WPIL Ltd — Investor Presentation 2025

Feb 12, 2025

KRISHNA

KUMAR GANERIWALA

Digitally signed by KRISHNA KUMAR GANERIWALA Date: 2025.02.12 16:19:26 +05'30'

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Earnings Presentation

Q3 / 9M - FY2025

February 2025

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COMPANY SNAPSHOT

2

Company in a Snapshot

A market leader in the pumps and pumping systems segment

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Large Order book
Consolidated Order
book INR 35,370 Mn
Strategic Locations
12 Strategic Manufacturing Locations
Domain Expertise
Rich experience of
70+ years
Acquisitions focused
Strong global presence via focused
acquisitions and joint ventures
Global Operations
International Presence
Across 8 Locations
Integrated Solutions
End-to-End Integrated Pumping
Solutions
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Earnings Presentation Q3-FY25

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COMPANY OVERVIEW

COMPANY OVERVIEW

4

Company Overview

Envisions vast growth potentials in both its core markets – engineered flow control products and turnkey water projects

• WPIL Limited, incorporated in 1952, is a multi-national pumps and pumping systems company, headquartered out of India, with diversified operations covering the entire gamut of the pumping industry.

• For its first 50 years, the company was focused on developing its core technology of centrifugal pumps and building robust manufacturing infrastructure to support its business. A large installed base across the country, in industry, irrigation and water supply sectors, is testimony to this growth.

• Expansion in the turnkey water project space required building out civil construction capabilities internally, adjacent to the firm’s fundamental expertise in creating pumping systems targeting presence in the unsaturated Indian market before heading overseas.

• After consolidating its position as a leading pumping systems manufacturer in India, the company expanded its operations globally to Europe, Africa, Australia, and other parts of Southeast Asia.

• Today, WPIL has over 70 years of experience in designing, developing, manufacturing, erecting, commissioning, and servicing of pump systems.

• Constant investment in R&D and efficiency, supported by 12 manufacturing locations covering all facets of the manufacturing process, including assembly and testing, has allowed WPIL to deliver consistent, unparalleled value to its clients.

• The company continues its expansion into newer markets and is focused on becoming a global leader in its sector.

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Operating Revenue (INR Mn), EBITDA Margins (%)
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16,644
16,055
12,350
11,813
17.81% 16.66% 17.92% 17.22%
FY22 FY23 FY24 9M-FY25
Revenue (INR Mn) EBITDA margin (%)
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9M-FY25 Geographical Revenue (%)
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International 36%
33%
INR
12,350 Mn
67%
64% India
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Earnings Presentation Q3-FY25

COMPANY OVERVIEW

5

Company Timeline

70+ years legacy of delivering flow solutions across the globe

1952

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Incorporated as Johnston Pumps India Ltd., a manufacturing house for vertical/ horizontal pumps, castings and valves

1992 – 2000

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Leveraging a wide range of centrifugal pumps, WPIL grew its domestic client range, while expanding and modernizing production facilities

2011 – 2012

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WPIL grew an international footprint with mid-market acquisitions in Australia (Sterling Pumps) & South Africa (APE Pumps, Mather & Platt)

2017 – Present

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WPIL has been building out capabilities and order book to become one of India’s leading turn-key project players

1983 Johnston Pumps acquired by Worthington Pumps Inc., USA, enabling product range expansion, core pump technology addition, and R&D center establishment. Renamed as Worthington Pumps India Ltd.

2001

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WPIL began aggressive expansion of product range, development of export markets and established its Turnkey Project division

2015

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WPIL cemented its position as a world player with acquisition of Italy- based pump conglomerate, Gruppo Aturia

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Earnings Presentation Q3-FY25

COMPANY OVERVIEW

6

Company Board

Highly qualified Board of Directors with diverse expertise

Prakash Agarwal

Managing Director, Promoter

B-Tech from Manipal Institute of Technology, with over 20 years of experience in the overall management of the engineering industry and EPC projects.

K. K. Ganeriwala

Executive Director

B.Com (Hons), LLB, FICWA, FCS with 35 years of experience in areas of finance, accounting, taxation, law, mergers, acquisitions and other aspects of corporate and operational management of company.

