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Net sales of Vesuvius India have increased 20.90% to Rs 248.54 crore in Q1CY21 compared to Q1CY20. Operating profit margin has fallen from 12.44% to 9.48%, leading to 7.82% fall in operating profit to Rs 23.57 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 37.79% to 42.81%. Purchase of finished goods cost fell from 19.11% to 18.08%. Employee cost decreased from 8.50% to 7.60%. Other expenses fell from 22.13% to 22.11%.
Other income fell 26.99% to Rs 4.49 crore. Provision for interest remained nil. Provision for depreciation was down 3.99% to Rs 6.49 crore. Profit before tax was down 13.58% to Rs 21.57 crore. Provision for tax was expense of Rs 5.44 crore, compared to Rs 6.31 crore. Effective tax rate was 25.22% compared to 25.28%. Profit after tax fell 13.51% to Rs 16.13 crore.
Promoters' stake was 55.57% as of 31 March 2021, compared to 55.57% as of 31 March 2020.
Performance for the year ended Dec' 20
For year ended Dec'20, net sales fell 11% to Rs 791.51 crore. The company operating margins decreased 390 bps to 9.7%. As a result operating profits fell 36% to Rs 76.81 crore.
Other income fell 28% to Rs 20.98 crore. Interest cost nil. Depreciation fell 1% to Rs 26.24 crore. PBT was down 42% to Rs 71.55 crore.
Effective tax rate was down 500 bps to 26%. PAT reported was down 38% to Rs 53.05 crore.
The scrip is currently trading at Rs 1084
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