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Vesuvius India net sales rose 2% to Rs 228.09 crore in Q4CY19 compared to Q4CY19. The company operating margins decreased 70 bps to 13.4% leading to 3% decrease in operating profits to Rs 30.46 crore. Cost of material consumed as a percentage of net sales (net of stock adjustment) increased 200 bps to 38.2%, purchase of stock in trade was down 340 bps to 18.4%, employee benefit expenses was up 210 bps to 7.7% and other expenses increased 240 bps to 21.8%.
Other income decreased 6% to Rs 6.33 crore compared to Rs 6.72 crore. Interest cost was nil. Depreciation was down 5% to Rs 6.2 crore. PBT was down 3% to Rs 30.59 crore.
Effective rate of taxes was down 1000 bps to 26%. PAT reported was up 12% to Rs 22.7 crore.
Performance for the year ended December 2019
For year ended December 2019, net sales fell 4% to Rs 887.04 crore. The company operating margins decreased 230 bps to 13.6%. As a result operating profits fell 18% to Rs 120.73 crore.
Other income rose 28% to Rs 29.23 crore. Interest cost nil. Depreciation fell 5% to Rs 26.5 crore. PBT was down 13% to Rs 123.41 crore.
Effective tax rate was down 400 bps to 31%. PAT reported was down 8% to Rs 85.55 crore.
The scrip is currently trading at Rs 1148
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