B. P. Khare

Executive Director (Operations)

M.E. (Mechanical) with 45 years of experience in the pump industry in areas of design, quality, assurance, manufacturing and all related fields of operations

Debraj Roy

Executive Director (Projects)

B.E (Mechanical), M.E (Production) and PGCBM with 30+ years of cross functional experience in Project Management of large-scale projects along with the quality control and environment related works.

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Independent Directors
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Anjan Dasgupta

ex-Finance Director, BHEL Finance experience

Rakesh Amol

ex-Director, Alstom Project expertise

A. K. Pradhan

ex-MD United Bank of India Banking expertise

Samarpita Bose

Corporate communications experience

Earnings Presentation Q3-FY25

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BUSINESS OVERVIEW

8

BUSINESS OVERVIEW

Group Business Structure

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INDIA (64%) INTERNATIONAL (36%)
PRODUCT (27%) PROJECT (73%) SOUTH AFRICA (27%) ITALY (55%) AUSTRALIA (18%)
Gruppo Aturia
Conventional Irrigation
Engineered Municipal
Drainage Industry
Earnings Presentation Q3-FY25
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BUSINESS OVERVIEW

9

Global Operations

Strong global presence established via focused acquisitions and joint ventures, supported by Indian manufacturing base

Upon completing 10 years of growth in the export market, and having gained valuable experience in global markets, the company needed to establish a strong local presence to take its next step. Engineered pumps clients require life cycle support, built on long term relationships.

Over the years, WPIL Ltd. conducted extensive diligence to identify 3 regions (7 companies) – Italy (Gruppo Aturia, Finder), South Africa (APE Pumps, Mather & Platt, Eigenbau), and Australia (Sterling Pumps, United Pumps) – to facilitate the journey of adding new flow control products and industry-leading clients. These strategic acquisitions established WPIL Ltd. as a world player.

Today, these businesses are well integrated and the Group looks ahead to further inorganic growth following its ethos of building on competencies and synergies.

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Global operations across 4 countries
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9M-FY25 Revenue Mix (INR Mn)
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9M-FY25 Total Employee Mix
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Italy
196 International
South
Africa 166 4,483 2,842
Italy ~1,057
INR
India Manpower
Australia 50 India 12,350 Mn
645
5,692 7,867
India
Australia
South Africa
India Australia South Africa Italy
Earnings Presentation Q3-FY25
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Earnings Presentation Q3-FY25

BUSINESS OVERVIEW

10

Indian Operations

Five state-of-the-art manufacturing facilities located across the country

Engineered Pump Division :

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Kolkata

Located about 25 KM from Kolkata, the two facilities have ~60,000 M² of combined floorspace.

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Nagpur

Located about 26 KM from Nagpur, the plant has ~70,000 M² of floorspace.

Conventional Pump Division : Delhi Located about 20 KM from Delhi, the plant has ~68,000 M² of floorspace.

Drainage Pump Division :

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Thane

Located about 21 KM from Mumbai, the plant has ~6,000 M² of floorspace.

Earnings Presentation Q3-FY25

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BUSINESS OVERVIEW

11

Varied Range Of Applications

Diversified product portfolio catering to a widespread market segment

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INDUSTRIAL

Used in industries for a variety of purposes such as fire fighting, sewage, chemicals, pulp and paper, steel, heating/cooling of systems, washing, storage, general industry and other industrial applications.

MUNICIPAL

Water supply and drainage solutions for rural and urban utilities, including raw water intakes, treatment plants, reservoirs and distribution networks.

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IRRIGATION

Large lift irrigation networks to provide surface water to farmers, and borehole installations for ground water for smaller farmers. New piped irrigation schemes for more efficient utilization of water.

ENERGY

Applications in chemical and petrochemical plants, off-shore plants, oil and gas plants, thermal power plants, and energy installations, involving cooling, drainage, dewatering, seal water, and fire fighting.

