Welspun Corp Ltd

welspuncorp.com BSE: 532144 NSE : WELCORP
About [ edit ]

Welspun Corp Ltd. is one of the flagship companies of Welspun Group. It is a leading manufacturer of large diameter pipes globally, offering a one-stop solution for all line pipe related requirements with its wide range of high grade line pipes. These pipes are used for offshore and onshore transmission of oil, gas and water. It is among the Largest Welded Line Pipe manufacturing companies in the world. #

Operations situated in India can produce a total of 1,650 KMTPA (Kilo Metric Tonnes Per Annum) followed by US operations and Saudi operations with capacities of 525 KTPA and 375 KTPA respectively. #

Key Points [ edit ]
Website BSE NSE
  • Market Cap ₹ 3,398 Cr.
  • Current Price ₹ 130
  • High / Low ₹ 198 / 55.0
  • Stock P/E 6.31
  • Book Value ₹ 130
  • Dividend Yield 8.06 %
  • ROCE 29.6 %
  • ROE 21.7 %
  • Face Value ₹ 5.00
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Pros

  • Company has reduced debt.
  • Company is almost debt free.
  • Stock is trading at 1.00 times its book value
  • Stock is providing a good dividend yield of 8.06%.
  • Company has delivered good profit growth of 55.03% CAGR over last 5 years
  • Debtor days have improved from 55.21 to 41.93 days.
  • Promoter holding has increased by 1.80% over last quarter.

Cons

  • Company has a low return on equity of 8.79% for last 3 years.
  • Contingent liabilities of Rs.2072.06 Cr.
  • Earnings include an other income of Rs.414.66 Cr.

Peer comparison

Sector: Steel Industry: Steel - Medium / Small

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020
1,277 1,642 2,152 2,403 2,756 2,047 2,263 2,888 2,759 2,069 1,158 1,393
1,213 1,527 2,015 2,263 2,753 1,855 1,989 2,532 2,459 1,895 990 1,207
Operating Profit 63 115 138 140 3 192 274 356 300 175 168 186
OPM % 5% 7% 6% 6% 0% 9% 12% 12% 11% 8% 14% 13%
Other Income 34 46 47 40 9 59 97 60 106 39 116 153
Interest 37 37 45 42 54 39 34 34 36 28 15 13
Depreciation 61 67 66 65 61 54 61 59 59 53 52 54
Profit before tax -0 57 73 73 -103 157 276 323 311 132 217 272
Tax % -1,559% 24% 24% 62% -45% 24% 42% 30% 53% 59% 29% 24%
Net Profit -8 47 59 30 -149 118 156 223 138 52 149 199
EPS in Rs -0.29 1.76 2.21 1.13 -5.61 4.45 5.87 8.57 5.30 1.99 5.72 7.63
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 TTM
5,609 7,333 8,022 8,977 9,083 7,705 8,450 7,236 5,899 6,347 8,953 9,957 7,379
5,150 6,041 6,757 8,120 8,384 7,035 7,595 6,458 5,386 5,874 8,323 8,805 6,551
Operating Profit 459 1,292 1,265 857 699 670 855 778 512 473 631 1,151 829
OPM % 8% 18% 16% 10% 8% 9% 10% 11% 9% 7% 7% 12% 11%
Other Income 297 71 114 268 -26 174 96 108 145 129 -93 292 415
Interest 279 233 224 400 358 296 283 241 236 170 177 144 92
Depreciation 143 206 244 352 353 406 436 386 386 258 260 233 218
Profit before tax 334 924 910 373 -39 141 231 258 36 173 101 1,067 932
Tax % 36% 34% 32% 40% -126% 31% 8% 31% 72% 12% 122% 39%
Net Profit 214 610 633 239 -70 73 69 152 26 158 -13 635 538
EPS in Rs 11.45 29.88 30.92 10.47 -2.67 2.79 2.62 5.72 1.00 5.97 -0.50 24.36 20.64
Dividend Payout % 13% 7% 6% 5% -19% 18% 19% 9% 50% 8% -100% 43%
Compounded Sales Growth
10 Years:3%
5 Years:3%
3 Years:19%
TTM:-26%
Compounded Profit Growth
10 Years:1%
5 Years:55%
3 Years:166%
TTM:55%
Stock Price CAGR
10 Years:-3%
5 Years:9%
3 Years:-10%
1 Year:-30%
Return on Equity
10 Years:5%
5 Years:6%
3 Years:9%
Last Year:22%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Corporate actions
Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Sep 2020
93 102 102 114 131 131 132 133 133 133 133 130 130
Reserves 1,466 2,799 3,271 3,979 5,526 2,718 2,667 2,666 2,677 2,721 2,665 3,085 3,257
Borrowings 2,654 2,548 3,807 5,341 5,577 3,824 3,021 2,644 1,843 1,386 1,305 1,061 366
4,204 3,694 3,770 6,364 5,648 2,157 3,998 3,195 3,595 3,452 4,097 3,667 2,672
Total Liabilities 8,418 9,143 10,950 15,798 16,883 8,830 9,818 8,637 8,247 7,693 8,200 7,943 6,425
3,100 3,292 4,173 6,724 8,021 4,923 4,662 3,730 3,356 3,046 1,567 1,617 1,574
CWIP 581 541 777 627 546 115 80 34 32 17 47 83 66
Investments 114 160 1,440 1,979 1,867 1,140 805 1,017 725 488 476 784 939
4,623 5,150 4,559 6,468 6,448 2,653 4,271 3,855 4,134 4,143 6,110 5,460 3,846
Total Assets 8,418 9,143 10,950 15,798 16,883 8,830 9,818 8,637 8,247 7,693 8,200 7,943 6,425

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
1,319 384 666 1,429 103 227 901 354 403 981 623 648
-744 95 -2,177 -2,117 -164 -229 338 -326 618 184 -255 -49
101 277 558 963 -265 -527 -1,106 -99 -979 -761 -335 -743
Net Cash Flow 677 756 -952 275 -327 -528 133 -71 42 405 33 -144

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
ROCE % 16% 24% 18% 9% 5% 5% 8% 8% 5% 7% 12% 30%
Debtor Days 30 40 59 62 71 30 49 71 91 76 48 42
Inventory Turnover 2.12 2.12 2.65 2.76 2.42 2.64 3.41 2.60 2.71 2.74 3.42 2.96

Shareholding Pattern

Numbers in percentages

Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020
48.25 48.25 48.74 48.65 48.98 48.98 48.98 49.03 49.03 47.49 48.22 50.02
6.19 5.85 5.54 6.24 6.42 6.67 6.51 8.02 9.39 8.20 9.05 12.19
8.33 8.32 8.60 8.66 6.22 7.48 8.96 9.81 9.84 9.57 8.27 7.80
0.05 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
37.18 37.58 37.12 36.45 38.39 36.88 35.56 33.14 31.75 34.74 34.46 29.99

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