Capitaline

Results 24-Feb-22

Analysis

Vesuvius India

Sales up 10%, OP down 19%

Vesuvius India standalone net sales increased 10.44% to Rs 258.93 crore in Q4CY21 compared to Q4CY20. Operating profit margin has declined from 10.65% to 7.79%, leading to 19.22% decline in operating profit to Rs 20.17 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 40.47% to 41.68%. Purchase of finished goods cost rose from 21.12% to 21.78%. Employee cost increased from 5.86% to 7.52%. Other expenses rose from 21.98% to 22.08%.

Other income up 19.72% to Rs 5.16 crore. PBIDT fell 13.49% to Rs 25.33 crore. Provision for interest remained nil. PBDT fell 13.49% to Rs 25.33 crore. Provision for depreciation rose 7.05% to Rs 7.59 crore. Profit before tax was down 20.05% to Rs 17.74 crore. Provision for tax was expense of Rs 4.6 crore, compared to Rs 5.95 crore. Effective tax rate was 25.93% compared to 26.81%. Profit after tax fell 19.09% to Rs 13.14 crore.

Promoters’ stake was 55.57% as of 31 December 2021 compared to 55.57% as of 31 December 2020.

Full year results analysis

Net sales of Vesuvius India have increased 32.30% to Rs 1,047.16 crore. Operating profit margin has declined from 9.70% to 9.48%, leading to 29.20% rise in operating profit to Rs 99.24 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 39.84% to 40.59%. Purchase of finished goods cost rose from 19.34% to 21.07%. Employee cost decreased from 8.18% to 7.23%. Other expenses fell from 22.90% to 22.04%.

Other income fell 6.29% to Rs 19.66 crore. PBIDT rose 21.59% to Rs 118.9 crore. Provision for interest remained nil. Loan funds remained nil. Inventories rose to Rs 213.11 crore as of 31 December 2021 from Rs 116.96 crore as of 31 December 2020. Sundry debtors were higher at Rs 163.97 crore as of 31 December 2021 compared to Rs 163.39 crore as of 31 December 2020. Cash and bank balance declined from Rs 559.27 crore as of 31 December 2020 to Rs 553.94 crore as of 31 December 2021.

PBDT rose 21.59% to Rs 118.9 crore. Provision for depreciation rose 4.19% to Rs 27.34 crore. Fixed assets increased to Rs 142.23 crore as of 31 December 2021 from Rs 139.85 crore as of 31 December 2020. Intangible assets declined from Rs 1.31 crore to Rs 0.82 crore.

Profit before tax grew 27.97% to Rs 91.56 crore. Provision for tax was expense of Rs 23.51 crore, compared to Rs 18.5 crore. Effective tax rate was 25.68% compared to 25.86%.

Profit after tax rose 28.28% to Rs 68.05 crore.

Equity capital stood at Rs 20.30 crore as of 31 December 2021 to Rs 20.30 crore as of 31 December 2020. Per share face Value remained same at Rs 10.00.

Promoters’ stake was 55.57% as of 31 December 2021 compared to 55.57% as of 31 December 2020.

The Board of Directors has recommended payment of dividend of Rs. 8/- per share of nominal value Rs l 0/- each for the year ended December 31, 2021 at their meeting held on February 24, 2022. The dividend is subject to the approval by the members at the ensuing Annual General Meeting 10 be held on May 6, 2022

The scrip is currently trading at Rs 1031

Vesuvius India: Result
	2112 (03)	2012 (03)	Var.(%)	2112 (12)	2012 (12)	Var(%)
Net Sales	258.93	234.46	10	1047.16	791.51	32
OPM(%)	7.8	10.7		9.5	9.7
OP	20.17	24.97	-19	99.24	76.81	29
Other Income	5.16	4.31	20	19.66	20.98	-6
PBIDT	25.33	29.28	-13	118.90	97.79	22
Interest	0.00	0.00		0.00	0.00
PBDT	25.33	29.28	-13	118.90	97.79	22
Depreciation	7.59	7.09	7	27.34	26.24	4
PBT	17.74	22.19	-20	91.56	71.55	28
EO	0.00	0.00		0.00	0.00
PBT after EO	17.74	22.19	-20	91.56	71.55	28
Total Tax provision	4.60	5.95	-23	23.51	18.50	27
PAT	13.14	16.24	-19	68.05	53.05	28
EPS*	#	#		33.5	26.1
* 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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