Texmo Pipes and Products

Solid performance

Jun 26, 2021 12:06 IST capital market

Texmo Pipes & Products consolidated net sales has increased 83.46% to Rs 130.44 crore in Q4FY21 compared to Q4FY20. Operating profit margin has slumped from 7.72% to 7.60%, leading to 80.51% rise in operating profit to Rs 9.91 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 68.01% to 75.68%. Purchase of finished goods cost fell from 9.58% to 3.18%. Employee cost decreased from 4.63% to 2.87%. Other expenses fell from 11.04% to 10.63%.

Other income rose 75% to Rs 0.07 crore. Provision for interest rose 11.54% to Rs 2.32 crore. Provision for depreciation fell 0.63% to Rs 1.59 crore.

Profit before EO grew 228.11% to Rs 6.07 crore. The company reported nil EO items during the quarter compared to EO expense of Rs 5 lakh towards net loss on insurance claim during the corresponding previous year quarter. PBT after EO rose 237% to Rs 6.07 crore.

Provision for tax was expense of Rs 1.33 crore, compared to Rs 0.83 crore.Effective tax rate was 21.91% compared to 46.11%.

Net profit attributable to owners of the company increased 388.66% to Rs 4.74 crore.

Full year results analysis

Net sales of Texmo Pipes & Products has increased 28.57% to Rs 421.66 crore. Operating profit margin has jumped from 6.84% to 6.85%, leading to 28.76% rise in operating profit to Rs 28.88 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 70.73% to 74.86%. Purchase of finished goods cost fell from 6.12% to 4.04%. Employee cost decreased from 4.52% to 3.24%. Other expenses fell from 11.91% to 11.09%.

Other income fell 13.73% to Rs 0.88 crore. Provision for interest fell 9.96% to Rs 9.49 crore. Loan funds declined from Rs 47.76 crore as of 31 March 2020 to Rs 23.29 crore as of 31 March 2021. Inventories declined from Rs 73.45 crore as of 31 March 2020 to Rs 55.62 crore as of 31 March 2021. Sundry debtors were higher at Rs 44.27 crore as of 31 March 2021 compared to Rs 44.21 crore as of 31 March 2020. Cash and bank balance rose to Rs 9.39 crore as of 31 March 2021 from Rs 9.12 crore as of 31 March 2020.

Provision for depreciation rose 0.97% to Rs 6.26 crore. Fixed assets declined from Rs 114.56 crore as of 31 March 2020 to Rs 110.93 crore as of 31 March 2021. Intangible assets declined from Rs 0.12 crore to Rs 0.10 crore.

Profit before tax grew 108.79% to Rs 14.01 crore. The company reported nil EO items during the year compared to EO expense of Rs 94 lakh towards net loss on insurance claim during the previous year. PBT after EO rose 143% to Rs 14.01 crore.

Provision for tax was expense of Rs 3.18 crore, compared to Rs 1.83 crore. Effective tax rate was 22.70% compared to 31.72%.

Net profit attributable to owners of the company increased 174.87% to Rs 10.83 crore.

Promoters stake was 44.24% as of 31 March 2021 compared to 38.15% as of 31 March 2020 .

The scrip is currently trading around Rs 49.2 on the BSE

Texmo Pipes & Products : Consolidated Results

 

Quarter ended Year ended
Particulars 202103 202003 Var.(%) 202103 202003 Var.(%)
Net Sales 130.44 71.1 83 421.66 327.95 29
OPM (%) 7.6 7.7 6.85 6.8
OP 9.91 5.49 81 28.88 22.43 29
Other Inc. 0.07 0.04 75 0.88 1.02 -14
PBIDT 9.98 5.53 80 29.76 23.45 27
Interest 2.32 2.08 12 9.49 10.54 -10
PBDT 7.66 3.45 122 20.27 12.91 57
Depreciation 1.59 1.6 -1 6.26 6.2 1
PBT before EO 6.07 1.85 228 14.01 6.71 109
EO Income 0 -0.05 - 0 -0.94 -
PBT after EO 6.07 1.8 237 14.01 5.77 143
Taxation 1.33 0.83 60 3.18 1.83 74
PAT 4.74 0.97 389 10.83 3.94 175
EPS (Rs)* # # 3.7 1.6
Notes
* EPS is on current equity of Rs 29.20 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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