VA Tech Wabag (WABAG) Q4 20/21 earnings summary

Executive summary

• FY21 turnaround amid COVID-19 disruptions: consolidated revenue reached INR 2,835 crore and PAT attributable to owners INR 110 crore; net cash position and order book above INR 9,500 crore.

• Ranked 4th among the world’s Top 50 private water operators; uninterrupted water and wastewater services continued through the pandemic.

Financial highlights

• Consolidated revenue from operations rose to INR 2,834.49 crore from INR 2,557.15 crore; total income was INR 2,842.70 crore versus INR 2,592.32 crore.

• Consolidated PAT attributable to owners increased to INR 110.11 crore from INR 90.96 crore; basic EPS was INR 18.83 versus INR 16.64.

• Consolidated EBITDA was INR 219 crore, excluding exceptional items; standalone revenue was INR 1,843 crore and PAT INR 73 crore.

• Standalone revenue from operations was INR 1,843.13 crore versus INR 1,746.32 crore; profit for the year was INR 73.03 crore versus INR 58.76 crore.

Outlook and guidance

• New projects secured in FY20 and FY21 were entering execution; revenue and profit from these projects and FY21 order wins were expected to gain momentum in FY22.

• Order book was INR 9,584 crore at FY21-end; O&M represented 15% of the portfolio, with an ambition to raise it to 20–25%.

• Growth priorities include India, Middle East, ASEAN, North Africa and Central Europe, alongside technology, asset-light delivery and selective government- and multilateral-funded projects.