Capitaline

Results 08-Feb-22

Analysis

WPIL

Sales down 4%, net up 58%

Consolidated net sales (including other operating income) of WPIL for the quarter ended Dec 2021 has declined 4% to Rs 246.57 crore. Operating profit margin has jumped from 10.2% to 13.6%, leading to 28% rise in operating profit to Rs 33.54 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 49.04% to 43.31%. Employee cost decreased from 20.04% to 19.79%. Other expenses rose from 20.54% to 24.07%. Other income fell 86% to Rs 0.89 crore. PBIDT rose 5.19% to Rs 34.43 crore. Provision for interest rose 13% to Rs 5.5 crore. PBDT rose 3.77% to Rs 28.93 crore. Provision for depreciation fell 17% to Rs 8.84 crore. Profit before tax grew 16.53% to Rs 20.09 crore. Share of profit/loss from associate was 91% lower at Rs 0.19 crore. Provision for tax was expense of Rs 5.29 crore, compared to Rs 5.94 crore. Effective tax rate was 26.08% compared to 30.89%. Minority interest decreased 62.90% to Rs 1.84 crore. Net profit attributable to owners of the company increased 57.86% to Rs 13.15 crore.

Sales of Pumps and Accessories segment has gone down 29.92% to Rs 155.80 crore (accounting for 63.19% of total sales). Sales of Project (Works Contract) segment has gone up 160.58% to Rs 90.77 crore (accounting for 36.81% of total sales).

Profit before interest, tax and other un-allocable items (PBIT) has slumped 15.04% to Rs 37.43 crore. PBIT of Pumps and Accessories segment fell 37.43% to Rs 18.67 crore (accounting for 49.89% of total PBIT). PBIT of Project (Works Contract) segment rose 31.98% to Rs 18.76 crore (accounting for 50.11% of total PBIT).

PBIT margin of Pumps and Accessories segment fell from 13.42% to 11.99%. PBIT margin of Project (Works Contract) segment fell from 40.80% to 20.67%. Overall PBIT margin fell from 17.13% to 15.18%.

Standalone net sales of WPIL for the quarter ended Dec 2021 has increased 3.78% to Rs 106.97 crore. Operating profit margin has declined from 17.53% to 12.86%, leading to 23.85% decline in operating profit to Rs 13.76 crore. Other income fell 76.59% to Rs 2.39 crore. PBIDT fell 42.89% to Rs 16.15 crore. Provision for interest up 19.50% to Rs 1.9 crore. PBDT fell 46.61% to Rs 14.25 crore. Provision for depreciation down 2.21% to Rs 1.33 crore. Profit before tax down 48.99% to Rs 12.92 crore. Provision for tax was expense of Rs 3.36 crore, compared to Rs 6.31 crore. Effective tax rate was 26.01% compared to 24.91%. Profit after tax fell 49.74% to Rs 9.56 crore.

On deducting standalone financials from consolidated financials, the sales of overseas subsidiaries was down 9% to Rs 139.60 crore. With OPM expand from 5.3% to 14.2% the operating profit was up 142% to Rs 19.78 crore. The PBT was up Rs 7.18 crore against an loss of Rs 8.09 crore.

Nine month performance

Net sales (including other operating income) of WPIL has increased 18.25% to Rs 758.71 crore. Operating profit margin has jumped from 10.78% to 15.60%, leading to 71.11% rise in operating profit to Rs 118.39 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 43.93% to 42.76%. Employee cost decreased from 22.88% to 19.77%. Other expenses rose from 22.15% to 22.28%. Other income fell 80.11% to Rs 2.51 crore. PBIDT rose 47.78% to Rs 120.9 crore. Provision for interest fell 1.88% to Rs 15.65 crore. PBDT rose 59.81% to Rs 105.25 crore. Provision for depreciation fell 3.16% to Rs 26.94 crore. Profit before tax grew 105.86% to Rs 78.31 crore. Share of profit/loss was 77.96% lower at Rs 0.54 crore. Provision for tax was expense of Rs 21.28 crore, compared to Rs 11.04 crore. Effective tax rate was 26.99% compared to 27.27%. Minority interest increased 192.88% to Rs 9.46 crore. Net profit attributable to owners of the company increased 83.49% to Rs 48.11 crore.

Sales of Pumps and Accessories segment has gone up 8.79% to Rs 553.10 crore (accounting for 72.90% of total sales). Sales of Project (Works Contract) segment has gone up 54.38% to Rs 205.61 crore (accounting for 27.10% of total sales).

Profit before interest, tax and other un-allocable items (PBIT) has jumped 46.59% to Rs 103.70 crore. PBIT of Pumps and Accessories segment rose 56.30% to Rs 68.17 crore (accounting for 65.73% of total PBIT). PBIT of Project (Works Contract) segment rose 30.99% to Rs 35.54 crore (accounting for 34.27% of total PBIT).

PBIT margin of Pumps and Accessories segment rose from 8.58% to 12.32%. PBIT margin of Project (Works Contract) segment fell from 20.37% to 17.28%. Overall PBIT margin rose from 11.03% to 13.67%.

Standalone net sales (including other operating income) for the period ended Dec 2021 has increased 27.01% to Rs 282.86 crore. Operating profit margin has declined from 18.30% to 15.64%, leading to 8.59% rise in operating profit to Rs 44.25 crore. Other income fell 63.10% to Rs 8.7 crore. PBIDT fell 17.69% to Rs 52.95 crore. Provision for interest fell 23.59% to Rs 5.7 crore. PBDT fell 16.92% to Rs 47.25 crore. Provision for depreciation down 1.47% to Rs 4.01 crore. Profit before tax down 18.11% to Rs 43.24 crore. Provision for tax was expense of Rs 11.26 crore, compared to Rs 13.32 crore. Effective tax rate was 26.04% compared to 25.23%. Profit after tax fell 19% to Rs 31.98 crore.

