Welspun Enterprises Ltd

About [ edit ]

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. #

Key Points [ edit ]
  • Market Cap 1,661 Cr.
  • Current Price 111
  • High / Low 135 / 54.5
  • Stock P/E 9.28
  • Book Value 108
  • Dividend Yield 1.80 %
  • ROCE 12.4 %
  • ROE 9.56 %
  • Face Value 10.0

Pros

  • Stock is trading at 1.03 times its book value
  • Company has delivered good profit growth of 24.11% CAGR over last 5 years
  • Company has been maintaining a healthy dividend payout of 25.06%

Cons

  • Company has a low return on equity of 8.06% for last 3 years.
  • Contingent liabilities of Rs.845.85 Cr.
  • Earnings include an other income of Rs.162.90 Cr.

Peer comparison

Sector: Construction Industry: Construction

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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
405 355 260 446 725 523 310 504 471 190 347 423
363 325 234 401 650 477 292 465 405 171 311 382
Operating Profit 42 30 26 46 75 46 18 40 65 19 36 41
OPM % 10% 8% 10% 10% 10% 9% 6% 8% 14% 10% 10% 10%
Other Income 19 25 34 31 6 17 31 33 53 32 36 42
Interest 11 13 14 12 14 18 16 18 25 22 28 28
Depreciation 5 3 2 3 5 6 7 6 4 4 4 4
Profit before tax 44 40 44 62 61 39 26 48 90 25 41 51
Tax % 43% 42% 30% 30% 52% 49% 44% 42% 1% 19% 25% 24%
Net Profit 25 23 31 43 30 20 14 26 91 20 30 38
EPS in Rs 1.71 1.54 2.10 2.93 2.00 1.34 0.98 1.76 6.11 1.33 2.04 2.56

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
298 362 239 341 421 243 826 189 305 1,067 1,787 1,808 1,431
241 286 206 286 317 241 879 258 367 1,005 1,608 1,617 1,270
Operating Profit 57 76 33 55 104 2 -53 -69 -62 63 179 191 162
OPM % 19% 21% 14% 16% 25% 1% -6% -36% -20% 6% 10% 11% 11%
Other Income 5 6 21 23 14 5 291 105 108 110 93 112 163
Interest 28 32 59 52 47 40 138 13 10 33 54 77 103
Depreciation 10 11 26 23 68 35 88 27 21 24 11 23 16
Profit before tax 24 38 -31 4 3 -68 11 -4 15 116 207 203 206
Tax % 15% 39% -1% 10% -105% 10% 94% 116% 67% 40% 39% 25%
Net Profit 20 23 -32 3 6 -61 1 1 5 69 127 149 179
EPS in Rs 8.85 10.23 -7.89 0.83 1.47 -15.25 0.17 0.04 0.34 4.71 8.56 10.03 12.04
Dividend Payout % 11% 10% 0% 0% 0% 0% 0% 0% 223% 32% 23% 20%
Compounded Sales Growth
10 Years:17%
5 Years:17%
3 Years:81%
TTM:-31%
Compounded Profit Growth
10 Years:20%
5 Years:24%
3 Years:137%
TTM:99%
Stock Price CAGR
10 Years:6%
5 Years:12%
3 Years:-16%
1 Year:89%
Return on Equity
10 Years:1%
5 Years:5%
3 Years:8%
Last Year:10%

Balance Sheet

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 Sep 2020
23 23 40 40 40 40 173 174 147 148 148 148 149
Reserves 274 300 471 475 481 419 1,342 1,247 1,111 1,191 1,306 1,431 1,455
Borrowings 361 416 432 393 378 325 447 94 150 460 592 812 1,568
97 86 110 71 115 78 155 101 212 401 844 725 800
Total Liabilities 754 824 1,053 979 1,014 861 2,118 1,616 1,621 2,199 2,890 3,116 3,971
82 86 78 646 579 535 501 169 110 27 80 107 950
CWIP 434 533 586 8 17 26 215 64 64 64 120 64 64
Investments 0 0 145 5 174 91 954 1,110 801 1,118 933 948 818
238 205 244 319 244 210 447 273 645 990 1,756 1,998 2,140
Total Assets 754 824 1,053 979 1,014 861 2,118 1,616 1,621 2,199 2,890 3,116 3,971

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
31 82 24 -23 218 -11 -10 -17 -24 -287 -116 -58
-115 -122 -212 127 -178 88 691 161 327 -250 -139 -50
96 20 184 -90 -75 -56 -102 -36 -122 268 53 106
Net Cash Flow 12 -20 -4 14 -35 21 580 108 181 -270 -202 -2

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 % 9% 10% 3% 6% 6% -0% -1% 1% 3% 11% 13% 12%
Debtor Days 99 87 146 131 77 70 15 72 23 12 57 38
Inventory Turnover 10.38 7.21 2.59 4.17 9.61 8.69 123.10 33.92 24.76 9.99 31.29 16.03

Shareholding Pattern

Numbers in percentages

Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021
46.26 46.04 46.17 47.42 47.42 47.42 47.30 50.33 50.26 50.26 50.21 50.20
2.46 2.41 3.32 2.52 2.47 2.39 2.33 2.42 2.21 2.17 2.14 2.07
5.43 5.48 5.44 4.80 6.11 6.02 5.19 5.02 6.22 4.16 4.12 3.82
45.85 46.07 45.07 45.26 43.99 44.16 45.18 42.23 41.31 43.42 43.53 43.91

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