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Results
27-Jul-23
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Analysis
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Vesuvius India
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Solid performance
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Vesuvius
India standalone net sales increased 22.87% to Rs 405.05 crore in Q2CY24
compared to Q2CY23. Operating profit
margin has jumped from 12.43% to 17.22%, leading to 70.18% rise in operating
profit to Rs 69.74 crore. Raw material
cost as a % of total sales (net of stock adjustments) increased from 36.79% to
38.31%. Purchase of finished goods cost
fell from 22.30% to 18.39%. Employee
cost increased from 5.90% to 6.16%.
Other expenses fell from 22.90% to 20.09%.
Other
income up 71.37% to Rs 8.38 crore. PBIDT
rose 70.31% to Rs 78.12 crore. Provision
for interest remained nil. Loan funds
remained nil. Inventories declined from
Rs 241.44 crore as of 30 June 2022 to Rs 230.62 crore as of 30 June 2023. Sundry debtors were higher at Rs 247.43 crore
as of 30 June 2023 compared to Rs 245.00 crore as of 30 June 2022. Cash and bank balance rose to Rs 586.50 crore
as of 30 June 2023 from Rs 449.55 crore as of 30 June 2022.
PBDT
rose 70.31% to Rs 78.12 crore. Provision
for depreciation rose 23.48% to Rs 8.1 crore.
Fixed assets increased to Rs 249.44 crore as of 30 June 2023 from Rs
195.96 crore as of 30 June 2022.
Intangible assets increased from Rs 0.61 crore to Rs 1.22 crore.
Profit
before tax grew 78.12% to Rs 70.02 crore.
Provision for tax was expense of Rs 17.78 crore, compared to Rs 9.88
crore. Effective tax rate was 25.39%
compared to 25.13%. Profit after tax rose 77.51% to Rs 52.24 crore.
Equity
capital stood at Rs 20.30 crore as of 30 June 2023 to Rs 20.30 crore as of 30
June 2022. Per share face Value remained
same at Rs 10.00.
Promoters’
stake was 55.57% as of 30 June 2023 ,compared to 55.57% as of 30 June 2022
.
The
company has planned capex of Rs 87.70 crore to be funded through interna
accruals for setting up a new plant for manufacturing of Monolithics Refractory
at Anakapalli (Visakhapatnam), Andhra Pradesh to meet the growing demand. The
company expects the new plant to add 120000 tonne per year to its production
capacity by September 2024.
For year-to-date
(YTD) results analysis
Net
sales of Vesuvius India have increased 20.51% to Rs 772.96 crore. Operating profit margin has jumped from
11.59% to 16.14%, leading to 67.78% rise in operating profit to Rs 124.76
crore. Raw material cost as a % of total
sales (net of stock adjustments) increased from 38.32% to 38.88%. Purchase of finished goods cost fell from
22.63% to 18.79%. Employee cost
increased from 6.31% to 6.46%. Other
expenses fell from 21.50% to 19.86%.
Other
income up 87.33% to Rs 19.07 crore.
PBIDT rose 70.13% to Rs 143.83 crore.
Provision for interest remained nil.
Loan funds remained nil.
Inventories declined from Rs 241.44 crore as of 30 June 2022 to Rs
230.62 crore as of 30 June 2023. Sundry
debtors were higher at Rs 247.43 crore as of 30 June 2023 compared to Rs 245.00
crore as of 30 June 2022. Cash and bank
balance rose to Rs 586.50 crore as of 30 June 2023 from Rs 449.55 crore as of
30 June 2022.
PBDT
rose 70.13% to Rs 143.83 crore.
Provision for depreciation rose 16.11% to Rs 15.71 crore. Fixed assets increased to Rs 249.44 crore as of
30 June 2023 from Rs 195.96 crore as of 30 June 2022. Intangible assets increased from Rs 0.61
crore to Rs 1.22 crore.
Profit
before tax grew 80.43% to Rs 128.12 crore.
Provision for tax was expense of Rs 32.53 crore, compared to Rs 17.95
crore. Effective tax rate was 25.39%
compared to 25.28%. Profit after tax rose 80.15% to Rs 95.59 crore.
Equity
capital stood at Rs 20.30 crore as of 30 June 2023 to Rs 20.30 crore as of 30
June 2022. Per share face Value remained
same at Rs 10.00.
Promoters’
stake was 55.57% as of 30 June 2023 ,compared to 55.57% as of 30 June 2022
.
