30 September 2021 compared to Rs 105.38 crore as of 30 September 2020. Cash and bank balance rose to Rs 17.75 crore as of 30 September 2021 from Rs 6.65 crore as of 30 September 2020. Investments declined from Rs 542.13 crore as of 30 September 2020 to Rs 512.90 crore as of 30 September 2021. Fixed assets increased to Rs 60.18 crore as of 30 September 2021 from Rs 57.24 crore as of 30 September 2020. Intangible assets declined from Rs 0.66 crore to Rs 0.29 crore.

Voltamp Tranformers: Result
	2109 (3)	2009 (3)	Var.(%)	2109 (6)	2009 (6)	Var. (%)	2103 (12)	2003 (12)	Var.(%)
Sales	263.20	160.25	64	425.06	232.59	83	692.31	858.58	-19
OPM (%)	11.9	13.8		8.9	10.9		11.2	13.2
OP	31.26	22.13	41	37.90	25.39	49	77.45	113.74	-32
Other inc.	14.17	15.51	-9	27.48	37.65	-27	72.47	8.61	742
PBIDT	45.43	37.64	21	65.38	63.04	4	149.92	122.35	23
Interest	0.17	0.13	29	0.32	0.26	24	0.60	0.00
PBDT	45.25	37.51	21	65.06	62.78	4	149.31	122.35	22
Dep.	1.90	2.20	-13	3.75	4.37	-14	8.85	8.99	-2
PBT	43.35	35.31	23	61.31	58.42	5	140.46	113.35	24
Taxation	8.27	5.51	50	10.44	9.32	12	28.24	23.98	18
PAT	35.08	29.80	18	50.86	49.09	4	112.22	89.38	26
EPS (Rs)*	#	#		#	#		110.9	88.3
* EPS is on Current Equity Of Rs 10.12 Crore of face value of Rs 10 each
# EPS is not annualised due to seasonality of business
Figures in Rs crore
Source: Capitaline Corporate Database

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