VA Tech
VA Tech Wabag is an infra sector company, specializing in water treatment for municipal and industrial users. It has built more than 100 projects in India, among them a desalination unit in Chennai and Asia's largest wastewater treatment plant in Jamnagar, Gujarat. The company posted good set of consolidated numbers for Q4FY14. On a 32% (YoY) rise in consolidated net sales at Rs.897 crore, the company recorded s 18% jump in net profit at Rs.71 crore. Q3 was exceptionally bad, which is why the ‘lower base’ effect shows a whopping 223% jump in net profit. The forex loss of Rs.4 crore for the quarter was more than compensated for by the Rs.5 crore exceptional gain.
The company’s income this fiscal was driven by its international business. The equation, a year ago was around 30-35% of the net sales coming in from Rest of the world and the major share of the pie from India. This has undergone a complete turnaround in FY14, with RoW pie share going up to 70% of net sale and rising 194% (YoY) while income from India fell 26%.
The company for FY14 posted a 39% rise in net sales at Rs.2230 crore and net profit rose 25% at Rs.113 crore. This is the first time, its revenue crossed Rs.2000 crore and net profit was above Rs.100 crore. Order book as at 31st March 2014 stands at Rs.5354 crore . Its total borrowing stands at Rs.158 crore, up from Rs.82 crore in FY13. Equity is tiny at Rs.5.32 crore and reserves enormous at Rs.710 crore. Cash at hand at end of FY14 was at Rs.370 crore. EPS is at Rs.43. As at 31st March 2014, promoters held 30.30% stake and institutions held 48.85% of which FIIs held 28.12%.