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Results
28-Jul-21
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Analysis
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Foseco India
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PBT up 365% in H1CY21
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Quarter
ended June 2021 compared with Quarter ended June 2020. Foseco India standalone net sales increased
171.50% to Rs 75.07 crore. Operating profit margin of the company stood at 9.2%
compared to negative of 16.8%. Raw material cost as a % of total sales (net of
stock adjustments) increased from 51.67% to 55.81%. Purchase of finished goods cost rose from
1.84% to 2.78%. Employee cost decreased
from 36.11% to 12.30%. Other expenses
fell from 30.27% to 20.12%.
Operating profit was Rs 6.89 crore compared
to loss of Rs 4.64 crore. Other income was up 32.75% to Rs 3.04 crore. Provision for interest remained nil. Provision for depreciation was down 4.14% to
Rs 1.39 crore. Provision for tax was
debit of Rs 2.23 crore, compared to credit of Rs 0.88 crore. Effective tax rate was 26.11% compared to
23.16%. Net profit stood at Rs 6.31 crore compared to loss of Rs 2.92 crore.
For
year-to-date (YTD) results analysis
Net sales of Foseco India increased 63.69% to
Rs 163.58 crore.
Operating profit margin has jumped from 3.69%
to 11.90%, leading to 427.37% rise in operating profit to Rs 19.46 crore. Raw material cost as a % of total sales (net
of stock adjustments) increased from 52.01% to 55.01%. Purchase of finished goods cost rose from
2.23% to 2.97%. Employee cost decreased
from 18.29% to 11.19%. Other expenses
fell from 23.60% to 19.09%.
Other income up 5.80% to Rs 3.83 crore. Provision for interest remained nil. Loan funds remained nil. Provision for
depreciation down 4.48% to Rs 2.77 crore.
Profit before tax grew 365.31% to Rs 20.52 crore. Provision for tax was expense of Rs 4.94
crore, compared to Rs 1.25 crore.
Effective tax rate was 24.07% compared to 28.34%. Profit after tax rose
393.04% to Rs 15.58 crore.
Full
year results analysis
Net sales (including other operating income)
of Foseco India has declined 22.13% to Rs 251.15 crore. Operating profit margin has slumped from
14.27% to 8.28%, leading to 54.81% decline in operating profit to Rs 20.79
crore. Raw material cost as a % of total
sales (net of stock adjustments) decreased from 54.90% to 53.00%. Purchase of finished goods cost rose from
1.60% to 2.26%. Employee cost increased
from 10.42% to 14.31%. Other expenses
rose from 19.02% to 21.98%.
Other income fell 20.49% to Rs 6.21
crore. Provision for interest remained
nil. Loan funds remained nil. Inventories declined from Rs 19.40 crore as
of 31 December 2019 to Rs 12.51 crore as of 31 December 2020. Sundry debtors were lower at Rs 64.91 crore
as of 31 December 2020 compared to Rs 72.85 crore as of 31 December 2019. Cash and bank balance rose to Rs 137.01 crore
as of 31 December 2020 from Rs 111.85 crore as of 31 December 2019.
Provision for depreciation rose 40.71% to Rs
5.91 crore. Fixed assets declined from
Rs 35.94 crore as of 31 December 2019 to Rs 35.62 crore as of 31 December 2020.
Profit before tax down 57.50% to Rs 21.09
crore. Provision for tax was expense of
Rs 5.65 crore, compared to Rs 15.09 crore.
Effective tax rate was 26.79% compared to 30.41%.
Profit after tax fell 55.29% to Rs 15.44
crore.
Promoters’ stake was 74.98% as of 31 December
2020 ,compared to 74.98% as of 31 December 2019 .
Cash flow from operating activities decreased
to Rs 30.29 crore for year ended December 2020 from Rs 46.84 crore for year
ended December 2019. Cash flow used in
acquiring fixed assets during the year ended December 2020 stood at Rs 4.42
crore, compared to Rs 13.65 crore during the year ended December 2019.
The scrip is currently trading at Rs 1639.
Foseco India : Standalone Results
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Particulars
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2106
(03)
|
2006
(03)
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Var.(%)
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2106
(06)
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2006
(06)
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Var.(%)
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2012
(12)
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1912
(12)
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Var.(%)
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Net
Sales
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75.07
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27.65
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172
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163.58
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99.93
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64
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251.15
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322.52
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-22
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OPM
(%)
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9.2
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-16.8
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11.9
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3.7
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8.3
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14.3
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OP
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6.89
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-4.64
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LP
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19.46
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3.69
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427
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20.79
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46.01
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-55
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Other
Inc.
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3.04
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2.29
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33
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3.83
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3.62
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6
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6.21
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7.81
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-20
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PBIDT
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9.93
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-2.35
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LP
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23.29
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7.31
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219
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27
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53.82
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-50
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Interest
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0
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0
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-
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0
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0
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-
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0
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0
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-
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PBDT
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9.93
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-2.35
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LP
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23.29
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7.31
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219
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27
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53.82
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-50
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Depreciation
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1.39
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1.45
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-4
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2.77
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2.9
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-4
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5.91
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4.2
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41
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PBT
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8.54
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-3.8
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LP
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20.52
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4.41
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365
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21.09
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49.62
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-58
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Taxation
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2.23
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-0.88
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PL
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5.32
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1.25
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295
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5.65
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15.09
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-63
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PAT
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6.31
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-2.92
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LP
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15.20
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3.16
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393
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15.44
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34.53
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-55
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PPA
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0
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0
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-0.38
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0
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0
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0
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Net Profit
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6.31
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-2.92
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LP
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15.58
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3.16
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393
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15.44
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34.53
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-55
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EPS
(Rs)*
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#
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#
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#
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#
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24.2
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54.0
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Notes
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*
EPS is on current equity of Rs 6.39 crore, Face value of Rs 10, Excluding
extraordinary items.
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#
EPS is not annualised
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bps
: Basis points
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EO
: Extraordinary items
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Figures
in Rs crore
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Source:
Capitaline Corporate Database
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