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Earnings Presentation Q3-FY25

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STRATEGIC OVERVIEW

STRATEGIC OVERVIEW

13

Multiple Triggers To Drive Growth

Strong opportunities for large organized players in this market segment

Healthy domestic market for pumps in India – USD 1.2+ billion (INR 8,500+ crore)

Jal Jeevan Mission / Atal URBAN Renewal Mission 2 water supply schemes should accelerate over the next 5 years

Renewed focus on Irrigation will lead to new river linking and energy-efficient piped irrigation schemes to utilise water resources more effectively

India is expected to witness an impetus in private sector industrial investment, especially in Power and Steel, to meet growing demand

New LNG plants being installed globally due to the Ukraine crisis are pushing demand for specialized pumps, especially in energy abundant countries like Australia and Egypt

Strong oil revenues leading to an infrastructure boom across the MENA region, beneficial to our Italian subsidiary Gruppo Aturia

Globally stable oil prices should drive investments in production capabilities and demand for API pumps

Earnings Presentation Q3-FY25

Additional Growth Drivers:

• Population growth

• Higher water-intensive food consumption

• Industrialization

• Growing public awareness about drinking water quality

• Decreasing water quality

• Lower water levels

• Environmental pressure from government bodies on wastewater discharge

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STRATEGIC OVERVIEW

14

Value Proposition

Strong fundamentals support continued global growth

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Global
Forward
Operations
Dominant Player Marquee Clients Integrated by
supported by
in the Industrial from top class providing turnkey
subsidiaries, agent
Pump Sector industries solutions and
networks and
O&M services
service centers
Strong R&D
Domain expertise
recognized by Diversified
enhanced by Offers up to 50% Healthy return Improved
global customization in Govt. of India and product portfolio ratios and zero Margin Profile
acquisitions & pumping segment supported by catering to vast net debt over the years
Global R&D applications
joint ventures
center in Milan
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Earnings Presentation Q3-FY25

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FINANCIAL OVERVIEW

FINANCIAL OVERVIEW

16

Financial Highlights

Q3-FY25 Standalone Performance INR 2,175 Mn Operating Revenue INR 328 Mn Operating EBITDA 15.08% Operating EBITDA Margins INR 203 Mn Net Profit 9.33% PAT Margins INR 2.08/Share Diluted EPS 9M-FY25 Standalone Performance INR 7,867 Mn Operating Revenue INR 1,364 Mn Operating EBITDA 17.34% Operating EBITDA Margins INR 978 Mn Net Profit 12.43% PAT Margins INR 10.01/Share Diluted EPS	Q1-FY25 Consolidated Performance Q3-FY25 Consolidated Performance INR 3,816 Mn Operating Revenue INR 481 Mn Operating EBITDA 12.60% Operating EBITDA Margins
	INR 371 Mn Net Profit 9.72% PAT Margins INR 3.21/Share Diluted EPS Q1-FY25 Consolidated Performance 9M-FY25 Consolidated Performance* INR 12,350 Mn Operating Revenue INR 2,127 Mn Operating EBITDA 17.22% Operating EBITDA Margins
	INR 1,503 Mn Net Profit 12.17% PAT Margins INR 13.34/Share Diluted EPS*

* One Equity Share of Face Value of Rs. 10/- each has been subdivided (split) into ten Equity Shares of Re. 1/- each, effective from July 12, 2024. The EPS for current and previous periods have accordingly been calculated/restated, considering Face Value as Re. 1/- per share.

Earnings Presentation Q3-FY25

FINANCIAL OVERVIEW

17

Q3-FY25 Operational Highlights - Domestic

Domestic revenues for 9M FY25 grew by 23% year-on-year despite of subdued quarter

Product Business

• Product division revenues grew from INR 169 crores in 9M FY24 to INR 215 crores in 9M FY25

• The outlook for the Product division remains strong with healthy enquiry pipeline

• Development of drainage pump orders from Thailand currently in advanced stage

Projects Business

• Projects division revenues in the quarter were affected due to Jal Jeevan Mission funds shortage across all clients. Revenues for 9M FY25 is at INR 572 crores versus INR 474 crores in 9M FY24

• Project execution momentum slowed down in the quarter as outstandings drastically increased however the company maintained its construction focus to take advantage of the winter construction period

• Project commissioning is still on schedule with a focus on last mile activities

