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Vesuvius India reported 4% rise in net sales for Q1 CY'13. The OP however was up by 44%, thanks to a 560 bps jump in OPM on y.o.y basis. Lower margin base of Q1 CY'12 together with some price increases taken in Q4 CY'12 led to the spurt in margins.
Higher other income and almost flattish depreciation, helped in PAT, being up by 53% y.o.y.
Performance for the quarter ended March 2013
For Q1 CY'13, Vesuvius India reported net sales growth of 4% to Rs 144.58 crore. Raw material costs as a % to net sales, net of stock adjustment, was down by 440 bps to 52.6%. While the employee costs as a % of net sales net of stock adjustment was slightly up by 20 bps to 6.5%, the other expenses as a % of net sales, net of stock adjustment, was down by about 130 bps to 20.7%. All these, resulted in a 44% increase in OP to Rs 29.24 crore.
The other income was up by 24% to Rs 0.98 crore. Depreciation was up by 2% to Rs 4.10 crore. After providing total tax of Rs 8.48 crore, up by 53%, PAT for Mar'13 quarter stood at Rs 17.64 crore, up by 53% y.o.y.
Performance for year ended Dec 2012
For year ended Dec'2012, the company reported net sales growth of 4% to Rs 563.79 crore. OPM was down by about 40 bps to 17.2%, resulting in almost 1% growth in OP to 96.97 crore.
The other income was flat at Rs 2.07 crore. The interest costs was down by 90 bps at 0.06 crore and depreciation was up by 11% to Rs 16.35 crore. After providing total tax of Rs 26.87 crore, down by about 2%, PAT was up by 1% and stood at Rs 55.76 crore for year ending Dec'12.
Other developments
The promoter shareholding is around 55.57% and none of them are pledged.
Share price trades at Rs 362.
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