WELSPUNIND Financial Statements

WELSPUNIND Nine Monthly 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-2022 Mar-2021 Mar-2020 Mar-2019
Equity capital 98.80 100 100 100
Preference capital -- -- -- --
Reserves 3,873 3,544 2,872 2,679
Net worth 3,972 3,645 2,972 2,779
Minority interest
Debt 3,304 2,940 3,521 3,310
Deferred tax liabilities (net) 328 335 299 390
Total liabilities 7,708 7,019 6,877 6,550
Fixed assets 4,171 3,987 3,991 3,795
Intangible assets
Investments 698 111 244 127
Deferred tax asset (net) 155 198 223 249
Net working capital 2,419 2,324 2,189 2,207
Inventories 1,978 1,773 1,529 1,334
Inventory Days -- 88.20 82.80 --
Sundry debtors 999 1,182 1,086 1,077
Debtor days -- 58.80 58.80 --
Other current assets 1,200 1,114 1,114 1,177
Sundry creditors (989) (1,128) (942) (770)
Creditor days -- 56.10 51 --
Other current liabilities (769) (616) (598) (611)
Cash 266 399 230 173
Total assets 7,708 7,019 6,877 6,550
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Particulars ( Rupees In Crores.) Dec-2021 Dec-2020 Dec-2019 Dec-2018 Dec-2017
Gross Sales 7,084 5,204 5,124 4,969 4,544
Excise Duty -- -- -- -- --
Net Sales 7,084 5,204 5,124 4,969 4,544
Other Operating Income -- -- -- -- --
Other Income 45.90 46.60 91.70 41.40 52.50
Total Income 7,130 5,251 5,215 5,011 4,597
Total Expenditure ** 5,952 4,190 4,159 4,157 3,684
PBIDT 1,178 1,062 1,057 854 912
Interest 105 133 116 111 103
PBDT 1,073 928 940 742 810
Depreciation 309 339 356 326 374
Minority Interest Before NP -- -- -- -- --
Tax 195 124 123 103 101
Deferred Tax 14 48.50 27.40 9.13 26.40
Reported Profit After Tax 555 416 434 305 308
Minority Interest After NP 6.48 6.89 12 15.50 9.99
Net Profit after Minority Interest 549 410 422 289 298
Extra-ordinary Items -- -- 32.30 (30) --
Adjusted Profit After Extra-ordinary item 549 410 390 319 298
EPS (Unit Curr.) 5.52 4.08 4.20 2.88 2.97
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) -- -- -- -- --
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(%) 16.60 20.40 20.60 17.20 20.10
PBDTM(%) 15.10 17.80 18.40 14.90 17.80
PATM(%) 7.84 8 8.47 6.13 6.78
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