Capitaline

Results 11-Feb-22

Analysis

Foseco India

OP up 24%

Foseco India standalone net sales increased 6.31% to Rs 87.46 crore in Q3FY22 compared to Q3FY21. Operating profit margin has jumped from 11.44% to 13.35%, leading to 24.12% rise in operating profit to Rs 11.68 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 54.23% to 53.77%. Purchase of finished goods cost rose from 2.69% to 3.10%. Employee cost increased from 10.75% to 11.49%. Other expenses fell from 20.89% to 18.47%.

Other income fell 54.44% to Rs 0.82 crore. PBIDT rose 11.51% to Rs 12.5 crore. Provision for interest remained nil. PBDT rose 11.51% to Rs 12.5 crore. Provision for depreciation rose 11.11% to Rs 1.6 crore. Profit before tax grew 11.57% to Rs 10.90 crore. Provision for tax was expense of Rs 2.79 crore, compared to Rs 2.58 crore. Effective tax rate was 25.60% compared to 26.41%. Profit after tax rose 12.80% to Rs 8.11 crore.

Promoters’ stake was 74.98% as of 31 December 2021 compared to 74.98% as of 31 December 2020.

Full year results analysis

Net sales of Foseco India have increased 34.58% to Rs 338.01 crore. Operating profit margin has jumped from 8.28% to 12.90%, leading to 109.67% rise in operating profit to Rs 43.59 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 53.00% to 53.96%. Purchase of finished goods cost rose from 2.26% to 3.08%. Employee cost decreased from 14.31% to 11.33%. Other expenses fell from 21.98% to 18.81%.

Other income fell 9.66% to Rs 5.61 crore. PBIDT rose 82.22% to Rs 49.2 crore. Provision for interest remained nil. Loan funds remained nil. Inventories rose to Rs 22.57 crore as of 31 December 2021 from Rs 12.51 crore as of 31 December 2020. Sundry debtors were higher at Rs 74.20 crore as of 31 December 2021 compared to Rs 64.91 crore as of 31 December 2020. Cash and bank balance rose to Rs 149.81 crore as of 31 December 2021 from Rs 137.01 crore as of 31 December 2020.

PBDT rose 82.22% to Rs 49.2 crore. Provision for depreciation down 0.51% to Rs 5.88 crore. Fixed assets increased to Rs 35.67 crore as of 31 December 2021 from Rs 35.62 crore as of 31 December 2020.

Profit before tax grew 105.41% to Rs 43.32 crore. Provision for tax was expense of Rs 10.65 crore, compared to Rs 5.65 crore. Effective tax rate was 24.58% compared to 26.79%.

Profit after tax rose 111.59% to Rs 32.67 crore.

Equity capital stood at Rs 6.39 crore as of 31 December 2021 to Rs 6.39 crore as of 31 December 2020. Per share face Value remained same at Rs 10.00.

Promoters’ stake was 74.98% as of 31 December 2021 ,compared to 74.98% as of 31 December 2020 .

Cash flow from operating activities decreased to Rs 19.74 crore for year ended December 2021 from Rs 30.29 crore for year ended December 2020. Cash flow used in acquiring fixed assets during the year ended December 2021 stood at Rs 5.47 crore, compared to Rs 4.42 crore during the year ended December 2020.

The scrip is currently trading at Rs 1455.

Foseco India : Standalone Results
Particulars	2112 (03)	2012 (03)	Var.(%)	2112 (12)	2012 (12)	Var.(%)
Net Sales	87.46	82.27	6	338.01	251.15	35
OPM (%)	13.4	11.4		12.9	8.3
OP	11.68	9.41	24	43.59	20.79	110
Other Inc.	0.82	1.8	-54	5.61	6.21	-10
PBIDT	12.5	11.21	12	49.2	27	82
Interest	0	0		0	0
PBDT	12.5	11.21	12	49.2	27	82
Depreciation	1.6	1.44	11	5.88	5.91	-1
PBT	10.90	9.77	12	43.32	21.09	105
Taxation	2.79	2.58	8	10.65	5.65	88
PAT	8.11	7.19	13	32.67	15.44	112
PPA	0	0		0	0
Net Profit	8.11	7.19	13	32.67	15.44	112
EPS (Rs)*	#	#		51.1	24.2
Notes
* EPS is on current equity of Rs 6.39 crore, Face value of Rs 10, Excluding extraordinary items.
# EPS is not annualised
bps : Basis points
EO : Extraordinary items
Figures in Rs crore
Source: Capitaline Corporate Database

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