Results 11-Nov-21
Analysis
Vesuvius India
PBT up 58%
Vesuvius India standalone net sales increased 26.03% to Rs 267.59 crore in Q2FY22 compared to Q2FY21. Operating profit margin has jumped from 8.48% to 10.35%, leading to 53.80% rise in operating profit to Rs 27.70 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 41.58% to 38.62%. Purchase of finished goods cost rose from 17.83% to 22.38%. Employee cost decreased from 8.12% to 6.91%. Other expenses fell from 23.85% to 22.18%.
Other income up 16.09% to Rs 5.41 crore.
PBIDT rose 46.05% to Rs 33.11 crore.
Provision for interest remained nil.
PBDT rose 46.05% to Rs 33.11 crore.
Provision for depreciation rose 13.78% to Rs 7.02 crore.
Profit before tax grew 58.12% to Rs 26.09 crore.
Provision for tax was expense of Rs 6.69 crore, compared to Rs 4.27 crore.
Effective tax rate was 25.64% compared to 25.88%.
Profit after tax rose 58.63% to Rs 19.40 crore.
Promoters’ stake was 55.57% as of 30 September 2021 ,compared to 55.57% as of 30 September 2020 .
For year-to-date (YTD) results analysis
Net sales of Vesuvius India have increased 41.50% to Rs 788.23 crore. Operating profit margin has jumped from 9.31% to 10.03%, leading to 52.53% rise in operating profit to Rs 79.07 crore.
Raw material cost as a % of total sales (net of stock adjustments) increased from 39.57% to 40.20%. Purchase of finished goods cost rose from 18.58% to 20.82%. Employee cost decreased from 9.18% to 7.13%. Other expenses fell from 23.30% to 22.02%.
Other income fell 13.02% to Rs 14.5 crore.
PBIDT rose 36.58% to Rs 93.57 crore.
Provision for interest remained nil. PBDT rose 36.58% to Rs 93.57 crore. Provision for depreciation rose 3.13% to Rs 19.75 crore.
Profit before tax grew 49.55% to Rs 73.82 crore.
Provision for tax was expense of Rs 18.91 crore, compared to Rs 12.55 crore.
Effective tax rate was 25.62% compared to 25.43%.
Profit after tax rose 49.17% to Rs 54.91 crore.
Promoters’ stake was 55.57% as of 30 September 2021 compared to 55.57% as of 30 September 2020.
The Board of Directors has considered a proposal for acquisition of land at Visakhapatnam for a consideration of Rs. 50 crore (approx.) to meet the future expansion plans of the company, to be financed through internal accruals of the company. The scrip is currently trading at Rs 1150
Vesuvius India: Result
2109 (03)
2009 (03)
Var.(%)
2109 (09)
2009 (09)
Var.(%)
2012 (12)
1912 (12)
Var(%)
Net Sales
267.59
212.32
26
788.23
557.05
42
791.51
887.04
-11
OPM(%)
10.4
8.5
10.0
9.3
9.7
13.6
OP
27.70
18.01
54
79.07
51.84
53
76.81
120.73
-36
Other Income
5.41
4.66
16
14.50
16.67
-13
20.98
29.23
-28
PBIDT
33.11
22.67
46
93.57
68.51
37
97.79
149.96
-35
Interest
0.00
0.00
0.00
0.00
0.00
0.00
PBDT
33.11
22.67
46
93.57
68.51
37
97.79
149.96
-35
Depreciation
7.02
6.17
14
19.75
19.15
3
26.24
26.55
-1
PBT
26.09
16.50
58
73.82
49.36
50
71.55
123.41
-42
EO
0.00
0.00
0.00
0.00
0.00
0.00
PBT after EO
26.09
16.50
58
73.82
49.36
50
71.55
123.41
-42
Total Tax provision^
6.69
4.27
57
18.91
12.55
51
18.50
37.86
-51
PAT
19.40
12.23
59
54.91
36.81
49
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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