Va Tech WABAG Ltd (WABAG), a leading player in the water technology space, has recorded a consolidated loss of ₹112 crore for the quarter that ended March 31, 2023 compared with a consolidated profit after tax (PAT) of ₹46 crore in the year-ago quarter, mainly due to an exceptional item.
“Pursuant to the inordinate delays in recovery of the receivables from Tecpro due to the prolonged legal proceedings at the NCLT and from APGENCO due to project completion delays not attributable to the company, the receivables and other current assets pertaining to these projects to the tune of ₹289.23 crore have been written off and reported under exceptional items in the Profit and Loss statement in the current financial year. Accordingly, previous period balances are reclassified. The company will continue its efforts to pursue the recovery of these balances,” it said in a communique to stock exchanges.
The company’s profit before exceptional items and tax stood at ₹102 crore as against ₹56 crore. Its consolidated revenue from operations was lower at ₹927 crore when compared with ₹892.
On a standalone basis, the company reported a loss of ₹95 crore in March 2023 quarter compared with a PAT of ₹32 crore in March 2022 quarter. Revenue from operations was higher at ₹749 crore as against ₹653 crore.
For the full year ended March 31, 2023, the company reported a consolidated PAT of ₹11 crore as against ₹132 crore in FY22, hurt by the exceptional item. Profit before exceptional items and tax stood at ₹306 crore as against ₹168 crore in FY22. Revenue stood at ₹2,960 crore (₹2,979 crore in FY22). On a standalone basis, it reported a PAT of ₹1.27 crore as against ₹92 crore, while revenue was higher at ₹2,325 crore when compared with ₹2,143 crore.
Net cash positive
“We have in line with our commitment to the shareholders stayed net cash positive for the third consecutive year and generated operational as well as free cash flow for the year,” said Rajiv Mittal, Chairman & Managing Director, Va Tech WABAG Ltd.
Its net cash position as of March 31, 2023, was at ₹101 crore. Cash flow from operations for 2022-23 was ₹85 crore.
Its total order book size was more than ₹13,219 crore including framework contracts. This is the highest-ever order book size for the company.