Results 30-Oct-23
Analysis
Vesuvius India
Sharp improvement in margins
Standalone net sales (including other operating income) of Vesuvius India has increased 17.16% to Rs 413.38 crore. Operating profit margin has jumped from 14.16% to 19.86%, leading to 64.26% rise in operating profit to Rs 82.08 crore.
Raw material cost as a % of total sales (net of stock adjustments) decreased from 36.05% to 34.42%.
Purchase of finished goods cost fell from 22.38% to 20.41%.
Employee cost decreased from 6.90% to 6.79%.
Other expenses fell from 19.99% to 18.97%.
Other income up 36.89% to Rs 8.35 crore.
PBIDT rose 61.28% to Rs 90.43 crore.
Provision for interest remained nil.
PBDT rose 61.03% to Rs 90.29 crore.
Provision for depreciation rose 25.60% to Rs 9.47 crore.
Profit before tax grew 66.54% to Rs 80.82 crore.
Provision for tax was expense of Rs 20.54 crore, compared to Rs 12.44 crore.
Effective tax rate was 25.41% compared to 25.63%.
Profit after tax rose 67.03% to Rs 60.28 crore.
Promoters’ stake was 55.57% as of 30 September 2023 ,compared to 55.57% as of 30 September 2022 .
For year-to-date (YTD) results analysis
Net sales (including other operating income) of Vesuvius India has increased 19.32% to Rs 1,186.34 crore.
Operating profit margin has jumped from 12.51% to 17.44%, leading to 66.36% rise in operating profit to Rs 206.84 crore.
Raw material cost as a % of total sales (net of stock adjustments) decreased from 37.55% to 37.31%.
Purchase of finished goods cost fell from 22.54% to 19.36%.
Employee cost increased from 6.51% to 6.58%.
Other expenses fell from 20.98% to 19.55%.
Other income up 68.43% to Rs 27.42 crore.
PBIDT rose 66.60% to Rs 234.26 crore.
Provision for interest remained nil.
PBDT rose 66.50% to Rs 234.12 crore.
Provision for depreciation rose 19.51% to Rs 25.18 crore.
Profit before tax grew 74.79% to Rs 208.94 crore.
Provision for tax was expense of Rs 53.07 crore, compared to Rs 30.39 crore.
Effective tax rate was 25.40% compared to 25.42%.
Profit after tax rose 74.84% to Rs 155.87 crore.
Promoters’ stake was 55.57% as of 30 September 2023 ,compared to 55.57% as of 30 September 2022.
The scrip is currently trading at Rs 3397
Vesuvius India: Result
2309 (03)
2209 (03)
Var.(%)
2309 (09)
2209 (09)
Var.(%)
2212 (12)
2112 (12)
Var(%)
Net Sales
413.38
385.82
7
1186.34
994.21
19
1342.58
1047.16
28
OPM(%)
19.9
13.0
17.4
12.5
12.2
9.5
OP
82.08
49.97
64
206.84
124.33
66
163.86
99.24
65
Other Income
8.35
6.10
37
27.42
16.28
68
22.86
19.66
16
PBIDT
90.43
56.07
61
234.26
140.61
67
186.72
118.90
57
Interest
0.14
0.00
0.14
0.00
0.00
0.00
PBDT
90.29
56.07
61
234.12
140.61
67
186.72
118.90
57
Depreciation
9.47
7.54
26
25.18
21.07
20
29.86
27.34
9
PBT
80.82
48.53
67
208.94
119.54
75
156.86
91.56
71
EO
0.00
0.00
0.00
0.00
0.00
0.00
PBT after EO
80.82
48.53
67
208.94
119.54
75
156.86
91.56
71
Total Tax provision
20.54
12.44
65
53.07
30.39
75
40.07
23.51
70
PAT
60.28
36.09
67
155.87
89.15
75
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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