Capitaline

Results 15-May-23

Analysis

Vesuvius India

Impressive performance

Vesuvius India standalone net sales increased 18.02% to Rs 367.91 crore in Q1CY23 compared to Q1CY22. Operating profit margin has jumped from 10.71% to 14.95%, leading to 64.83% rise in operating profit to Rs 55.02 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 39.93% to 39.52%. Purchase of finished goods cost fell from 22.98% to 19.24%. Employee cost increased from 6.74% to 6.80%. Other expenses fell from 20.03% to 19.60%.

Other income up 102.08% to Rs 10.69 crore. PBIDT rose 69.93% to Rs 65.71 crore. Provision for interest remained nil.

PBDT rose 69.93% to Rs 65.71 crore. Provision for depreciation rose 9.18% to Rs 7.61 crore.

Profit before tax grew 83.28% to Rs 58.10 crore. Provision for tax was expense of Rs 14.75 crore, compared to Rs 8.07 crore. Effective tax rate was 25.39% compared to 25.46%.

Profit after tax rose 83.45% to Rs 43.35 crore.

Promoters’ stake was 55.57% as of 31 March 2023 compared to 55.57% as of 31 March 2022 .

Full year results analysis

Net sales of Vesuvius India have 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.

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 scrip is currently trading at Rs 1889

Vesuvius India: Result
	2303 (03)	2203 (03)	Var.(%)	2212 (12)	2112 (12)	Var(%)
Net Sales	367.91	311.74	18	1342.58	1047.16	28
OPM(%)	15.0	10.7		12.2	9.5
OP	55.02	33.38	65	163.86	99.24	65
Other Income	10.69	5.29	102	22.86	19.66	16
PBIDT	65.71	38.67	70	186.72	118.90	57
Interest	0.00	0.00		0.00	0.00
PBDT	65.71	38.67	70	186.72	118.90	57
Depreciation	7.61	6.97	9	29.86	27.34	9
PBT	58.10	31.70	83	156.86	91.56	71
EO	0.00	0.00		0.00	0.00
PBT after EO	58.10	31.70	83	156.86	91.56	71
Total Tax provision	14.75	8.07	83	40.07	23.51	70
PAT	43.35	23.63	83	116.79	68.05	72
EPS*	#	#		57.5	33.5
* 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 to discuss results
( Corporate News - 31-Jan-24 14:12 )

Vesuvius India standalone net profit rises 58.66% in the March 2024 quarter
( Results - Announcements 30-Apr-24 07:29 )

DCB Bank Ltd leads gainers in 'A' group
( Hot Pursuit - 09-May-22 12:00 )

Vesuvius India to announce Quarterly Result
( Corporate News - 17-Oct-23 11:15 )

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

Vesuvius India to hold AGM
( Corporate News - 28-Feb-19 17:25 )

Vesuvius India to hold board meeting
( Corporate News - 19-Dec-18 18:01 )

Vesuvius India to conduct board meeting
( Corporate News - 14-Oct-19 17:22 )

Vesuvius India standalone net profit rises 6.55% in the December 2014 quarter
( Results - Announcements 25-Feb-15 08:23 )

Volumes soar at Vesuvius India Ltd counter
( Hot Pursuit - 12-Aug-20 14:30 )

Board of Vesuvius India recommends final dividend
( Corporate News - 28-Feb-19 17:25 )