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Vesuvius India
standalone net sales increased 34.54% to Rs 348.37 crore in Q4CY22 compared to
Q4CY21. Operating profit margin has
jumped from 7.79% to 11.35%, leading to 95.98% rise in operating profit to Rs
39.53 crore. Raw material cost as a % of
total sales (net of stock adjustments) decreased from 41.68% to 38.21%. Purchase of finished goods cost rose from
21.78% to 22.80%. Employee cost
decreased from 7.52% to 7.16%. Other
expenses fell from 22.08% to 20.61%.
Other income up
27.52% to Rs 6.58 crore. PBIDT rose
82.04% to Rs 46.11 crore. Provision for
interest remained nil. Loan funds
remained nil.
PBDT rose 82.04% to
Rs 46.11 crore. Provision for
depreciation rose 15.81% to Rs 8.79 crore.
Profit before tax
grew 110.37% to Rs 37.32 crore.
Provision for tax was expense of Rs 9.68 crore, compared to Rs 4.6
crore. Effective tax rate was 25.94%
compared to 25.93%.
Profit after tax rose
110.35% to Rs 27.64 crore.
Equity capital stood
at Rs 20.30 crore as of 31 December 2022 to Rs 20.30 crore as of 31 December
2021. Per share face Value remained same
at Rs 10.00.
Promoters’ stake was
55.57% as of 31 December 2022 ,compared to 55.57% as of 31 December 2021 .
Full year results analysis
Net sales (including
other operating income) of Vesuvius India has increased 28.21% to Rs 1,342.58
crore. Operating profit margin has
jumped from 9.48% to 12.20%, leading to 65.11% rise in operating profit to Rs
163.86 crore. Raw material cost as a %
of total sales (net of stock adjustments) decreased from 40.59% to 37.72%. Purchase of finished goods cost rose from
21.07% to 22.61%. Employee cost
decreased from 7.23% to 6.68%. Other
expenses fell from 22.04% to 20.89%.
Other income up
16.28% to Rs 22.86 crore. PBIDT rose
57.04% to Rs 186.72 crore. Provision for
interest remained nil. Loan funds
remained nil. Inventories declined from
Rs 213.11 crore as of 31 December 2021 to Rs 204.05 crore as of 31 December
2022. Sundry debtors were higher at Rs
209.36 crore as of 31 December 2022 compared to Rs 163.97 crore as of 31
December 2021. Cash and bank balance
rose to Rs 567.96 crore as of 31 December 2022 from Rs 553.94 crore as of 31
December 2021.
PBDT rose 57.04% to
Rs 186.72 crore. Provision for depreciation
rose 9.22% to Rs 29.86 crore. Fixed
assets increased to Rs 231.05 crore as of 31 December 2022 from Rs 142.23 crore
as of 31 December 2021. Intangible
assets increased from Rs 0.82 crore to Rs 1.32 crore.
Profit before tax
grew 71.32% to Rs 156.86 crore.
Provision for tax was expense of Rs 40.07 crore, compared to Rs 23.51
crore. Effective tax rate was 25.55%
compared to 25.68%.
Profit after tax rose
71.62% to Rs 116.79 crore.
Equity capital stood
at Rs 20.30 crore as of 31 December 2022 to Rs 20.30 crore as of 31 December
2021. Per share face Value remained same
at Rs 10.00.
Promoters’ stake was
55.57% as of 31 December 2022 ,compared to 55.57% as of 31 December 2021 .
Cash flow from
operating activities increased to Rs 128.48 crore for year ended December 2022
from Rs 26.68 crore for year ended December 2021. Cash flow used in acquiring fixed assets
during the year ended December 2022 stood at Rs 112.90 crore, compared to Rs
31.95 crore during the year ended December 2021.
The Board of
Directors has recommended payment of dividend of Rs. 8.25/- per share of
nominal value Rs. 10/- each for the year ended December 31, 2022 at their
meeting held on February 27, 2023.
The scrip is
currently trading at Rs 1800
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Vesuvius India: Result
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2212 (03)
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2112 (03)
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Var.(%)
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2212 (12)
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2112 (12)
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Var(%)
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Net Sales
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348.37
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258.93
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35
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1342.58
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1047.16
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28
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OPM(%)
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11.3
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7.8
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12.2
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9.5
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OP
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39.53
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20.17
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96
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163.86
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99.24
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65
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Other Income
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6.58
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5.16
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28
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22.86
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19.66
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16
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PBIDT
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46.11
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25.33
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82
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186.72
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118.90
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57
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Interest
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0.00
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0.00
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0.00
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0.00
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PBDT
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46.11
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25.33
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82
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186.72
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118.90
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57
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Depreciation
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8.79
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7.59
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16
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29.86
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27.34
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9
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PBT
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37.32
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17.74
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110
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156.86
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91.56
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71
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EO
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0.00
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0.00
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0.00
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0.00
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PBT after EO
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37.32
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17.74
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110
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156.86
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91.56
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71
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Total Tax provision
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9.68
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4.60
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110
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40.07
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23.51
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70
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PAT
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27.64
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13.14
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110
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116.79
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68.05
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72
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EPS*
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#
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#
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57.5
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33.5
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* Annualized On Current
Equity Of Rs 20.30 Crore of face value of Rs 10 each
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# EPS not annualised due to
seasonality of the business
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EO: Extraordinary Items
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EPS Is Calculated After
Excluding EO And Relevant Tax
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Figures In Rs Crore
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Source: Capitaline Database
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