• The company expects the situation to improve starting next fiscal as per the Budget announcements

• Similarly, the pace of new tenders is also expected to pick up going forward and the company expects to see growth in this segment next fiscal onwards

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Earnings Presentation Q3-FY25

FINANCIAL OVERVIEW

Q3-FY25 Operational Highlights - International

• The International business operations remain stable with revenues for the period grew from INR 431 crores in 9M FY24 to INR 454 crores in 9M FY25

• Gruppo Aturia is seeing good traction in the MENA region with the de escalation of the Gaza crisis and a large number of contracts reviving creating a strong outlook for the next fiscal.

• WPIL South Africa performance continues its growth with improving client outreach.

• The acquisition of Eigenbau has already started supporting the business with improved sale of products and further Eigenbau is expecting some large contracts to be executed in the next 24 months.

• Recently, WPIL entered into Agreement to acquire 55% stake in Patterson Candy International Africa which will entrench WPIL as one of the strongest players in the segment in Southern and sub Saharan Africa with combined revenues exceeding a billion Rand.

• Both Sterling Pumps and United Pumps Australia continue to see strong order books

• WPIL Thailand continues its strong performance with special focus on drainage sector aligning with the Thai Government investment plans

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Earnings Presentation Q3-FY25

FINANCIAL OVERVIEW

International Project Division

• As per our Business Plan the company has been working to develop its International turnkey project to build on its competencies and grow the addressable market. In FY25, the company made 3 strategic investments which have now created a sizeable International turnkey project business providing Flow Solutions across the municipal, agricultural and industrial sectors.

• Eigenbau

• Our South African subsidiary APE Pumps acquired 100% shareholding in this business which is focussed on the water and wastewater business in South Africa with revenues of 150 million Rand approx. (INR 70 crores)

• MISA Srl.

• Our Italian subsidiary Gruppo Aturia acquired 100% shareholding in MISA Srl which has a long history of providing pumping solutions across Europe and MENA region with a focus on Irrigation and Drainage sectors with revenues of 10 million Euros approx. (INR 90 crores)

• Patterson Candy International Africa (PCI Africa)

• Our South African Subsidiary WPIL SA entered into Agreement to acquire 55% stake in of the strongest players across Africa in water and wastewater treatment solutions which is expected to be a major beneficiary of South Africa’s focus on building its water infrastructure. The company has revenues of 450 million Rand approx (INR 215 crores)

• The 3 acquisitions should help us build an International project business with more than revenues of 375cr and add great strength to our Turnkey project Division which had FY24 revenues of 800cr approx.

Earnings Presentation Q3-FY25

FINANCIAL OVERVIEW

18

Segmental Revenue - Domestic

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Product Revenue (INR Mn) Project Revenue (INR Mn)
2,133
769
1,406
549
Q3-FY24 Q3-FY25 Q3-FY24 Q3-FY25
5,715
2,151
4,734
1,688
9M-FY24 9M-FY25
9M-FY24 9M-FY25
Earnings Presentation Q3-FY25
QUARTERLY QUARTERLY
NINE MONTHLLY NINE MONTHLLY
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FINANCIAL OVERVIEW

19

Order Book

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Domestic Order Book (INR Mn)
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36,410
30,540
25,900
Construction
31,510
Construction
25,250
Construction
20,610
3,140 O&M 3,477 O&M 3,988
OEM
5,290 5,290
4,900
FY23 FY24 9M-FY25
PROJECT PRODUCT
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9M – FY25 International Order Book Breakup (%)
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Australia
20%
41%
INR
Italy
5,482 Mn
South Africa 39%
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Earnings Presentation Q3-FY25

