Capitaline

Results 27-Jul-23

Analysis

Vesuvius India

Solid performance

Vesuvius India standalone net sales increased 22.87% to Rs 405.05 crore in Q2CY24 compared to Q2CY23. Operating profit margin has jumped from 12.43% to 17.22%, leading to 70.18% rise in operating profit to Rs 69.74 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 36.79% to 38.31%. Purchase of finished goods cost fell from 22.30% to 18.39%. Employee cost increased from 5.90% to 6.16%. Other expenses fell from 22.90% to 20.09%.

Other income up 71.37% to Rs 8.38 crore. PBIDT rose 70.31% to Rs 78.12 crore. Provision for interest remained nil. Loan funds remained nil. Inventories declined from Rs 241.44 crore as of 30 June 2022 to Rs 230.62 crore as of 30 June 2023. Sundry debtors were higher at Rs 247.43 crore as of 30 June 2023 compared to Rs 245.00 crore as of 30 June 2022. Cash and bank balance rose to Rs 586.50 crore as of 30 June 2023 from Rs 449.55 crore as of 30 June 2022.

PBDT rose 70.31% to Rs 78.12 crore. Provision for depreciation rose 23.48% to Rs 8.1 crore. Fixed assets increased to Rs 249.44 crore as of 30 June 2023 from Rs 195.96 crore as of 30 June 2022. Intangible assets increased from Rs 0.61 crore to Rs 1.22 crore.

Profit before tax grew 78.12% to Rs 70.02 crore. Provision for tax was expense of Rs 17.78 crore, compared to Rs 9.88 crore. Effective tax rate was 25.39% compared to 25.13%. Profit after tax rose 77.51% to Rs 52.24 crore.

Equity capital stood at Rs 20.30 crore as of 30 June 2023 to Rs 20.30 crore as of 30 June 2022. Per share face Value remained same at Rs 10.00.

Promoters’ stake was 55.57% as of 30 June 2023 ,compared to 55.57% as of 30 June 2022 .

The company has planned capex of Rs 87.70 crore to be funded through interna accruals for setting up a new plant for manufacturing of Monolithics Refractory at Anakapalli (Visakhapatnam), Andhra Pradesh to meet the growing demand. The company expects the new plant to add 120000 tonne per year to its production capacity by September 2024.

For year-to-date (YTD) results analysis

Net sales of Vesuvius India have increased 20.51% to Rs 772.96 crore. Operating profit margin has jumped from 11.59% to 16.14%, leading to 67.78% rise in operating profit to Rs 124.76 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 38.32% to 38.88%. Purchase of finished goods cost fell from 22.63% to 18.79%. Employee cost increased from 6.31% to 6.46%. Other expenses fell from 21.50% to 19.86%.

Other income up 87.33% to Rs 19.07 crore. PBIDT rose 70.13% to Rs 143.83 crore. Provision for interest remained nil. Loan funds remained nil. Inventories declined from Rs 241.44 crore as of 30 June 2022 to Rs 230.62 crore as of 30 June 2023. Sundry debtors were higher at Rs 247.43 crore as of 30 June 2023 compared to Rs 245.00 crore as of 30 June 2022. Cash and bank balance rose to Rs 586.50 crore as of 30 June 2023 from Rs 449.55 crore as of 30 June 2022.

PBDT rose 70.13% to Rs 143.83 crore. Provision for depreciation rose 16.11% to Rs 15.71 crore. Fixed assets increased to Rs 249.44 crore as of 30 June 2023 from Rs 195.96 crore as of 30 June 2022. Intangible assets increased from Rs 0.61 crore to Rs 1.22 crore.

Profit before tax grew 80.43% to Rs 128.12 crore. Provision for tax was expense of Rs 32.53 crore, compared to Rs 17.95 crore. Effective tax rate was 25.39% compared to 25.28%. Profit after tax rose 80.15% to Rs 95.59 crore.

Equity capital stood at Rs 20.30 crore as of 30 June 2023 to Rs 20.30 crore as of 30 June 2022. Per share face Value remained same at Rs 10.00.

Promoters’ stake was 55.57% as of 30 June 2023 ,compared to 55.57% as of 30 June 2022 .

Cash flow from operating activities has turned positive Rs 70.12 crore for YTD ended June 2023 from negative Rs 23.92 crore for YTD ended June 2022. Cash flow used in acquiring fixed assets during the YTD ended June 2023 stood at Rs 47.95 crore, compared to Rs 71.43 crore during the YTD ended June 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 2682

Vesuvius India: Result
	2306 (03)	2206 (03)	Var.(%)	2306 (06)	2206 (06)	Var.(%)	2212 (12)	2112 (12)	Var(%)
Net Sales	405.05	329.65	23	777.96	641.39	21	1342.58	1047.16	28
OPM(%)	17.2	12.4		16.0	11.6		12.2	9.5
OP	69.74	40.98	70	124.76	74.36	68	163.86	99.24	65
Other Income	8.38	4.89	71	19.07	10.18	87	22.86	19.66	16
PBIDT	78.12	45.87	70	143.83	84.54	70	186.72	118.90	57
Interest	0.00	0.00		0.00	0.00		0.00	0.00
PBDT	78.12	45.87	70	143.83	84.54	70	186.72	118.90	57
Depreciation	8.10	6.56	23	15.71	13.53	16	29.86	27.34	9
PBT	70.02	39.31	78	128.12	71.01	80	156.86	91.56	71
EO	0.00	0.00		0.00	0.00		0.00	0.00
PBT after EO	70.02	39.31	78	128.12	71.01	80	156.86	91.56	71
Total Tax provision	17.78	9.80	81	32.53	17.95	81	40.07	23.51	70
PAT	52.24	29.51	77	95.59	53.06	80	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

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