Other developments

Promoters’ stake was 70.69% as of 31 December 2021, compared to 70.52% as of 31 December 2020.

WPIL: Consolidated Results
	2112 (3)	2012 (3)	Var.(%)	2112 (9)	2012 (9)	Var.(%)	2103 (12)	2003 (12)	Var. (%)
Sales	246.57	257.16	-4	758.71	641.61	18	994.83	908.89	9
OPM (%)	13.6	10.2		15.6	10.8		15.1	13.2
OP	33.54	26.25	28	118.40	69.17	71	150.69	120.17	25
Other inc.	0.89	6.48	-86	2.51	12.62	-80	15.35	15.31	0
PBIDT	34.43	32.73	5	120.91	81.79	48	166.05	135.48	23
Interest	5.50	4.85	13	15.65	15.95	-2	22.50	20.99	7
PBDT	28.93	27.87	4	105.26	65.84	60	143.54	114.49	25
Dep.	8.84	10.64	-17	26.94	27.82	-3	36.95	37.26	-1
PBT	20.09	17.24	17	78.32	38.03	106	106.59	77.23	38
Share of P(L) from Associates	0.19	1.99	-91	0.54	2.45	-78	2.17	1.13	91
PBT before EO	20.28	19.23	5	78.86	40.48	95	108.76	78.36	39
EO	0.00	0.00		0.00	0.00		0.00	0.00
PBT after EO	20.28	19.23	5	78.86	40.48	95	108.76	78.36	39
Taxation	5.29	5.94	-11	21.28	11.04	93	30.50	22.80	34
PAT of Continuing Operations	14.99	13.29	13	57.57	29.45	96	78.25	55.56	41
Minority Interest	1.84	4.96	-63	9.46	3.23	193	14.51	-2.38	PL
Net profit	13.15	8.32	58	48.11	26.22	84	63.75	57.94	10
EPS (Rs)*	#	#		#	#		65.3	59.3
* 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
	2112 (3)	2012 (3)	Var.(%)	2112 (9)	2012 (9)	Var.(%)	2103 (12)	2003 (12)	Var. (%)
Sales	106.97	103.07	4	282.86	222.71	27	340.33	371.93	-8
OPM (%)	12.9	17.5		15.6	18.3		21.3	17.0
OP	13.76	18.07	-24	44.23	40.74	9	72.65	63.30	15
Other inc.	2.39	10.21	-77	8.70	23.58	-63	21.76	30.06	-28
PBIDT	16.15	28.28	-43	52.94	64.33	-18	94.41	93.36	1
Interest	1.90	1.59	19	5.70	7.46	-24	9.57	10.20	-6
PBDT	14.25	26.68	-47	47.24	56.87	-17	84.84	83.16	2
Dep.	1.33	1.36	-2	4.01	4.07	-2	5.48	5.67	-3
PBT	12.91	25.32	-49	43.24	52.80	-18	79.36	77.49	2
Total Tax	3.36	6.31	-47	11.26	13.32	-15	19.63	18.24	8
PAT	9.56	19.02	-50	31.98	39.48	-19	59.73	59.25	1
EPS (Rs) *	#	#		#	#		61.1	60.6
*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

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	Quarter ended				Year to Date				Year ended
	% of (Total)	202112	202012	Var.(%)	% of (Total)	202112	202012	Var.(%)	% of (Total)	202103	202003	Var.(%)
Sales
Pumps and Accessories	63.19	155.80	222.32	-29.92	72.90	553.10	508.43	8.79	77.78	773.74	582.51	32.83
Project (Works Contract)	36.81	90.77	34.83	160.58	27.10	205.61	133.18	54.38	22.22	221.10	326.38	-32.26
Total Reported Sales	100.00	246.57	257.16	-4.12	100.00	758.71	641.61	18.25	100.00	994.83	908.89	9.46
Less: Inter segment revenues		0.00	0.00	-		0.00	0.00		0.00	0.00	-
Net Sales	100.00	246.57	257.16	-4.12	100.00	758.71	641.61	18.25	100.00	994.83	908.89	9.46
PBIT
Pumps and Accessories	49.89	18.67	29.85	-37.43	65.73	68.17	43.61	56.30	63.47	90.65	2.81	3,122.26
Project (Works Contract)	50.11	18.76	14.21	31.98	34.27	35.54	27.13	30.99	36.53	52.16	84.84	-38.52
Total PBIT	100.00	37.43	44.06	-15.04	100.00	103.70	70.74	46.59	100.00	142.81	87.65	62.92
Less : Interest		5.50	4.85	13.26		15.65	15.95	-1.83		22.50	10.46	115.04
Add: Other un-allcoable		-11.66	-19.98	41.65		-9.19	-14.31	35.79		-11.55	1.17	PL
PBIT Margin(%)
Pumps and Accessories		11.99	13.42	-143.89		12.32	8.58	374.65		11.72	0.48	1,123.24
Project (Works Contract)		20.67	40.80	-2,013.63		17.28	20.37	-308.60		23.59	25.99	-240.22
PBT	100.00	20.28	19.23	5.47	100.00	78.86	40.48	94.80	100.00	108.76	78.36	38.79

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