Welspun Enterprises Ltd

Welspun Enterprises Ltd

₹ 342 1.50%
18 Apr - close price
About

Welspun Enterprises Limited (WEL) , formerly known as Welspun Projects Ltd., is a part of the USD 2.7 billion Welspun Group. The Company operates in the infrastructure space with investments in oil & gas.

In the infrastructure space, WEL is focused on the road and water sectors. While the Company’s main focus is on Hybrid Annuity Model (HAM) projects as a developer, it also takes up value accretive projects in the BOT-Toll and EPC space. [1]

Key Points

Diversified Portfolio
The Co. specializes in Road, Water & Wastewater projects. [1]

  • Market Cap 4,730 Cr.
  • Current Price 342
  • High / Low 383 / 138
  • Stock P/E 14.4
  • Book Value 165
  • Dividend Yield 0.29 %
  • ROCE 12.0 %
  • ROE 10.6 %
  • Face Value 10.0

Pros

  • Company has reduced debt.
  • Company has been maintaining a healthy dividend payout of 20.9%
  • Company's working capital requirements have reduced from 114 days to 55.8 days

Cons

  • Company has a low return on equity of 7.40% over last 3 years.
  • Contingent liabilities of Rs.1,464 Cr.
  • Earnings include an other income of Rs.177 Cr.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Sector: Construction Industry: Construction

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023
407 505 344 280 216 467 674 510 668 824 681 542 584
362 436 312 255 203 393 641 463 603 733 578 483 485
Operating Profit 45 69 32 25 13 74 33 46 66 91 103 60 99
OPM % 11% 14% 9% 9% 6% 16% 5% 9% 10% 11% 15% 11% 17%
8 2 9 8 10 10 16 16 480 97 29 29 23
Interest 11 13 14 13 13 14 16 17 20 23 9 9 7
Depreciation 3 3 2 3 3 3 2 2 2 2 2 3 3
Profit before tax 39 54 25 17 6 67 32 43 523 162 120 77 112
Tax % 23% 26% 21% 19% -8% 22% 21% 8% 2% 15% 25% 30% 31%
30 40 20 14 6 53 25 40 511 138 90 54 78
EPS in Rs 2.02 2.67 1.34 0.96 0.42 3.53 1.67 2.64 34.07 9.18 6.48 3.88 5.60
Raw PDF

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 TTM
295 375 203 184 185 292 997 1,739 1,760 1,410 1,307 2,676 2,631
276 305 227 199 277 322 927 1,557 1,554 1,241 1,163 2,440 2,278
Operating Profit 20 70 -24 -14 -92 -30 70 182 206 169 144 237 353
OPM % 7% 19% -12% -8% -50% -10% 7% 10% 12% 12% 11% 9% 13%
21 15 -1 76 168 108 110 74 53 29 38 609 177
Interest 23 20 13 13 11 8 8 14 25 45 53 76 49
Depreciation 16 60 28 25 26 17 20 11 19 12 12 10 10
Profit before tax 2 5 -66 24 38 53 153 232 214 141 116 760 471
Tax % -26% -20% 11% 57% -12% 19% 28% 34% 26% 24% 19% 6%
2 5 -58 10 43 43 110 154 159 107 93 713 359
EPS in Rs 0.54 1.36 -14.56 2.54 2.47 2.94 7.44 10.38 10.73 7.22 6.24 47.55 25.14
Dividend Payout % 0% 0% 0% 0% 0% 26% 20% 19% 19% 21% 24% 18%
Compounded Sales Growth
10 Years: 22%
5 Years: 22%
3 Years: 15%
TTM: 13%
Compounded Profit Growth
10 Years: 47%
5 Years: 18%
3 Years: 14%
TTM: 97%
Stock Price CAGR
10 Years: 39%
5 Years: 24%
3 Years: 51%
1 Year: 140%
Return on Equity
10 Years: 5%
5 Years: 8%
3 Years: 7%
Last Year: 11%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Sep 2023
Equity Capital 40 40 40 173 174 147 148 148 148 149 150 150 136
Reserves 440 445 387 1,311 1,303 1,205 1,310 1,451 1,587 1,670 1,744 2,315 2,142
181 171 112 91 71 80 66 171 310 607 513 483 240
71 114 75 99 102 227 391 828 633 761 1,085 1,425 1,280
Total Liabilities 732 771 614 1,674 1,649 1,660 1,914 2,598 2,679 3,187 3,492 4,373 3,799
301 244 213 177 103 25 8 63 32 29 32 20 23
CWIP 8 17 26 0 0 0 0 1 0 0 0 0 0
Investments 68 237 151 1,187 1,325 1,124 1,350 1,210 1,433 1,511 1,463 2,024 1,601
354 273 224 310 221 510 556 1,323 1,214 1,647 1,997 2,329 2,174
Total Assets 732 771 614 1,674 1,649 1,660 1,914 2,598 2,679 3,187 3,492 4,373 3,799

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
-50 185 -38 -34 -4 133 -1 -62 104 337 222 25
131 -180 83 644 145 205 -258 -221 -168 -717 -266 1,673
-62 -41 -26 -32 -34 -165 -29 67 78 207 -173 -243
Net Cash Flow 18 -37 19 579 108 173 -288 -216 14 -174 -217 1,455

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Debtor Days 188 117 84 66 74 24 42 72 71 54 87 78
Inventory Days 49 32 24 18 10 16 81
Days Payable 93 171 222 89 78 343 542
Cash Conversion Cycle 144 -21 -113 -5 6 -304 42 72 71 54 87 -384
Working Capital Days 210 82 108 221 155 -46 38 75 72 106 179 56
ROCE % 4% 4% -4% 3% -2% 3% 10% 14% 12% 8% 7% 12%

Shareholding Pattern

Numbers in percentages

Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023
50.20% 52.95% 53.79% 53.77% 53.49% 53.52% 53.76% 53.76% 53.76% 54.53% 54.51% 54.51%
2.07% 2.06% 2.22% 2.29% 2.23% 2.21% 2.25% 2.51% 3.04% 3.73% 4.47% 4.57%
3.82% 3.76% 3.75% 3.41% 3.18% 2.37% 2.05% 2.05% 2.05% 2.54% 2.25% 2.00%
43.91% 41.23% 40.24% 40.52% 41.09% 41.91% 41.95% 41.69% 41.16% 39.20% 37.32% 37.48%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 1.44% 1.44%
No. of Shareholders 51,62559,41359,42857,12157,17956,50449,92147,47360,10751,96753,28458,035

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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