Capitaline

Results 13-Aug-22

Analysis

Vesuvius India

Robust quarter

Vesuvius India standalone net sales increased 21.15% to Rs 329.65 crore in Q1FY23 compared to Q1FY22.

Operating profit margin has jumped from 10.22% to 12.43%, leading to 47.41% rise in operating profit to Rs 40.98 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 39.42% to 36.79%. Purchase of finished goods cost rose from 21.73% to 22.30%. Employee cost decreased from 6.91% to 5.90%. Other expenses rose from 21.77% to 22.90%.

Other income up 6.30% to Rs 4.89 crore. PBIDT rose 41.57% to Rs 45.87 crore. Provision for interest remained nil.

PBDT rose 41.57% to Rs 45.87 crore. Provision for depreciation rose 5.13% to Rs 6.56 crore.

Profit before tax grew 50.27% to Rs 39.31 crore. Provision for tax was expense of Rs 9.88 crore, compared to Rs 6.78 crore. Effective tax rate was 25.13% compared to 25.92%.

Profit after tax rose 51.86% to Rs 29.43 crore.

Equity capital stood at Rs 20.30 crore as of 30 June 2022 to Rs 20.30 crore as of 30 June 2021. Per share face Value remained same at Rs 10.00.

Promoters’ stake was 55.57% as of 30 June 2022 ,compared to 55.57% as of 30 June 2021 .

For year-to-date (YTD) results analysis

Net sales of Vesuvius India have increased 23.19% to Rs 641.39 crore.

Operating profit margin has jumped from 9.87% to 11.59%, leading to 44.75% rise in operating profit to Rs 74.36 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 41.04% to 38.32%. Purchase of finished goods cost rose from 19.99% to 22.63%. Employee cost decreased from 7.24% to 6.31%. Other expenses fell from 21.94% to 21.50%.

Other income up 11.99% to Rs 10.18 crore. PBIDT rose 39.83% to Rs 84.54 crore. Provision for interest remained nil. Loan funds remained nil. Inventories rose to Rs 241.44 crore as of 30 June 2022 from Rs 143.73 crore as of 30 June 2021. Sundry debtors were higher at Rs 245.00 crore as of 30 June 2022 compared to Rs 224.86 crore as of 30 June 2021. Cash and bank balance declined from Rs 532.82 crore as of 30 June 2021 to Rs 449.55 crore as of 30 June 2022.

PBDT rose 39.83% to Rs 84.54 crore. Provision for depreciation rose 6.28% to Rs 13.53 crore. Fixed assets increased to Rs 195.96 crore as of 30 June 2022 from Rs 132.14 crore as of 30 June 2021. Intangible assets declined from Rs 1.04 crore to Rs 0.61 crore.

Profit before tax grew 48.77% to Rs 71.01 crore. Provision for tax was expense of Rs 17.95 crore, compared to Rs 12.22 crore. Effective tax rate was 25.28% compared to 25.60%.

Profit after tax rose 49.42% to Rs 53.06 crore.

Promoters’ stake was 55.57% as of 30 June 2022 compared to 55.57% as of 30 June 2021.

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 scrip is currently trading at Rs 1187

Vesuvius India: Result
	2206 (03)	2106 (03)	Var.(%)	2206 (06)	2106 (06)	Var.(%)	2112 (12)	2012 (12)	Var(%)
Net Sales	329.65	272.10	21	641.39	520.64	23	1047.16	791.51	32
OPM(%)	12.4	10.2		11.6	9.9		9.5	9.7
OP	40.98	27.80	47	74.36	51.37	45	99.24	76.81	29
Other Income	4.89	4.60	6	10.18	9.09	12	19.66	20.98	-6
PBIDT	45.87	32.40	42	84.54	60.46	40	118.90	97.79	22
Interest	0.00	0.00		0.00	0.00		0.00	0.00
PBDT	45.87	32.40	42	84.54	60.46	40	118.90	97.79	22
Depreciation	6.56	6.24	5	13.53	12.73	6	27.34	26.24	4
PBT	39.31	26.16	50	71.01	47.73	49	91.56	71.55	28
EO	0.00	0.00		0.00	0.00		0.00	0.00
PBT after EO	39.31	26.16	50	71.01	47.73	49	91.56	71.55	28
Total Tax provision	9.88	6.78	46	17.95	12.22	47	23.51	18.50	27
PAT	29.43	19.38	52	53.06	35.51	49	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

Previous News

Vesuvius India schedules board meeting
( Corporate News - 24-Apr-24 10:30 )

Vesuvius India standalone net profit rises 86.03% in the September 2022 quarter
( Results - Announcements 15-Nov-22 08:47 )

Vesuvius India to convene AGM
( Corporate News - 10-Apr-23 10:01 )

Vesuvius India soars after stellar Q1 performance
( Hot Pursuit - 30-Apr-24 10:38 )

Vesuvius India Ltd leads losers in 'B' group
( Hot Pursuit - 28-Feb-23 14:45 )

Vesuvius India standalone net profit rises 15.19% in the September 2018 quarter
( Results - Announcements 02-Nov-18 11:37 )

Vesuvius India announces board meeting date
( Corporate News - 06-Apr-21 10:48 )

Board of Vesuvius India appoints CFO
( Corporate News - 28-Feb-23 09:31 )

Vesuvius India to announce Quarterly Result
( Corporate News - 16-May-20 10:27 )

Board of Vesuvius India recommends final dividend
( Corporate News - 28-Feb-23 10:17 )

Vesuvius India standalone net profit rises 226.81% in the June 2021 quarter
( Results - Announcements 13-Aug-21 08:22 )