Capitaline

Results 04-May-23

Analysis

Foseco India

OP up 1%, NP up 17%

Foseco India standalone net sales increased 12.37% to Rs 110.95 crore in Q1CY23 compared to Q1CY22. Operating profit margin has declined from 15.46% to 13.96%, leading to 1.44% rise in operating profit to Rs 15.49 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 53.90% to 51.63%. Purchase of finished goods cost rose from 2.91% to 3.84%. Employee cost increased from 10.68% to 12.59%. Other expenses rose from 17.22% to 18.53%.

Other income was up 110.93% to Rs 5.21 crore. PBIDT rose 16.69% to Rs 20.7 crore. Provision for interest remained nil.

PBDT rose 16.69% to Rs 20.7 crore. Provision for depreciation was down 3.70% to Rs 1.56 crore.

Profit before tax grew 18.73% to Rs 19.14 crore. Provision for tax was expense of Rs 4.9 crore, compared to Rs 3.9 crore. Effective tax rate was 25.60% compared to 24.19%.

Profit after tax rose 16.53% to Rs 14.24 crore.

Promoters’ stake was 74.98% as of 31 March 2023 compared to 74.98% as of 31 March 2022.

Full year results analysis

Net sales (including other operating income) of Foseco India has increased 20.33% to Rs 406.74 crore. Operating profit margin has jumped from 12.90% to 15.43%, leading to 43.96% rise in operating profit to Rs 62.75 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 53.96% to 53.02%. Purchase of finished goods cost rose from 3.08% to 3.34%. Employee cost decreased from 11.33% to 10.88%. Other expenses fell from 18.81% to 17.37%.

Other income was up 33.33% to Rs 7.48 crore. PBIDT rose 42.74% to Rs 70.23 crore. Provision for interest remained nil. Loan funds remained nil. Inventories declined from Rs 22.57 crore as of 31 December 2021 to Rs 20.02 crore as of 31 December 2022. Sundry debtors were higher at Rs 85.14 crore as of 31 December 2022 compared to Rs 74.20 crore as of 31 December 2021. Cash and bank balance rose to Rs 189.22 crore as of 31 December 2022 from Rs 149.81 crore as of 31 December 2021.

PBDT rose 42.74% to Rs 70.23 crore. Provision for depreciation rose 51.36% to Rs 8.9 crore. Fixed assets declined from Rs 35.67 crore as of 31 December 2021 to Rs 31.81 crore as of 31 December 2022.

Profit before tax grew 41.57% to Rs 61.33 crore. Provision for tax was expense of Rs 15.36 crore, compared to Rs 10.65 crore. Effective tax rate was 25.04% compared to 24.58%.

Profit after tax rose 40.71% to Rs 45.97 crore.

Promoters’ stake was 74.98% as of 31 December 2022 compared to 74.98% as of 31 December 2021 .

Cash flow from operating activities increased to Rs 58.71 crore for year ended December 2022 from Rs 19.82 crore for year ended December 2021. Cash flow used in acquiring fixed assets during the year ended December 2022 stood at Rs 8.05 crore, compared to Rs 5.47 crore during the year ended December 2021.

The scrip is currently trading at Rs 2419.

Foseco India : Standalone Results
Particulars	2303 (03)	2203 (03)	Var. (%)	2212 (12)	2112 (12)	Var. (%)
Net Sales	110.95	98.74	12	406.74	338.01	20
OPM (%)	14.0	15.5		15.4	12.9
OP	15.49	15.27	1	62.75	43.59	44
Other Inc.	5.21	2.47	111	7.48	5.61	33
PBIDT	20.70	17.74	17	70.23	49.2	43
Interest	0	0		0	0
PBDT	20.70	17.74	17	70.23	49.2	43
Depreciation	1.56	1.62	-4	8.9	5.88	51
PBT	19.14	16.12	19	61.33	43.32	42
Taxation	4.90	3.9	26	15.36	10.65	44
PAT	14.24	12.22	17	45.97	32.67	41
PPA	0	0		0	0
Net Profit	14.24	12.22	17	45.97	32.67	41
EPS (Rs)*	#	#		71.9	51.1
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

Previous News

Foseco India
( Results - Analysis 01-May-24 07:23 )

Foseco India
( Results - Analysis 30-Jul-22 07:27 )

Foseco India standalone net profit rises 12.80% in the December 2021 quarter
( Results - Announcements 11-Feb-22 07:59 )

Foseco India
( Results - Analysis 28-Jul-21 08:06 )

Foseco India to hold board meeting
( Corporate News - 17-Apr-21 10:19 )

Foseco India appoints director
( Corporate News - 28-Dec-20 16:49 )

Foseco India standalone net profit declines 8.55% in the December 2019 quarter
( Results - Announcements 30-Jan-20 09:23 )

Foseco India
( Results - Analysis 31-Oct-19 18:12 )

Board of Foseco India approves change in CFO
( Corporate News - 20-Feb-21 15:08 )

Foseco India MD resigns
( Corporate News - 28-Dec-20 16:48 )

Foseco India fixes record date for interim dividend
( Market Beat - Reports 22-Oct-20 18:18 )