Budget News

Power Mech Projects
March 03,2021 23:49

Power Mech Projects has registered 7% fall in its sales to Rs 508.49 crore for the quarter ended Dec 2020. Lower revenue for Q3FY21 was largely due to sharp fall in revenue of erection business that was down by 34% to Rs 133 crore. But the civil and O&M businesses have registered a revenue growth of 25% and 5% respectively to Rs 183.6 crore and Rs 171.4 crore. Fall in revenue was due to lingering impact of COVID with gradual opening up and COVID restrictions impacting the productivity and supply. As fixed cost spread over lower sales, the OPM was 4.3% a crash from 13.3% in the corresponding previous period. Thus hit by lower sales and lower margin, the operating profit was down by 70% to Rs 22.03 crore. With other income jump by 450% to Rs 9.42 crore, the PBIDT was down by 58% to Rs 31.45 crore. After accounting for higher interest and lower depreciation, the PBT was down by 92% to Rs 3.60 crore. With taxation stand lower by 89% to Rs 1.13 crore, the PAT was down by 93% to Rs 2.47 crore. The share of profit from associate was up by 300% to Rs 0.68 crore and the minority interest was a profit against loss, the net profit was down by 91% to Rs 3.13 crore.

Nine month performance

Consolidated sales for the period were down by 28% to Rs 1128.89 crore. With OPM being negative 3.1% (compared to positive 13.1% in the corresponding previous period) the operating profit was a loss of Rs 34.48 crore (compared to a profit of Rs 205.65 crore in the corresponding previous period). The PBT was loss of RS 105.68 crore (compared to a profit of RS 130.31 crore in corresponding previous period) after accounting for higher other income, higher interest and lower depreciation. Eventually at PAT level it was a loss of Rs 80.44 crore (compared to a profit of Rs 97.58 crore in corresponding previous period) with taxation being a write back of Rs 25.24 crore, a swing of Rs 57.96 crore from a provision of RS 32.72 crore. After accounting for higher share of loss from JV (to RS 4.21 crore a swing of Rs 5.79 crore from a profit of Rs 1.58 crore) and MI (being a share of loss of Rs 3.39 crore, up 343%), the net loss was Rs 81.26 crore (compared to a profit of RS 99.92 crore in the corresponding previous period).

Other developments

Order inflow in 9mFY21 was Rs 2836.2 crore [Erection 20%; O&M 9%; Civil 71%]. Order back log as end of Dec 31, 2020 stood at Rs 6284.6 crore [Erection 37%; O&M 13%; Electrical works 4%; Civil & other works 45%].

Order back log (excluding execution post 31st Dec 2020) as on 16th Feb 2021 was Rs 7353 crore [(Domestic order Rs 6267 crore; International RS 1086 crore) (power sector 65.4% non power 34.6%)]. The company expect to close FY21 with an order backlog of Rs 7600-7700 crore.

Power Mech Projects: Consolidated Results

2012 (3) 1912 (3) Var. (%) 2012 (9) 1912 (9) Var. (%) 2003 (12) 1903 (12) Var. (%)
Sales 508.49 545.75 -7 1128.89 1570.12 -28 2164.68 2261.30 -4
OPM (%) 4.3 13.3 -3.1 13.1 12.5 12.9
OP 22.03 72.50 -70 -34.48 205.65 PL 270.77 290.77 -7
Other inc. 9.42 1.71 450 13.43 5.87 129 9.34 14.13 -34
PBIDT 31.45 74.21 -58 -21.05 211.52 PL 280.11 304.91 -8
Interest 18.99 17.95 6 57.86 51.23 13 74.06 55.07 34
PBDT 12.46 56.26 -78 -78.91 160.29 PL 206.05 249.83 -18
Dep. 8.86 9.76 -9 26.78 29.99 -11 39.42 45.80 -14
PBT 3.60 46.50 -92 -105.68 130.31 PL 166.63 204.03 -18
Taxation 1.13 10.32 -89 -25.24 32.72 LP 37.45 62.37 -40
PAT 2.47 36.18 -93 -80.44 97.58 PL 129.18 141.67 -9
Share of Profit/(Loss) from Associates 0.68 0.17 300 -4.21 1.58 PL 1.57 1.53 3
Minority Interest (MI) 0.02 -0.06 -132 -3.39 -0.77 343 -0.58 21.56 -103
Net profit 3.13 36.41 -91 -81.26 99.92 PL 131.33 121.64 8
EPS (Rs)* # # # # 89.3 82.7
* EPS is on current equity of Rs 14.711 crore, Face value of Rs 10
# EPS is not annualised due to seasonality of business
Figures in Rs crore
Source: Capitaline Corporate Database

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	2012 (3)	1912 (3)	Var. (%)	2012 (9)	1912 (9)	Var. (%)	2003 (12)	1903 (12)	Var. (%)
Sales	508.49	545.75	-7	1128.89	1570.12	-28	2164.68	2261.30	-4
OPM (%)	4.3	13.3		-3.1	13.1		12.5	12.9
OP	22.03	72.50	-70	-34.48	205.65	PL	270.77	290.77	-7
Other inc.	9.42	1.71	450	13.43	5.87	129	9.34	14.13	-34
PBIDT	31.45	74.21	-58	-21.05	211.52	PL	280.11	304.91	-8
Interest	18.99	17.95	6	57.86	51.23	13	74.06	55.07	34
PBDT	12.46	56.26	-78	-78.91	160.29	PL	206.05	249.83	-18
Dep.	8.86	9.76	-9	26.78	29.99	-11	39.42	45.80	-14
PBT	3.60	46.50	-92	-105.68	130.31	PL	166.63	204.03	-18
Taxation	1.13	10.32	-89	-25.24	32.72	LP	37.45	62.37	-40
PAT	2.47	36.18	-93	-80.44	97.58	PL	129.18	141.67	-9
Share of Profit/(Loss) from Associates	0.68	0.17	300	-4.21	1.58	PL	1.57	1.53	3
Minority Interest (MI)	0.02	-0.06	-132	-3.39	-0.77	343	-0.58	21.56	-103
Net profit	3.13	36.41	-91	-81.26	99.92	PL	131.33	121.64	8
EPS (Rs)*	#	#		#	#		89.3	82.7
* EPS is on current equity of Rs 14.711 crore, Face value of Rs 10 # EPS is not annualised due to seasonality of business Figures in Rs crore Source: Capitaline Corporate Database