WELSPUNIND Financial Statements

WELSPUNIND Annual Results

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Y/e 31 Mar Mar-2021 Mar-2020 Mar-2018 Mar-2017
Growth matrix (%)        
Revenue growth 8.89 11.40 (8.90) 12.10
Op profit growth 11.30 8.12 (29) (0.60)
EBIT growth 16.60 18.30 (40) (12)
Net profit growth 6.37 31.80 7.66 (51)
Profitability ratios (%)        
OPM 18.40 18 18.60 23.90
EBIT margin 13.20 12.30 11.60 17.50
Net profit margin 7.35 7.53 6.36 5.39
RoCE 13.90 12.60 11.40 20.10
RoNW 4.08 4.55 3.85 4.09
RoA 1.94 1.93 1.56 1.55
Per share ratios ()        
EPS 5.48 5.22 3.96 3.61
Dividend per share 0.15 1 0.65 0.65
Cash EPS 0.86 0.26 (1.20) (1.50)
Book value per share 36.30 29.60 25.90 23.90
Valuation ratios        
P/E 14.80 4.18 14.60 24.30
P/CEPS 94.70 83.30 (49) (59)
P/B 2.24 0.74 2.23 3.67
EV/EBIDTA 7.53 4.18 7.42 7.18
Payout (%)        
Dividend payout -- 23.90 17 18.30
Tax payout (28) (26) (29) (17)
Liquidity ratios        
Debtor days 56.40 54.60 57 49.80
Inventory days 82.10 76.70 78 65.60
Creditor days (63) (53) (54) (55)
Leverage ratios        
Interest coverage (4.90) (4.70) (5) (7.30)
Net debt / equity 0.70 1.11 1.20 1.31
Net debt / op. profit 1.88 2.71 2.77 1.99
Cost breakup ()        
Material costs (49) (49) (50) (46)
Employee costs (11) (12) (11) (9.60)
Other costs (21) (22) (20) (21)
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Y/e 31 Mar( In .Cr) Mar-2021 Mar-2020 Mar-2018 Mar-2017
Revenue 7,340 6,741 6,050 6,638
yoy growth (%) 8.89 11.40 (8.90) 12.10
Raw materials (3,587) (3,296) (3,024) (3,040)
As % of sales 48.90 48.90 50 45.80
Employee costs (823) (778) (675) (637)
As % of sales 11.20 11.50 11.20 9.60
Other costs (1,578) (1,452) (1,228) (1,378)
As % of sales 21.50 21.50 20.30 20.80
Operating profit 1,352 1,215 1,123 1,583
OPM 18.40 18 18.60 23.90
Depreciation (454) (481) (504) (505)
Interest expense (198) (178) (141) (158)
Other income 67.80 95.10 81.20 80.60
Profit before tax 769 651 560 1,000
Taxes (218) (170) (161) (173)
Tax rate (28) (26) (29) (17)
Minorities and other (11) (17) (13) (4.80)
Adj. profit 540 464 385 822
Exceptional items -- 43.40 -- (465)
Net profit 540 507 385 358
yoy growth (%) 6.37 31.80 7.66 (51)
NPM 7.35 7.53 6.36 5.39
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Y/e 31 Mar ( In .Cr) Mar-2021 Mar-2020 Mar-2018 Mar-2017
Profit before tax 769 651 560 1,000
Depreciation (454) (481) (504) (505)
Tax paid (218) (170) (161) (173)
Working capital 2,205 1,654 1,528 703
Other operating items -- -- -- --
Operating cashflow 2,302 1,654 1,422 1,024
Capital expenditure 4,199 3,627 2,096 946
Free cash flow 6,501 5,281 3,518 1,970
Equity raised 3,586 3,130 3,076 3,014
Investments 10.40 124 35.10 14.30
Debt financing/disposal 1,369 1,757 1,478 476
Dividends paid -- 100 65.30 65.30
Other items -- -- -- --
Net in cash 11,466 10,391 8,173 5,540
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Y/e 31 Mar ( In .Cr) Mar-2021 Mar-2020 Mar-2019 Mar-2018
Equity capital 100 100 100 100
Preference capital -- -- -- --
Reserves 3,544 2,872 2,679 2,505
Net worth 3,645 2,972 2,779 2,606
Minority interest
Debt 2,940 3,521 3,310 3,281
Deferred tax liabilities (net) 335 299 390 336
Total liabilities 7,019 6,877 6,550 6,269
Fixed assets 3,987 3,991 3,795 3,543
Intangible assets
Investments 111 244 127 128
Deferred tax asset (net) 198 223 249 200
Net working capital 2,324 2,189 2,207 2,233
Inventories 1,773 1,529 1,334 1,305
Inventory Days 88.20 82.80 -- 78.80
Sundry debtors 1,182 1,086 1,077 931
Debtor days 58.80 58.80 -- 56.20
Other current assets 1,114 1,114 1,177 1,114
Sundry creditors (1,128) (942) (770) (660)
Creditor days 56.10 51 -- 39.80
Other current liabilities (616) (598) (611) (457)
Cash 399 230 173 166
Total assets 7,019 6,877 6,550 6,269
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Particulars ( Rupees In Crores.) Mar-2022 Mar-2021 Mar-2020 Mar-2019 Mar-2018
Gross Sales 9,311 7,340 6,741 6,527 6,051
Excise Duty -- -- -- -- --
Net Sales 9,311 7,340 6,741 6,527 6,051
Other Operating Income -- -- -- -- --
Other Income 66 67.80 139 81.80 81.20
Total Income 9,377 7,408 6,880 6,608 6,132
Total Expenditure ** 7,953 5,988 5,526 5,726 4,927
PBIDT 1,425 1,420 1,353 882 1,205
Interest 131 198 178 159 141
PBDT 1,293 1,222 1,175 723 1,064
Depreciation 420 454 481 436 504
Minority Interest Before NP -- -- -- -- --
Tax 223 203 162 89.70 123
Deferred Tax 43.30 15.30 8.13 (29) 39
Reported Profit After Tax 607 551 524 226 398
Minority Interest After NP 5.54 11.10 17 16.30 13.20
Net Profit after Minority Interest 601 540 507 210 385
Extra-ordinary Items -- -- 32.80 (182) --
Adjusted Profit After Extra-ordinary item 601 540 475 392 385
EPS (Unit Curr.) 6.06 5.37 5.05 2.09 3.83
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) 15 15 100 30 65
Equity 98.80 100 100 100 100
Public Shareholding (Number) -- -- -- -- --
Public Shareholding (%) -- -- -- -- --
Pledged/Encumbered - No. of Shares -- -- -- -- --
Pledged/Encumbered - % in Total Promoters Holding -- -- -- -- --
Pledged/Encumbered - % in Total Equity -- -- -- -- --
Non Encumbered - No. of Shares -- -- -- -- --
Non Encumbered - % in Total Promoters Holding -- -- -- -- --
Non Encumbered - % in Total Equity -- -- -- -- --
PBIDTM(%) 15.30 19.30 20.10 13.50 19.90
PBDTM(%) 13.90 16.70 17.40 11.10 17.60
PATM(%) 6.52 7.50 7.78 3.47 6.58
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