Although lower sales was anticipated because of the drop in copper prices in the domestic and international market, the drastic fall in turnover was a disappointment.

The fall in sales can be attributed to the fact that PWIL is taking an increasing number of job orders from its clients i.e., a large number of clients are now supplying them with the raw material (which in this case is copper). The move is extremely beneficial to PWIL's clients as it saves a substantial amount on sales tax by providing the raw material. Around 758 metric tonnes of copper were received for processing this year compared with just 98 metric tonnes last year.

However, this shift in the pattern of marketing has not affected PWIL's margins as it still charges its clients the same processing fees. Operating margin has fallen marginally from 9.95 per cent to 9.26 per cent. Tightworking capital management and an effective tax rate were the main reasons why NPM improved to 4.94 per cent this year from 4.44 per cent last year.The company has declared a dividend of 15 per cent on its equity capital which works out to Rs 72.77 crore.

The arrangement PWIL has with it's clients plus the fact that it's wires meets the needs of a wide-range of products like electric motors, transformers, electric instruments and equipment and hand tools indicate that PWIL can look forward to a better future. In fact it's output has improved from 3051 tonnes last year to 3100 tonnes this year. The stock price, which was hovering around Rs 15 in mid-April, has crashed since and is currently languishing at Rs 8.80.