FINANCIAL OVERVIEW

20

Quarterly Standalone Financial Performance

Particulars (INR Mn)	Q3-FY25	Q2-FY25		Q-o-Q	Q3-FY24	Y-o-Y
Revenue from Operations	2,175	3,298		(34.1)%	2,743	(20.7)%
Operating Expenses	1,847	2,664		(30.7)%	2,219	(16.8)%
EBITDA	328		634	(48.3)%	524	(37.4)%
EBITDA Margins (%)	15.08%	19.22%		(414) bps	19.10%	(402)
Depreciation	17		17	NA	18	(5.6)%
Finance Cost	94		72	30.6%	45	NA
Other Income	60		80	(25.0)%	122	(50.8)%
PBT	277		625	(55.7)%	583	(52.5)%
Taxes	74		159	(53.5)%	177	(58.2)%
PAT	203		466	(56.4)%	406	(50.0)%
PAT Margins (%)	9.33%	14.13%		(480) bps	14.80%	(547) bps
Other Comprehensive Incomes	1		-	NA	(1)	NA
Total Comprehensive Income	204		466	(56.2)%	405	(49.6)%
Diluted EPS (INR per share)	2.08		4.77	(56.4)%	4.16	(50.0)%
Earnings Presentation Q3-FY25

FINANCIAL OVERVIEW

21

YTD Standalone Financial Performance

Particulars (INR Mn)	9M-FY25	9M-FY24	Y-o-Y
Revenue from Operations	7,867	6,419		22.6%
Operating Expenses	6,503	5,286		23.0%
EBITDA	1,364	1,133		20.4%
EBITDA Margins (%)	17.34%	17.65%		(31) Bps
Depreciation	51	52		(1.9)%
Finance Cost	222	128		73.4%
Other Income	224	243		(7.8)%
PBT	1,315	1,196		9.9%
Taxes	337	335		0.6%
PAT	978	861		13.6%
PAT Margins (%)	12.43%	13.41%		(98) Bps
Other Comprehensive Incomes	NA	(3)		NA
Total Comprehensive Income	978	858		14.0 %
Diluted EPS (INR per share)	10.01	8.81		13.6%
Earnings Presentation Q3-FY25

FINANCIAL OVERVIEW

22

Quarterly Consolidated Financial Performance

Particulars (INR Mn)	Q3-FY25	Q2-FY25		Q-o-Q	Q3-FY24	Y-o-Y
Revenue from Operations	3,816	4,909		(22.3)%	4,307	(11.4)%
Operating Expenses	3,335	3,865		(13.7)%	3,607	(7.5)%
EBITDA	481	1,044		(53.9)%	700	(31.3)%
EBITDA Margins (%)	12.60%	21.27%		(867) Bps	16.25%	(365) bps
Depreciation	83		80	3.8%	77	7.8%
Finance Cost	112		87	28.7%	93	20.4%
Other Income	111		85	30.6%	90	23.3%
Share of profit of an Associate and/or Joint Venture	59		15	NA	24	NA
PBT	456		977	(53.3)%	644	(29.2)%
Taxes	85		275	(69.1)%	229	(62.9)%
Profit/(Loss) from discontinued operations	(0)		-	NA	4,931
PAT	371		702	(47.2)%	5,346	(93.1)%
PAT Margins (%)	9.72%	14.30%		(458) Bps	124.12%	NA
Other Comprehensive Incomes	(559)		443	NA	271	NA
Total Comprehensive Income	(188)	1,145		NA	5,617	NA
Diluted EPS (INR per share)	3.21		6.17	(48.0)%	35.31	(90.9)%
Earnings Presentation Q3-FY25

FINANCIAL OVERVIEW

23

YTD Consolidated Financial Performance

Particulars (INR Mn)	9M-FY25	9M-FY24	Y-o-Y
Revenue from Operations	12,350	10,730	15.1%
Operating Expenses	10,223	8,770	16.6%
EBITDA	2,127	1,960	8.5%
EBITDA Margins (%)	17.22%	18.27%	(105) bps
Depreciation	240	221	8.6%
Finance Cost	274	239	14.6%
Other Income	316	176	79.5%
Share of profit of an Associate and/or Joint Venture	90	38	NA
PBT	2,019	1,714	17.8%
Taxes	515	521	(1.2)%
Profit/(Loss) from discontinued operations	(1)	4,986	NA
PAT	1,503	**6,179 ***	(75.7)%
PAT Margins (%)	12.17%	57.59%	NA
Other Comprehensive Incomes	(150)	282	NA
Total Comprehensive Income	1,353	6,461	(79.1)%
Diluted EPS (INR per share)	13.34	42.10	(68.3)%
* Number includes Profit on disposal of Rutschi Business
Earnings Presentation Q3-FY25

