Capitaline

Results 10-Nov-22

Analysis

Foseco India

OP up 20%, NP up 22%

Foseco India standalone net sales increased 17.90% to Rs 102.54 crore in Q2FY23 compared to Q2FY22. Operating profit margin has jumped from 14.28% to 14.59%, leading to 20.45% rise in operating profit to Rs 14.96 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 52.15% to 53.34%. Purchase of finished goods cost rose from 3.26% to 3.57%. Employee cost decreased from 11.45% to 10.60%. Other expenses fell from 18.67% to 18.08%.

Other income up 68.69% to Rs 1.67 crore. PBIDT rose 24.01% to Rs 16.63 crore. Provision for interest remained nil.

PBDT rose 24.01% to Rs 16.63 crore. Provision for depreciation rose 25.83% to Rs 1.9 crore.

Profit before tax grew 23.78% to Rs 14.73 crore. Provision for tax was expense of Rs 3.8 crore, compared to Rs 2.92 crore. Effective tax rate was 25.80% compared to 24.54%.

Profit after tax rose 21.71% to Rs 10.93 crore.

Promoters’ stake was 74.98% as of 30 September 2022 ,compared to 74.98% as of 30 September 2021 .

For year-to-date (YTD) results analysis

Net sales (including other operating income) of Foseco India has increased 20.15% to Rs 301.03 crore.

Operating profit margin has jumped from 12.73% to 14.84%, leading to 40.06% rise in operating profit to Rs 44.68 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 54.03% to 53.54%. Purchase of finished goods cost rose from 3.07% to 3.18%. Employee cost decreased from 11.28% to 10.69%. Other expenses fell from 18.94% to 17.89%.

Other income up 15.63% to Rs 5.55 crore. PBIDT rose 36.87% to Rs 50.23 crore. Provision for interest remained nil.

PBDT rose 36.87% to Rs 50.23 crore. Provision for depreciation rose 20.56% to Rs 5.16 crore.

Profit before tax grew 39.02% to Rs 45.07 crore. Provision for tax was expense of Rs 11.36 crore, compared to Rs 7.86 crore. Effective tax rate was 25.21% compared to 24.24%.

Profit after tax rose 37.26% to Rs 33.71 crore.

Promoters’ stake was 74.98% as of 30 September 2022 ,compared to 74.98% as of 30 September 2021 .

Full year results analysis

Net sales of Foseco India have increased 34.58% to Rs 338.01 crore. Operating profit margin has jumped from 8.28% to 12.90%, leading to 109.67% rise in operating profit to Rs 43.59 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 53.00% to 53.96%. Purchase of finished goods cost rose from 2.26% to 3.08%. Employee cost decreased from 14.31% to 11.33%. Other expenses fell from 21.98% to 18.81%.

Other income fell 9.66% to Rs 5.61 crore. PBIDT rose 82.22% to Rs 49.2 crore. Provision for interest remained nil. Loan funds remained nil. Inventories rose to Rs 22.57 crore as of 31 December 2021 from Rs 12.51 crore as of 31 December 2020. Sundry debtors were higher at Rs 74.20 crore as of 31 December 2021 compared to Rs 64.91 crore as of 31 December 2020. Cash and bank balance rose to Rs 149.81 crore as of 31 December 2021 from Rs 137.01 crore as of 31 December 2020.

PBDT rose 82.22% to Rs 49.2 crore. Provision for depreciation down 0.51% to Rs 5.88 crore. Fixed assets increased to Rs 35.67 crore as of 31 December 2021 from Rs 35.62 crore as of 31 December 2020.

Profit before tax grew 105.41% to Rs 43.32 crore. Provision for tax was expense of Rs 10.65 crore, compared to Rs 5.65 crore. Effective tax rate was 24.58% compared to 26.79%.

Profit after tax rose 111.59% to Rs 32.67 crore.

Equity capital stood at Rs 6.39 crore as of 31 December 2021 to Rs 6.39 crore as of 31 December 2020. Per share face Value remained same at Rs 10.00.

Promoters’ stake was 74.98% as of 31 December 2021 compared to 74.98% as of 31 December 2020 .

Cash flow from operating activities decreased to Rs 19.74 crore for year ended December 2021 from Rs 30.29 crore for year ended December 2020. Cash flow used in acquiring fixed assets during the year ended December 2021 stood at Rs 5.47 crore, compared to Rs 4.42 crore during the year ended December 2020.

The scrip is currently trading at Rs 2059.

Foseco India : Standalone Results
Particulars	2209 (03)	2109 (03)	Var. (%)	2206 (09)	2106 (09)	Var. (%)	2112 (12)	2012 (12)	Var.(%)
Net Sales	102.54	86.97	18	301.03	250.55	20	338.01	251.15	35
OPM (%)	14.6	14.3		14.8	12.7		12.9	8.3
OP	14.96	12.42	20	44.68	31.9	40	43.59	20.79	110
Other Inc.	1.67	0.99	69	5.55	4.8	16	5.61	6.21	-10
PBIDT	16.63	13.41	24	50.23	36.7	37	49.2	27	82
Interest	0	0		0	0		0	0
PBDT	16.63	13.41	24	50.23	36.7	37	49.2	27	82
Depreciation	1.9	1.51	26	5.16	4.28	21	5.88	5.91	-1
PBT	14.73	11.9	24	45.07	32.42	39	43.32	21.09	105
Taxation	3.8	2.92	30	11.36	7.86	45	10.65	5.65	88
PAT	10.93	8.98	22	33.71	24.56	37	32.67	15.44	112
PPA	0	0		0	0		0	0
Net Profit	10.93	8.98	22	33.71	24.56	37	32.67	15.44	112
EPS (Rs)*	#	#		#	#		51.1	24.2
Notes
* EPS is on current equity of Rs 6.39 crore, Face value of Rs 10, Excluding extraordinary items.
# EPS is not annualised
bps : Basis points
EO : Extraordinary items
Figures in Rs crore
Source: Capitaline Corporate Database

Previous News

Foseco India standalone net profit rises 35.13% in the September 2023 quarter
( Results - Announcements 11-Nov-23 07:55 )

Foseco India standalone net profit rises 16.53% in the March 2023 quarter
( Results - Announcements 04-May-23 07:31 )

Foseco India
( Results - Analysis 06-Aug-19 12:22 )

Foseco India standalone net profit rises 67.35% in the June 2022 quarter
( Results - Announcements 30-Jul-22 08:22 )

Foseco India AGM scheduled
( Corporate News - 29-May-21 12:42 )

Foseco India schedules board meeting
( Corporate News - 28-Jan-23 11:27 )

Foseco India
( Results - Analysis 28-Apr-16 12:49 )

Foseco India fixes record date for payment of 2nd interim dividend
( Market Beat - Reports 17-Oct-18 12:00 )

Foseco India to discuss results
( Corporate News - 03-Oct-23 19:54 )

Foseco India fixes record date for 1st interim dividend
( Market Beat - Reports 04-Jul-19 09:19 )

Foseco India fixes record date for first interim dividend
( Market Beat - Reports 05-Jul-18 13:51 )