- Consolidated Revenue (Q4 FY25): INR 5,719 million
- EBITDA (Q4 FY25): INR 799 million
- EBITDA Margin (Q4 FY25): 13.97%
- Profit After Tax (Q4 FY25): Loss of INR 237 million
- PAT Margin (Q4 FY25): 8.1%
- Consolidated Revenue (FY25): INR 18,069 million, 8.6% growth YoY
- EBITDA (FY25): INR 2,925 million
- EBITDA Margin (FY25): 16.19%
- Profit After Tax (FY25): INR 1,266 million
- PAT Margin (FY25): 10.89%
- Standalone Revenue (Q4 FY25): INR 3,610 million
- Standalone EBITDA (Q4 FY25): INR 645 million
- Standalone EBITDA Margin (Q4 FY25): 17.87%
- Standalone Net Profit (Q4 FY25): INR 461 million
- Standalone PAT Margin (Q4 FY25): 12.77%
- Standalone Revenue (FY25): INR 11,477 million
- Standalone EBITDA (FY25): INR 2,008 million
- Standalone EBITDA Margin (FY25): 17.5%
- Standalone Net Profit (FY25): INR 1,438 million
- Standalone PAT Margin (FY25): 12.53%
- International Order Book (as of March 31, 2025): INR 6,670 million
- Domestic Order Book (Project Business): INR 23,430 million
- Domestic Order Book (Product Business): INR 3,500 million
- Domestic Products Business Growth (YoY): 24%
- International Business Revenue (FY25): INR 668 crores, 13% growth YoY
- International Order Book Growth: 46%
Release Date: May 23, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
- WPIL Ltd (BOM:505872, Financial) reported a consolidated revenue growth of 8.6% year-on-year for the financial year, reaching INR18,069 million.
- The company's international order book increased by 46% to INR667 crores, supported by new acquisitions.
- WPIL Ltd's domestic products business saw a significant growth of 24% year-on-year, indicating strong market demand.
- The company successfully integrated recent acquisitions, such as MISA and Eigenbau, which are expected to contribute positively in FY26.
- WPIL Ltd's international operations, particularly in South Africa and Australia, showed strong performance and are poised for further growth.
Negative Points
- WPIL Ltd reported a loss of INR237 million for the quarter, with profit after tax margins at 8.1%, indicating financial challenges.
- The company faced delayed payments for the Jal Jeevan Mission schemes, impacting cash flow and increasing outstanding receivables.
- Interest costs have been rising, accounting for about 25% of the operating profit, affecting overall profitability.
- The domestic project order book has been decreasing, with a significant portion tied to the Jal Jeevan Mission, which faces funding uncertainties.
- Exceptional tax-related items affected net profit, though management expects these to be one-off events.
Q & A Highlights
Q: Can you provide an update on the receivables and contractual assets, particularly regarding the Jal Jeevan Mission (JJM)?
A: The receivables have increased due to delayed payments, but we expect improvements soon. The government has revised and extended the JJM scheme, and we anticipate fund disbursements by the end of this month or next month. Currently, the outstanding amount from JJM receivables is approximately INR350 crores.
Q: How are the South African operations performing, and what are your expectations for FY26?
A: South African operations are doing well, with a strong order book and demand. We have partially consolidated Eigenbau, and expect full impact this year. The PCI South Africa acquisition is pending regulatory approvals and should be completed this quarter, allowing for further consolidation.
Q: What is the outlook for project-based and pump division revenues in FY26?
A: We have a sufficient order book for projects, and execution is in advanced stages. We expect improvements once fund disbursements occur in the next 4 to 6 weeks. The product division shows promising growth with a strong inquiry pipeline, and we anticipate continued growth in international business.
Q: Can you explain the impact of the Jal Jeevan Mission budget changes on your financials?
A: The budget allocation for JJM remains substantial, and the changes affect future projects rather than past ones. Currently, about 70% of our INR1,800 crores project backlog is related to JJM, and we are optimistic about the resolution of fund disbursement issues.
Q: What are your future growth prospects, especially with the Jal Jeevan Mission nearing completion?
A: The domestic project business will become a smaller part of the company, but we see growth opportunities in other government initiatives like AMRUT and irrigation schemes. Our international business is also expected to grow, supported by recent acquisitions and a strong order book.
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
