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Vesuvius India reported a 7% increase in net sales to Rs 155.06 crore for Mar'14 quarter. OPM was down by 270 bps to 17.5%, although on a higher base, but largely due to higher raw material costs, resulting in a 7% fall in OP. Other income was up by 104% and depreciation was up by 18%, while the interest cost was Nil. All these lead to a 7% fall in PBT. Finally, after paying total tax of Rs 8.38 crore, down by 1%, PAT for March 2014 quarter was down by 10% YoY to Rs 15.93 crore.
Performance for quarter ended Mar'14
For the quarter ended Mar'14, the net sale for Vesuvius India is up by 7% to Rs 155.06 crore. Raw material costs and other costs as a % to net sales, net of stock adjustments, is down by 60 bps and 10 bps respectively to 37.4% and 20.3%. Purchase of trading goods and Employee costs as a % to net sales, net of stock adjustments is up by 260 bps and 40 bps, respectively to 18% and 20.3%. These led the OPM to go down by 270 bps to 17.5% and thus OP was down by 7% to Rs 27.15 crore.
The other income was up by 104% to Rs 2 crore. Depreciation was up by 18% to Rs 4.84 crore. After providing total tax of Rs 8.38 crore, down by 1% YoY, PAT for Mar'14 quarter stood at Rs 15.93 crore, down by 10% y.o.y.
Performance for year ended Dec 2013
For year ended Dec'2013, the company reported net sales growth of 7% to Rs 601.75 crore. OPM was up by about 120 bps to 18.4%, resulting in almost 14% growth in OP to 110.85 crore. The other income was up by 176% to Rs 5.72 crore. The interest costs stood at Rs 7 lakh and depreciation was up by 7% to Rs 17.56 crore. After providing total tax of Rs 33.77 crore, up by about 26%, PAT was up by 17% and stood at Rs 65.17 crore for year ending Dec'13.
The promoter shareholding is around 55.57% and none of them are pledged.
Share price trades at Rs 535.
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