Capitaline

Results 28-Feb-23

Analysis

Foseco India

Robust performance

Foseco India standalone net sales increased 20.87% to Rs 105.71 crore in Q4CY22 compared to Q4CY21. Operating profit margin has jumped from 13.35% to 17.08%, leading to 54.62% rise in operating profit to Rs 18.06 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 53.77% to 51.48%. Purchase of finished goods cost rose from 3.10% to 3.79%. Employee cost decreased from 11.49% to 11.44%. Other expenses fell from 18.47% to 15.83%.

Other income up 136.59% to Rs 1.94 crore. PBIDT rose 60% to Rs 20 crore. Provision for interest remained nil. PBDT rose 60% to Rs 20 crore. Provision for depreciation rose 133.75% to Rs 3.74 crore.

Profit before tax grew 49.17% to Rs 16.26 crore. Provision for tax was expense of Rs 4 crore, compared to Rs 2.79 crore. Effective tax rate was 24.60% compared to 25.60%.

Profit after tax rose 51.17% to Rs 12.26 crore.

Equity capital stood at Rs 6.39 crore as of 31 December 2022 to Rs 6.39 crore as of 31 December 2021. Per share face Value remained same at Rs 10.00.

Promoters’ stake was 74.98% as of 31 December 2022 ,compared to 74.98% as of 31 December 2021 .

Full year results analysis

Net sales of Foseco India have increased 20.33% to Rs 406.74 crore. Operating profit margin has jumped from 12.90% to 15.43%, leading to 43.96% rise in operating profit to Rs 62.75 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 53.96% to 53.02%. Purchase of finished goods cost rose from 3.08% to 3.34%. Employee cost decreased from 11.33% to 10.88%. Other expenses fell from 18.81% to 17.37%.

Other income up 33.33% to Rs 7.48 crore. PBIDT rose 42.74% to Rs 70.23 crore. Provision for interest remained nil. Loan funds remained nil. Inventories declined from Rs 22.57 crore as of 31 December 2021 to Rs 20.02 crore as of 31 December 2022. Sundry debtors were higher at Rs 85.14 crore as of 31 December 2022 compared to Rs 74.20 crore as of 31 December 2021. Cash and bank balance rose to Rs 189.22 crore as of 31 December 2022 from Rs 149.81 crore as of 31 December 2021.

PBDT rose 42.74% to Rs 70.23 crore. Provision for depreciation rose 51.36% to Rs 8.9 crore. Fixed assets declined from Rs 35.67 crore as of 31 December 2021 to Rs 31.81 crore as of 31 December 2022.

Profit before tax grew 41.57% to Rs 61.33 crore. Provision for tax was expense of Rs 15.36 crore, compared to Rs 10.65 crore. Effective tax rate was 25.04% compared to 24.58%.

Profit after tax rose 40.71% to Rs 45.97 crore.

Equity capital stood at Rs 6.39 crore as of 31 December 2022 to Rs 6.39 crore as of 31 December 2021. Per share face Value remained same at Rs 10.00.

Promoters’ stake was 74.98% as of 31 December 2022 ,compared to 74.98% as of 31 December 2021.

The company has recommended a final dividend of Rs.25 (250%) on a paid-up equity share of Rs. 10 each for the financial year-ended 31 December 2022, plus a one-time special dividend of Rs.15 (150%) giving a total final dividend of Rs. 40(400%) per share. The onetime special dividend Is recommended on completion of 65 years of the company in the current year 2023.

The scrip is currently trading at Rs 1995.

Foseco India : Standalone Results
Particulars	2212 (03)	2112 (03)	Var. (%)	2212 (12)	2112 (12)	Var.(%)
Net Sales	105.71	87.46	21	406.74	338.01	20
OPM (%)	17.1	13.4		15.4	12.9
OP	18.06	11.68	55	62.75	43.59	44
Other Inc.	1.94	0.82	137	7.48	5.61	33
PBIDT	20.00	12.50	60	70.23	49.2	43
Interest	0	0		0	0
PBDT	20.00	12.50	60	70.23	49.2	43
Depreciation	3.74	1.6	134	8.9	5.88	51
PBT	16.26	10.9	49	61.33	43.32	42
Taxation	3.80	2.79	36	15.36	10.65	44
PAT	12.46	8.11	54	45.97	32.67	41
PPA	0	0		0	0
Net Profit	12.46	8.11	54	45.97	32.67	41
EPS (Rs)*	#	#		71.9	51.1
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 33.03% in the December 2023 quarter
( Results - Announcements 24-Feb-24 07:35 )

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

Foseco India to hold board meeting
( Corporate News - 22-Feb-23 14:13 )

Foseco India to convene board meeting
( Corporate News - 01-Jul-24 09:54 )

Foseco India
( Results - Analysis 30-Jul-22 07:27 )

Foseco India
( Results - Analysis 24-Feb-24 08:16 )

Foseco India declines after weak Q1 results
( Hot Pursuit - 27-Apr-17 12:53 )

Foseco India
( Results - Analysis 19-Jul-12 12:11 )

Record date for Foseco India first interim dividend announced
( Market Beat - Reports 13-Apr-11 16:05 )

Board of Foseco India recommends final dividend
( Corporate News - 24-Feb-24 10:34 )

Foseco India Q4 PAT climbs 33% YoY to Rs 16 cr
( Hot Pursuit - 24-Feb-24 16:40 )