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  • Corporate Results - Detailed News
Wendt (India)
23-Jul-19   13:34 Hrs IST
Wendt (India), a leading manufacturer of super abrasive grinding wheels and special purpose grinding machines/tools has registered 6% fall in consolidated sales to Rs 39.93 crore for the quarter ended Jun 2019. Hit further by 560 bps contraction in OPM to 17.4%, the operating profit was down by 29% to Rs 6.95 crore. The PBT was down by 30% to Rs 5.22 crore hit further by higher depreciation (as % of OP). Taxation in absolute terms though stood lower by 21% to Rs 1.63 crore, the effective tax rate was higher at 31.2% for the quarter compared to 27.7% in the corresponding previous period. Thus the PAT at Rs 3.59 crore was down by 33%. After accounting for other comprehensive income of Rs 1.0 crore (against an expense of Rs 0.20 crore in the corresponding previous period), the net profit (total comprehensive income/loss) was lower by 11% to Rs 4.59 crore.
  • Operating income excluding other operating income was down by 5% to Rs 39.42 crore hit by sluggish demand from automobiles and related sectors such as engineering and cutting tools. The downside in sales came from super abrasives segment. While the segment revenue of super abrasives was down by 12% to Rs 24.62 crore (or 62% of sales) that of machines & accessories was up by 8% to Rs 10.20 crore (or 26% of sales). The segment revenue of others was up by 10% to Rs 4.60 crore.
  • The EBIT was down by sharp 26% to Rs 6.95 crore with lower profit from both super abrasives as well as machines & accessories segments. Segment profit of super abrasives was down by sharp 34% to Rs 4.36 crore hit by both lower sales as well as sharp decline in segment margin. Segment margin of super abrasives was down by 590 bps to 17.7%. Despite higher sales, the segment profit of machines & accessories was lower by 30% to Rs 1.28 crore hit by sharp 690 bps fall in segment margin to 12.5%. The segment profit of others was up by 31% to Rs 1.31 crore.
  • OPM crashed by 560 bps to 17.4% largely hit by unfavourable product mix as well as fixed cost spread over relatively lower sales. The material cost as proportion to sales net of stocks was up by 536 bps to 35.4%. The staff cost was up by 210 bps to 19.3% and the other expenses was down by 50 bps to 28.3%.
  • The other income was up by 163% to Rs 0.79 crore. The interest was nil for the quarter as well as corresponding previous period. The depreciation stood lower by 4% to Rs 2.52 crore. Thus the PBT was down by 30% to Rs 5.22 crore.
  • The taxation was lower by 21% to Rs 1.63 crore but the tax rate was higher at 31.2% compared to 27.7% in corresponding previous period. Thus the PAT was down by 33% to Rs 3.59 crore.

Standalone sales was down by 8% to Rs 34.25 crore as both domestic sales and export sales tank by about 4.5% and 15.6% respectively for the quarter. Hit by 730 bps crash in OPM to 15.6%, the operating profit was down by 37% to Rs 5.36 crore. After accounting for higher OI, nil interest and lower depreciation, the PBT was down by 19% to Rs 5.11 crore. With taxation stand lower by 29% to Rs 1.26 crore, the PAT was down by 14% to Rs 3.85 crore. With other comprehensive expense stand nil for the quarter as well as corresponding previous period), the net profit was down by 14% to Rs 3.85 crore.

On deducting standalone figures from consolidated figures, the sale of subsidiaries for the quarter was up by 10% to Rs 5.68 crore. With OPM expand by 430 bps to 28%, the operating profit jumped up by 29% to Rs 1.59 crore. Eventually the loss at PAT level was Rs 0.26 crore compared to a profit of Rs 0.88 crore in the corresponding previous period.

Yearly performance

Consolidated sale for the period was up by 12% to Rs 164.56 crore and with OPM expand by 30 bps to 18.1% the operating profit was up by 14% to Rs 29.79 crore. Other income though stood lower, facilitated by lower interest cost and lower depreciation, the PBT was up by 22% to Rs 21.93 crore over and above good operating performance. The PAT was eventually higher by 17% to Rs 15.42 crore hit by 33% jump in taxation to Rs 6.51 crore.

Wendt (India): Consolidated Results

1906 (3)1806 (3)Var. (%)1903 (12)1803 (12)Var (%)
Sales39.9342.38-6164.56146.6812
OPM (%)17.423.018.117.8
OP6.959.75-2929.7926.1214
Other inc.0.790.301632.422.55-5
PBIDT7.7410.05-2332.2128.6712
Interest0.000.000.000.20-100
PBDT7.7410.05-2332.2128.4713
Dep.2.522.62-410.2810.43-1
PBT before EO5.227.43-3021.9318.0422
EO0.000.000.000.00
PBT after EO5.227.43-3021.9318.0422
Current Tax 1.632.06-216.514.9133
PAT3.595.37-3315.4213.1317
Other Comprehensive Income1.00-0.20LP0.272.20-88
Total Comprehensive Income4.595.17-1115.6915.332
EPS (Rs)*##77.165.7
* EPS is on current equity capital of Rs 2.0 crore Face value of Rs 10
# EPS not caluclated due to seasonality of business
Figures in Rs crore
Source: Capitaline Corporate Databases

Wendt (India): Results

 

1906 (3)1806 (3)Var. (%)1903 (12)1803 (12)Var (%)
Sales34.2537.20-8142.85129.4210
OPM (%)15.622.917.317.5
OP5.368.52-3724.7822.6010
Other inc.2.150.267274.104.28-4
PBIDT7.518.78-1428.8826.887
Interest0.000.000.000.20-100
PBDT7.518.78-1428.8826.688
Dep.2.402.51-49.8310.16-3
PBT before EO5.116.27-1919.0516.5215
EO0.000.000.000.00
PBT after EO5.116.27-1919.0516.5215
Current Tax 1.261.78-295.584.2232
PAT3.854.49-1413.4712.3010
PPT0.000.000.000.00
Net Profit3.854.49-1413.4712.3010
Other Comprehensive Income0.000.00-0.870.36PL
Total Comprehensive Income3.854.49-1412.6012.660
EPS (Rs)*##67.461.5
* EPS is on current equity capital of Rs 2.0 crore Face value of Rs 10
# EPS not caluclated due to seasonality of business
Figures in Rs crore
Source: Capitaline Corporate Databases

Wendt (India) : Consolidated Segment Results

 

Sales1906 (3)1806 (3)Var. (%)% to total1903 (12)1803 (12)Var. (%)% to total
Super Abrasives24.6228.01-1262111.19106.23569
Machines, Accessories and Components10.209.4282632.1426.822020
Others4.604.20101218.4513.523611
Total39.4241.63-5100161.78146.5710100
Less Inter segment revenue
Net sales39.4241.63161.78146.57
PBIT
Super Abrasives4.366.60-346319.2820.47-669
Machines, Accessories and Components1.281.83-30184.812.1712217
Others1.311.0031194.012.754614
PBT before tax and interest6.959.43-2610028.1025.3911100
Less: Interest0.20
Add: Other unallocable income-1.73-2.00-6.17-7.15
PBT5.227.4321.9318.04
Segment Assets
Super Abrasives42.8645.09-52441.3243.62-523
Machines, Accessories and Components15.0210.5742813.9014.29-38
Other Unallocable Assets123.66111.731168124.57102.022269
Total SA181.54167.398100179.79159.9312100
Figures in Rs crore
Source: Capitaline Corporate Database

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