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HISTORICAL FINANCIAL OVERVIEW

HISTORICAL FINANCIAL OVERVIEW

25

Standalone Financial Performance

Particulars (INR Mn)	Particulars (INR Mn)	FY22	FY23	FY24	9M-FY25
Revenue from Operations		5,298		10,024	10,769	7,867
Operating Expenses		4,432		8,264	8,839	6,503
EBITDA		866		1,760	1,930	1,364
EBITDA Margins (%)		16.35%		17.56%	17.92% 17.34%
Depreciation			56	55	70	51
Finance Cost		89		121	172	222
Other Income		141		317	304	224
PBT		862		1,901	1,992	1,315
Taxes		223		471	572	337
PAT		639		1,430	1,420	978
PAT Margins (%)		12.06%		14.27%	13.19% 12.43%
Other Comprehensive Incomes			-	(3)	1	NA
Total Comprehensive Income		639		1,427	1,421	978
Earnings per	share (EPS)	6.54		14.64	14.54	10.01
Earnings Presentation Q3-FY25

HISTORICAL FINANCIAL OVERVIEW

26

Standalone Balance Sheet

Particulars (INR	Mn)	Mn)		FY23	FY24	H1-FY25	H1-FY25
EQUITY AND LIABILITIES
a) Equity Share	Capital			98	98		98
b) Other Equity				6,472	7,502		8,082
Shareholders Fund				6,570	7,600		8,180
Non-Current Liabilities
a) Financial Liabilities
i) Borrowings				4	74		857
ii) Lease Liabilities				2	-		89
iii) Provisions				67	66		76
b) Deferred tax	liabilities (net)			(3)	-		-
Total Non-current Liabilities				70	140		1,022
Current Liabilities
a) Contract Liabilities				1,614	1,927		1,556
b) Financial Liabilities
i) Borrowings				405	1,299		2,375
ii) Lease Liabilities				30	-		21
iii) Trade Payables				2,894	3,635		2,666
iv) Other financial liabilities				30	56		103
c) Other current d) Provisions		liabilities		127 47	212 65		25 64
e) Current tax liabilities				30	101		197
Total Current Liabilities				5,177	7,295		7,007
Total Equity and Liabilities				11,817	15,035		16,209

Earnings Presentation Q3-FY25

	Particulars (INR Mn)	Particulars (INR Mn)	Particulars (INR Mn)	FY23	FY24	H1-FY25	H1-FY25
	ASSETS
	Non-Current Assets
	a) Property, Plant and Equipment			742	864		972
	b) Capital Work-in-progress			1	22		63
	c) Goodwill			137	137		137
	d) Other Intangible Assets			3	4		4
	e) Financial Assets
	i) Investments			490	490		490
	ii) Trade Receivables			817	1,287		1,282
	iii) Loans and Deposits			1,849	1,027		1,048
	iv) Other Financial Assets			60	82		88
	f) Deferred Tax Assets			-	-		4
	g) Non-current Tax Assets			58	51		34
	h) Other Non-current Assets			29	28		29
	Total Non-current Assets			4,186	3,992		4,151
	Current Assets
	a) Inventories			802	1,395		1,258
	b) Contract Assets			1,150	1,268		2,119
	c) Financial Assets
	i) Trade Receivables			3,609	6,078		6,402
	ii) Cash and Cash Equivalents			161	169		961
	iii)	Bank balances other than (ii) above		1,412	1,713		711
	iv) Other Financial Assets			182	88		176
	d) Other Current Assets			315	332		431
	Total Current Assets			7,631 11,043			12,058
	Total Assets		11,817 15,035				16,209

