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Results
28-Jul-17
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Analysis
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Foseco India
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Lower margins continue to affect performance
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Foseco India reported a flat net sales growth for June 17 quarter which stood at Rs 87.29 crore. Some sales was lost due to the GST impact. OPM however was lower by about 140 bps to 14.8%, resulting in a fall in OP by 19% to Rs 12.89 crore. Lower sales of high margin products also affected the margins. Other income was lower by 49% to Rs 0.56 crore. Interest and depreciation costs stood at Rs 0.05 crore and Rs 1.32 crore respectively, after which PBT stood at Rs 12.08 crore, lower by 22% YoY. With total tax of Rs 4.22 crore, down by 25% YoY, PAT for June 17 quarter stood at Rs 7.86 crore, down by 21% YoY.
Performance for 6 months ended June 17
The company reported a 6% increase in net sales for the 6 months ended June 17 to Rs 175.36 crore. OPM was lower by about 220 bps to 14%, resulting in OP fall of 17% to Rs 24.49 crore. Other income stood at Rs 1.13 crore down by 27% YoY. Interest and depreciation costs stood at Rs 0.13 crore and Rs 2.62 crore respectively, after which PBT stood at Rs 22.87 crore, down by 20% YoY. With total tax of Rs 7.81 crore, down by 24% YoY, PAT for 6 months ended June 17 stood at Rs 15.06 crore, down by 18% YoY.
The company declared its first interim dividend of Rs 6 per equity share of face value of Rs 10 each for FY 18.
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