WELSPUNIND Results: Annual Results of Welspun India

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)

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

Y/e 31 Mar ( In .Cr)	Mar-2021	Mar-2020	Mar-2018	Mar-2017
Revenue	5,956	5,324	4,977	5,639
yoy growth (%)	11.90	6.97	(12)	15.40
Raw materials	(3,130)	(2,650)	(2,513)	(2,695)
As % of sales	52.50	49.80	50.50	47.80
Employee costs	(535)	(538)	(497)	(464)
As % of sales	8.98	10.10	9.98	8.23
Other costs	(1,209)	(1,126)	(1,073)	(1,110)
As % of sales	20.30	21.20	21.60	19.70
Operating profit	1,082	1,009	894	1,369
OPM	18.20	19	18	24.30
Depreciation	(330)	(388)	(467)	(466)
Interest expense	(101)	(95)	(88)	(87)
Other income	83.20	43.10	55.60	71.90
Profit before tax	734	569	394	888
Taxes	(207)	(138)	(90)	(121)
Tax rate	(28)	(24)	(23)	(14)
Minorities and other	--	--	--	--
Adj. profit	527	432	304	767
Exceptional items	--	43.20	--	(461)
Net profit	527	475	304	307
yoy growth (%)	10.90	56.20	(0.80)	(53)
NPM	8.84	8.92	6.11	5.44

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

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

Select Period

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

Y/e 31 Mar ( In .Cr)	Mar-2021	Mar-2020	Mar-2019	Mar-2018
Equity capital	100	100	100	100
Preference capital	--	--	--	--
Reserves	3,238	2,707	2,389	2,329
Net worth	3,339	2,807	2,490	2,429
Minority interest
Debt	1,409	2,275	2,510	2,721
Deferred tax liabilities (net)	272	258	333	314
Total liabilities	5,020	5,340	5,333	5,464
Fixed assets	2,158	2,385	2,654	2,846
Intangible assets
Investments	1,411	1,350	1,079	903
Deferred tax asset (net)	15.50	63.50	152	130
Net working capital	1,211	1,462	1,366	1,484
Inventories	1,072	1,056	892	926
Inventory Days	65.70	72.40	--	68
Sundry debtors	749	754	846	733
Debtor days	45.90	51.70	--	53.70
Other current assets	484	596	710	739
Sundry creditors	(648)	(597)	(591)	(542)
Creditor days	39.70	40.90	--	39.80
Other current liabilities	(445)	(348)	(492)	(373)
Cash	223	79.70	82.50	101
Total assets	5,020	5,340	5,333	5,464

WELSPUNIND Financial Statements