HISTORICAL FINANCIAL OVERVIEW

27

Consolidated Financial Performance

Particulars (INR Mn)	FY22	FY22	FY23	FY24	9M-FY25
Revenue from Operations	11,813		16,055	16,644	12,350
Operating Expenses	9,710		13,380	13,662	10,223
EBITDA	2,104		2,674	2,982	2,127
EBITDA Margins (%)	17.81%		16.66%	17.92%	17.22%
Depreciation		373	279	301	240
Finance Cost	199		237	308	274
Other Income		86	240	282	316
Share of profit of an Associate and/or Joint Venture		13	27	53	90
PBT	1,631		2,425	2,708	2,019
Taxes	448		646	778	515
Profit/(Loss) from discounted operations		(1)	418	4,908*	(1)
PAT	1,182		2,197	6,838	1,503
PAT Margins (%)	10.01%		13.68%	41.08%	12.17%
Other Comprehensive Incomes		73	(125)	99	(150)
Total Comprehensive Income	1,255		2,072	6,937	1,353
Earnings per share (EPS)	9.96		19.37	48.63	13.34
* Number includes profit on disposal of Rutschi business
Earnings Presentation Q3-FY25

Earnings Presentation Q3-FY25

HISTORICAL FINANCIAL OVERVIEW

28

Consolidated Balance Sheet

Particulars (INR Mn) FY23 FY24 H1-FY25	Particulars (INR Mn) FY23 FY24 H1-FY25 ASSETS Non-Current Assets a) Property, Plant and Equipment 3,649 3,415 3,676 b) Capital Work-in-progress 90 138 183 c) Goodwill 550 566 595 d) Other Intangible Assets 471 411 426 e) Investment in an Associate and/or Joint Venture 187 240 268 f) Financial Assets i) Investments 10 10 10 ii) Trade Receivables 817 1,287 1,282 iii) Loan and Deposits 129 141 155 iv) Other Financial Assets 87 706 1,289 g) Deferred Tax Assets (Net) 6 0 4 h) Non-current Tax Assets 58 80 66 i) Other Non-current Assets 30 29 29 Total Non-current Assets 6,084 7,023 7,983 Current Assets a) Inventories 3,419 3,700 3,821 b) Contract Assets 3,687 1,271 2,122 c) Financial Assets i) Trade Receivables 5,472 7,315 7,682 ii) Cash and Cash Equivalents 971 4,360 4,974 iii) Bank balances other than (ii) above 1,618 1,927 769 iv) Loans 1 1 1 v) Other Financial Assets 104 99 158 d) Current Tax Assets (Net) 92 25 27 e) Other Current Assets 577 559 742 Total Current Assets 15,940 19,257 20,296 Total Assets 22,024 26,280 28,279
EQUITY AND LIABILITIES
Earnings Presentation Q3-FY25 a) Equity Share Capital 98 98 98 b) Other Equity 8,001 12,361 13,404 Equity attributable to equity holders of the parents 8,098 12,459 13,502 c) Non-Controlling Interest 1,030 3,104 3,407 Total Equity 9,129 15,563 16,909 Liabilities Non-Current Liabilities a) Financial Liabilities i) Borrowings 911 265 1,001 ii) Lease Liabilities 204 104 195 iii) Other Financial Liabilities 9 9 8 b) Provisions 242 178 197 c) Deferred tax liabilities (net) 95 58 56 Total Non-current Liabilities 1,461 614 1,457 Current Liabilities a) Contract Liabilities 4,206 2,478 2,317 b) Financial Liabilities i) Borrowings 1,352 1,800 2,756 ii) Lease Liabilities 112 35 79 iii) Trade Payables 4,715 4,591 3,604 iv) Other financial liabilities 261 221 292 c) Other current liabilities 287 413 181 d) Provisions 118 136 149 e) Current tax liabilities 383 429 535 Total Current Liabilities 11,434 10,103 9,913 Total Equity and Liabilities 22,024 26,280 28,279

Earnings Presentation Q3-FY25

HISTORICAL FINANCIAL OVERVIEW

29

Consolidated Financial Graphs

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Revenue (INR Mn)
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EBITDA (INR Mn) & EBITDA Margins (%)
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2,982
16,055 16,644 2,674
2,104 2,127
11,813 12,350
17.81% 16.66% 17.92%
17.22%
FY22 FY23 FY24 9M-FY25
FY22 FY23 FY24 9M-FY25
EBITDA (INR Mn) EBITDA margin (%)
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159
0.09
120
89
79
- - -
FY22 FY23 FY24 H1-FY25 FY22 FY23 FY24 H1-FY25
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PAT (INR Mn) & PAT Margins (%)
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1,930
1,779
1,503
1,182
10.01% 11.08% 11.60% 12.17%
FY22 FY23 FY24 9M-FY25
PAT (INR Mn) PAT margin (%)
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* Excludes Rutschi business