Cash
flow from operating activities has turned positive Rs 70.12 crore for YTD ended
June 2023 from negative Rs 23.92 crore for YTD ended June 2022. Cash flow used in acquiring fixed assets
during the YTD ended June 2023 stood at Rs 47.95 crore, compared to Rs 71.43
crore during the YTD ended June 2022.
Full year results
analysis
Net
sales of Vesuvius India have increased 28.21% to Rs 1,342.58 crore. Operating profit margin has jumped from 9.48%
to 12.20%, leading to 65.11% rise in operating profit to Rs 163.86 crore. Raw material cost as a % of total sales (net
of stock adjustments) decreased from 40.59% to 37.72%. Purchase of finished goods cost rose from
21.07% to 22.61%. Employee cost decreased
from 7.23% to 6.68%. Other expenses
fell from 22.04% to 20.89%.
Other
income up 16.28% to Rs 22.86 crore.
PBIDT rose 57.04% to Rs 186.72 crore.
Provision for interest remained nil.
Loan funds remained nil.
Inventories declined from Rs 213.11 crore as of 31 December 2021 to Rs
204.05 crore as of 31 December 2022.
Sundry debtors were higher at Rs 209.36 crore as of 31 December 2022
compared to Rs 163.97 crore as of 31 December 2021. Cash and bank balance rose to Rs 567.96 crore
as of 31 December 2022 from Rs 553.94 crore as of 31 December 2021.
PBDT
rose 57.04% to Rs 186.72 crore.
Provision for depreciation rose 9.22% to Rs 29.86 crore. Fixed assets increased to Rs 231.05 crore as
of 31 December 2022 from Rs 142.23 crore as of 31 December 2021. Intangible assets increased from Rs 0.82
crore to Rs 1.32 crore.
Profit
before tax grew 71.32% to Rs 156.86 crore.
Provision for tax was expense of Rs 40.07 crore, compared to Rs 23.51
crore. Effective tax rate was 25.55%
compared to 25.68%.
Profit
after tax rose 71.62% to Rs 116.79 crore.
Promoters’
stake was 55.57% as of 31 December 2022 ,compared to 55.57% as of 31 December
2021 .
Cash flow from
operating activities increased to Rs 128.48 crore for year ended December 2022
from Rs 26.68 crore for year ended December 2021. Cash flow used in acquiring fixed assets during
the year ended December 2022 stood at Rs 112.90 crore, compared to Rs 31.95
crore during the year ended December 2021.
The scrip is
currently trading at Rs 2682
Vesuvius India: Result
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2306 (03)
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2206 (03)
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Var.(%)
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2306 (06)
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2206 (06)
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Var.(%)
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2212 (12)
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2112 (12)
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Var(%)
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Net Sales
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405.05
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329.65
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23
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777.96
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641.39
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21
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1342.58
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1047.16
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28
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OPM(%)
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17.2
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12.4
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16.0
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11.6
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12.2
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9.5
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OP
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69.74
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40.98
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70
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124.76
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74.36
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68
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163.86
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99.24
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65
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Other Income
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8.38
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4.89
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71
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19.07
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10.18
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87
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22.86
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19.66
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16
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PBIDT
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78.12
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45.87
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70
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143.83
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84.54
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70
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186.72
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118.90
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57
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Interest
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0.00
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0.00
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0.00
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0.00
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0.00
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0.00
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PBDT
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78.12
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45.87
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70
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143.83
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84.54
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70
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186.72
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118.90
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57
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Depreciation
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8.10
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6.56
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23
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15.71
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13.53
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16
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29.86
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27.34
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9
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PBT
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70.02
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39.31
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78
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128.12
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71.01
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80
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156.86
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91.56
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71
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EO
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0.00
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0.00
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0.00
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0.00
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0.00
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0.00
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PBT after EO
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70.02
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39.31
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78
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128.12
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71.01
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80
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156.86
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91.56
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71
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Total Tax provision
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17.78
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9.80
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81
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32.53
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17.95
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81
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40.07
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23.51
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70
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PAT
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52.24
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29.51
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77
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95.59
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53.06
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80
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116.79
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68.05
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72
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EPS*
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#
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#
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#
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#
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57.5
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33.5
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* Annualized On Current
Equity Of Rs 20.30 Crore of face value of Rs 10 each
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# EPS not annualised due to
seasonality of the business
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EO: Extraordinary Items
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EPS Is Calculated After
Excluding EO And Relevant Tax
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Figures In Rs Crore
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Source: Capitaline Database
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