Capitaline

Results 12-Aug-21

Analysis

Vesuvius India

OP up 237%

Vesuvius India standalone net sales increased 95.53% to Rs 272.10 crore in Q1FY22 compared to Q1FY21. Operating profit margin has jumped from 5.94% to 10.22%, leading to 236.56% rise in operating profit to Rs 27.80 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 39.16% to 39.42%. Purchase of finished goods cost rose from 18.93% to 21.73%. Employee cost decreased from 11.77% to 6.91%.Other expenses fell from 24.18% to 21.77%.

Other income fell 21.50% to Rs 4.6 crore. PBIDT rose 129.46% to Rs 32.4 crore. Provision for interest remained nil. Loan funds remained nil.

PBDT rose 129.46% to Rs 32.4 crore. Provision for depreciation rose 0.32% to Rs 6.24 crore. Profit before tax grew 231.14% to Rs 26.16 crore. Provision for tax was expense of Rs 6.78 crore, compared to Rs 1.97 crore. Effective tax rate was 25.92% compared to 24.94%.

Profit after tax rose 226.81% to Rs 19.38 crore.

Equity capital stood at Rs 20.30 crore as of 30 June 2021 to Rs 20.30 crore as of 30 June 2020. Per share face Value remained same at Rs 10.00.

Promoters' stake was 55.57% as of 30 June 2021 compared to 55.57% as of 30 June 2020 .

For year-to-date (YTD) results analysis

Net sales (including other operating income) of Vesuvius India has increased 51.03% to Rs 520.64 crore. Operating profit margin has jumped from 9.81% to 9.87%, leading to 51.85% rise in operating profit to Rs 51.37 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 38.35% to 41.04%. Purchase of finished goods cost rose from 19.04% to 19.99%. Employee cost decreased from 9.82% to 7.24%. Other expenses fell from 22.96% to 21.94%.

Other income fell 24.31% to Rs 9.09 crore. PBIDT rose 31.89% to Rs 60.46 crore. Provision for interest remained nil. Loan funds remained nil. Inventories rose to Rs 143.73 crore as of 30 June 2021 from Rs 105.97 crore as of 30 June 2020. Sundry debtors were higher at Rs 224.86 crore as of 30 June 2021 compared to Rs 153.54 crore as of 30 June 2020. Cash and bank balance rose to Rs 532.82 crore as of 30 June 2021 from Rs 513.63 crore as of 30 June 2020.

PBDT rose 31.89% to Rs 60.46 crore. Provision for depreciation down 1.93% to Rs 12.73 crore. Fixed assets declined from Rs 145.08 crore as of 30 June 2020 to Rs 132.14 crore as of 30 June 2021. Intangible assets increased from Rs 0.43 crore to Rs 1.04 crore.

Profit before tax grew 45.25% to Rs 47.73 crore. Provision for tax was expense of Rs 12.22 crore, compared to Rs 8.28 crore. Effective tax rate was 25.60% compared to 25.20%.

Profit after tax rose 44.47% to Rs 35.51 crore.

Equity capital stood at Rs 20.30 crore as of 30 June 2021 to Rs 20.30 crore as of 30 June 2020. Per share face Value remained same at Rs 10.00.

Promoters' stake was 55.57% as of 30 June 2021 compared to 55.57% as of 30 June 2020 .

The scrip is currently trading at Rs 1254

Vesuvius India: Result
	2106 (03)	2006 (03)	Var.(%)	2106 (06)	2006 (06)	Var.(%)	2012 (12)	1912 (12)	Var(%)
Net Sales	272.1	139.16	96	520.64	344.73	51	791.51	887.04	-11
OPM(%)	10.2	5.9		9.9	9.8		9.7	13.6
OP	27.80	8.26	237	51.37	33.83	52	76.81	120.73	-36
Other Income	4.60	5.86	-22	9.09	12.01	-24	20.98	29.23	-28
PBIDT	32.40	14.12	129	60.46	45.84	32	97.79	149.96	-35
Interest	0.00	0.00		0.00	0.00		0.00	0.00
PBDT	32.40	14.12	129	60.46	45.84	32	97.79	149.96	-35
Depreciation	6.24	6.22	0	12.73	12.98	-2	26.24	26.55	-1
PBT	26.16	7.90	231	47.73	32.86	45	71.55	123.41	-42
EO	0.00	0.00		0.00	0.00		0.00	0.00
PBT after EO	26.16	7.90	231	47.73	32.86	45	71.55	123.41	-42
Total Tax provision^	6.78	1.97	244	12.22	8.28	48	18.50	37.86	-51
PAT	19.38	5.93	227	35.51	24.58	44	53.05	85.55	-38
EPS*	#	#		#	#		26.1	42.1
* Annualized On Current Equity Of Rs 20.30 Crore of face value of Rs 10 each
# EPS not annualised due to seasonality of the business
EO: Extraordinary Items
EPS Is Calculated After Excluding EO And Relevant Tax
Figures In Rs Crore
Source: Capitaline Database

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