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Return Ratios (%)
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25.40%
22.22%
19.63%
19.48% 20.81%
16.75%
FY22 FY23 FY24
RoE (%) RoCE (%)
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Earnings Presentation Q3-FY25

HISTORICAL FINANCIAL OVERVIEW

30

Capital Market Information

Stock Performance Data (As on 31[st] December, 2024)

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95%
75%
55%
35%
15%
-5%
-25%
Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24
WPIL Ltd. Sensex
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Price Data (As on 31st December, 2024)	INR
Face Value	1.0
CMP	733.05
52 Week H/L	760.0/ 298.8
Market Cao. (Mn)	71,597.6
No. of Share Outstanding (Mn)	97.67
Avg. Trading Volume (‘000)	113.81
Avg. Net Turnover (Mn)	53.0

Shareholding Pattern (As of December 31st, 2024)

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FPI AIF
5.67% 0.15%
Mutual Funds
2.43%
Public
21.10% Promoters
70.80%
Promoters Public FPI Mutual Funds AIF
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Earnings Presentation Q3-FY25

DISCLAIMER

31

Disclaimer

WPIL Limited Disclaimer:

No representation or warranty, express or implied, is made as to, and no reliance should be placed on the fairness, accuracy, completeness or correctness of the information or opinions contained in this presentation. Such information and opinions are in all events not current after the date of this presentation. Certain statements made in this presentation may not be based on historical information or facts and may be "forward looking statements" based on the currently held beliefs and assumptions of the management of WPIL Limited, which are expressed in good faith and in their opinion reasonable, including those relating to the Company’s general business plans and strategy, its future financial condition and growth prospects and future developments in its industry and its competitive and regulatory environment

Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, financial condition, performance or achievements of the Company or industry results to differ materially from the results, financial condition, performance or achievements expressed or implied by such forward-looking statements, including future changes or developments in the Company’s business, its competitive environment and political, economic, legal and social conditions. Further, past performance is not necessarily indicative of future results. Given these risks, uncertainties and other factors, viewers of this presentation are cautioned not to place undue reliance on these forward-looking statements. The Company disclaims any obligation to update these forward-looking statements to reflect future events or developments

This presentation is for general information purposes only, without regard to any specific objectives, financial situations or informational needs of any particular person. This presentation does not constitute an offer or invitation to purchase or subscribe for any securities in any jurisdiction, including the United States. No part of it should form the basis of or be relied upon in connection with any investment decision or any contract or commitment to purchase or subscribe for any securities. None of our securities may be offered or sold in the United States, without registration under the U.S. Securities Act of 1933, as amended, or pursuant to an exemption from registration there from

This presentation is confidential and may not be copied or disseminated, in whole or in part, and in any manner.

Valorem Advisors Disclaimer:

Valorem Advisors is an Independent Investor Relations Management Service company. This Presentation has been prepared by Valorem Advisors based on information and data which the Company considers reliable, but Valorem Advisors and the Company makes no representation or warranty, express or implied, whatsoever, and no reliance shall be placed on, the truth, accuracy, completeness, fairness and reasonableness of the contents of this Presentation. This Presentation may not be all inclusive and may not contain all of the information that you may consider material. Any liability in respect of the contents of, or any omission from, this Presentation is expressly excluded. Valorem Advisors also hereby certifies that the directors or employees of Valorem Advisors do not own any stock in personal or company capacity of the Company under review

For further details, please feel free to contact our Investor Relations Representatives:

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Mr. Anuj Sonpal Valorem Advisors Tel: +91-22-49039500 Email: anuj@valoremadvisors.com Investor kit link: www.valoremadvisors.com/mallcom

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Earnings Presentation Q3-FY25

THANK YOU

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