Wabco India Posted Good Set Of Numbers For FY15

Wabco India (WIL) designs, manufactures and markets conventional braking products,advanced braking systems, and other related air assisted products and systems. The company employs over 3200 employees. It has five world class manufacturing facilities, software design center and a test track in India. WIL has massive aftermarket network with more than 7000 outlets and 250 service centers that access to original parts, repair, expertise, diagnostics and servvice for customers.

Net sales of WIL increased by 21.42 per cent from Rs 316 crore in Q4FY14 to Rs 383 crore in Q4FY15. Total expenditure of the company increased by 21.33 per cent and remain at Rs 327 crore in Q4FY15 on year on year basis. The increment in total expenditure  primarily due to a 21.06 per cent increment in raw material prices, a 18.28 per cent increment in employee expenses, 11.84 per cent  increment in other expense during the same period.

WIL's EBITDA increased by 21.91 per cent and stood at Rs 56 crore in Q4FY15 against Rs 46 crore in  Q4FY14. EBITDA margin of the company increased by 6 basis to 14.71 per cent in Q4FY15 on yearly basis. Its EBIT increased by 20.85 per cent to Rs 44 crore in Q4FY15. But, EBIT margin of WIL reduced by 5 basis points to 11.56 per cent in Q4FY15 due to higher depreciation expence increased by 25.94 per cent amount to Rs 12 crore. The company's PBT increased by 30.78 per cent to Rs 50 crore in Q4FY15 because other income increased by 259.76 per cent to Rs 6 crore during the same period. However, Its PAT decreased by 7.23 per cent from Rs 33 crore in Q4FY15 to Rs 30 crore Q4FY15 due to tax expense increased by 258.5 per cent to Rs 20 crore during the same period. PAT margin of WIL reduced by 245 basis points to 7.93 per cent in Q4FY15 on yearly basis.

Net sales of WIL increased by 21.36 per cent from Rs 1110 crore in FY14 to Rs 1348 crore in FY15 beacuse expected active growth in commercial vehicles. The Ministry of Road Transport and Highway made complustion of anti-brake locking system (ABS) in new commercial vehicles above five tonnes from April 1, 2015 and October 1,2015 for existing commercial vehicles. Hence the demand of WIL’s product is expected to increase in near future. Its total expenditure increased by 21.18 per cent to Rs 1145 crore in FY15 on yearly basis. Total expenditure increased predominantly due to a 24.83 per cent increment in raw material prices, a 14.53 per cent increment in employee expense, a 12.29 per cent increment in other expense during the same period.

EBITDA of WIL increased by 22.39 per cent from Rs 166 crore in FY14 to Rs 203 crore in FY15. The company's EBITDA margin increased by 13 basis points to 15.09 per cent in FY15. Its EBIT increased   by 16.93 per cent to Rs 157 crore in FY15 but depreciation expense increased by 45.13 per cent to Rs 47 crore during the same period. However, WIL's EBIT margin decreased by 44 basis points to 11.62 per cent in FY15 on yearly basis. Its PAT increased by just 2.71 per cent and stood at Rs 121 crore in FY15 as tax expense increased by 28.4 per cent and remain at Rs 56 crore as compared to previous financial year. But, PAT margin of WIL reduced by 163 basis points to 8.95 per cent in FY15.

WIL shareholding pattern indicates FII holdings increased by 8 basis points to 2.41 per cent and DII holdings increased by 3 basis points to 8.68 per cent during March 2015 quarter.