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Foseco India net sales rose 22% to Rs 88.51 crore in Q1CY21 compared to Q1CY20. The company operating margins increased 270 bps to 14.2% compared to 11.5%. Operating profits was up 51% to Rs 12.57 crore compared to profit of Rs 8.32 crore. Cost of material consumed as a percentage of net sales (net of stock adjustment) was down 590 bps to 54.3%, purchase of stock in trade was up 90 bps to 3.1% while employee benefit expenses was up 10 bps to 10.2% and other expenses increased 30 bps to 18.2%.
Other income decreased 41% to Rs 0.78 crore compared to Rs 1.34 crore. Interest cost was nil. Depreciation was down 5% to Rs 1.38 crore. PBT was up 46% to Rs 11.98 crore.
Tax expense increased 45% to Rs 3.09 crore compared to tax expense of Rs 2.13 crore. PAT reported an increase of 52% to Rs 9.27 crore.
Performance for year ended Dec'20
For year ended Dec'20, net sales fell 22% to Rs 251.15 crore. The company operating margins decreased 600 bps to 8.3%. As a result operating profits fell 55% to Rs 20.79 crore.
Other income fell 21% to Rs 6.21 crore. Interest cost nil. Depreciation rose 41% to Rs 5.91 crore. PBT was down 58% to Rs 21.09 crore.
Effective tax rate was down 320 bps to 26.8%. PAT reported was down 55% to Rs 15.44 crore.
The Board of Directors of the Company has recommended payment of a final dividend of Rs. 10/- (100%) on a paid-up equity share of Rs. 10/- each for the financial year ended 31 December 2020, subject to the Shareholders' approval at the forthcoming Annual General Meeting. This in addition to the interim dividend aggregating to Rs. 5/- {50%} per share, brings the cumulative dividend for the financial year to Rs. 15/- (150%) per share.
The scrip is currently trading at Rs 1386.
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