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Vesuvius India net sales fell 7% to Rs 218.66 crore in Q2CY19 compared to Q2CY19. The company operating margins decreased 100 bps to 14.1% leading to 14% decrease in operating profits to Rs 30.93 crore. Cost of material consumed as a percentage of net sales (net of stock adjustment) was down 200 bps to 37.6%, purchase of stock in trade was down 10 bps to 19.8% while employee benefit expenses was up 120 bps to 7.7% and other expenses increased 160 bps to 20.9%.
Other income increased 17% to Rs 6.13 crore compared to Rs 5.24 crore. Interest cost was nil. Depreciation was flat at Rs 6.94 crore. PBT was down 12% to Rs 30.12 crore.
Effective rate of taxes was up 30 bps to 35%. PAT reported was down 12% to Rs 19.57 crore.
Performance for the half year ended June 2019
For half year ended June 2019, net sales fell 5% to Rs 441.34 crore. The company operating margins decreased 160 bps to 14.5%. As a result operating profits fell 14% to Rs 64.19 crore.
Other income rose 25% to Rs 12.77 crore. Interest cost nil. Depreciation fell 5% to Rs 13.47 crore. PBT was down 10% to Rs 63.49 crore.
Effective tax rate was up 60 bps to 35.1%. PAT reported was down 11% to Rs 41.2 crore.
Performance for the year ended December 2018
For year ended December 2018, net sales rose 2% to Rs 925.07 crore. The company operating margins decreased 230 bps to 15.9%. As a result operating profits fell 11% to Rs 147.41 crore.
Other income rose 72% to Rs 22.77 crore. Interest cost nil. Depreciation fell 7% to Rs 27.81 crore. PBT was down 5% to Rs 142.37 crore.
Effective tax rate was up 20 bps to 35%. PAT reported was down 2% to Rs 92.52 crore.
The scrip is currently trading at Rs 1006
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