For the quarter ended Jun’07, the sales revenue of Vesuvius India stood at Rs 78.80 crore, which was 13% higher when compared with corresponding previous quarter last year. The OPM (Operating Profit Margin) increased by 290 basis points to 16.4%. The resultant Operating Profit for the quarter ended Jun’07 was Rs 12.90 crore which was 37% higher when compared with quarter ended Jun’06 figures.

The Raw material cost and staff cost Increased (as a % of sales net of stock adjustment) from 35.4% to 37.1% and from 5.2% to 6.3% respectively. The cost of purchasing finished goods and other expenditure decreased (as a % of sales net of stock adjustment) from 20.6% to 18.4% and from 25.6% to 21.6%.

During the quarter ended Jun’07 other income remained flat at Rs 0.8 crore. The resultant PBIDT for the quarter ended Jun’07 was Rs 13.70 crore which was 34% higher when compared to the corresponding previous quarter last year. The Interest expense for the quarter ended Jun’07 was Rs 0.70 crore which was 40% higher when compared with the corresponding previous quarter last year. The depreciation charges for the quarter ended Jun’07 Increased by 33% to Rs 2.00 crore when compared to the corresponding previous quarter last year. Consequently, for the quarter ended Jun’07 the PBT of Vesuvius India stood at Rs 11.00 crore, indicating a rise of 34% when compared with the corresponding previous quarter last year.

Provision for tax (including deferred tax and fringe benefit tax) for the quarter ended Jun’07 stood Rs 3.7 crore resulting in PAT of Rs 7.30 crore for the quarter ended Jun’07 as compared to Rs 5.50 crore during the quarter ended Jun’06 indicating a rise of 33%.

Half yearly results

For the half year ended Jun’07, the sales revenue of Vesuvius India stood at Rs 148.50 crore, which was 22% higher when compared with corresponding period last year. The OPM (Operating Profit Margin) increased by 100 basis points to 17.1%. The resultant Operating Profit for the half year ended Jun’07 was Rs 25.40 crore which was 29% higher when compared with half year ended Jun’06 figures.

The Raw material cost, cost of purchasing finished goods and staff cost Increased (as a % of sales net of stock adjustment) from 34.4% to 36.8%, from 18.2% to 18.5% and from 5.5% to 6.2% respectively. The other expenditure decreased (as a % of sales net of stock adjustment) from 26.2% to 21.7%.

During the half year ended Jun’07 other income decreased by 20% on Y-o-Y basis to Rs 1.60 crore. The resultant PBIDT for the half year ended Jun’07 was Rs 27.00 crore which was 24% higher when compared with corresponding period last year. The Interest expense for the half year ended Jun’07 was Rs 1.00 crore which was 43% higher when compared with the corresponding period last year. The depreciation charges for the half year ended Jun’07 Increased by 39% to Rs 4.30 crore when compared to the corresponding period last year. Consequently, for the half year ended Jun’07 the PBT of Vesuvius India stood at Rs 21.70 crore, indicating a rise of 21% when compared with the corresponding period last year.

Provision for tax (including deferred tax and fringe benefit tax) for the half year ended Jun’07 stood Rs 7.7 crore resulting in PAT of Rs 14.00 crore for the half year ended Jun’07 as compared to Rs 11.80 crore during the half year ended Jun’06 indicating a rise of 19%.

Year End Results

For the year ended Dec’06, the sales revenue of Vesuvius India stood at Rs 271.30 crore, which was 24% higher when compared with corresponding previous quarter last year. The OPM (Operating Profit Margin) declined by 450 basis points to 16.8%. The resultant Operating Profit for the year ended Dec’06 was Rs 45.60 crore which was 2% lower when compared with year ended Dec’05 figures.

The Purchase of finished goods and other expenditure Increased (as a % of sales net of stock adjustment) from 13.6% to 18.0% and from 23.2% to 24.1% respectively. However Raw material cost decreased (as a % of sales net of stock adjustment) from 36.5% to 35.6%.

During the year ended Dec’06 other income Inclined by 50% to Rs 4.50 crore when compared to corresponding period last year. The resultant PBIDT for the year ended Dec’06 was Rs 50.10 crore which was 1% higher when compared to the corresponding period last year. The Interest expense for the year ended Dec’06 was Rs 1.30 crore which was 225% higher when compared with the corresponding period last year. The depreciation charges for the year ended Dec’06 Increased by 22% to Rs 6.60 crore when compared to the corresponding period last year. Consequently, for the year ended Dec’06 the PBT before EO of Vesuvius India stood at Rs 42.20 crore, indicating a fall of 4% when compared with year ended Dec’05 figures.

For the year ended Dec’06 Vesuvius India reported EO expense to the tune of Rs 8.70 crore. EO expense represented write off of certain receivables arising from long term contracts of prior years amounting to Rs 8.70 crore. As a result the PBT after EO stood at Rs 33.50 crore which was 24% lower when compared with corresponding period last year.

Provision for tax (including deferred tax and fringe benefit tax) for the year ended Dec’06 stood Rs 12.30 crore resulting in PAT of Rs 21.20 crore for the year ended Dec’06 as compared to Rs 28.60 crore during the quarter ended Dec’05 indicating a fall of 26%.

The stock is currently trading around Rs 205.75