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Foseco India net sales fell 2% to Rs 86.32 crore in Q2CY19 compared to Q2CY19. The company operating margins increased 60 bps to 15.6% leading to 1% increase in operating profits to Rs 13.45 crore. Cost of material consumed as a percentage of net sales (net of stock adjustment) was down 390 bps to 53.2%, purchase of stock in trade was down 20 bps to 1.7% while employee benefit expenses was up 110 bps to 10.5% and other expenses increased 230 bps to 18.9%.
Other income increased 74% to Rs 1.91 crore compared to Rs 1.09 crore. Interest cost was nil compared to Rs 0.11 crore. Depreciation was down 14% to Rs 1 crore. PBT was up 10% to Rs 14.36 crore.
Effective rate of taxes was flat at 35.5%. PAT reported was up 10% to Rs 9.26 crore.
Performance for the half year ended June 2019
For half year ended June 2019, net sales fell 6% to Rs 170.48 crore. The company operating margins increased 120 bps to 15.5%. As a result operating profits rose 1% to Rs 26.41 crore.
Other income rose 73% to Rs 3.26 crore. Interest cost nil compared to Rs 0.19 crore. Depreciation fell 16% to Rs 1.97 crore. PBT was up 9% to Rs 27.7 crore.
Effective tax rate was down 20 bps to 35.4%. PAT reported was up 9% to Rs 17.88 crore.
Performance for the year ended December 2018
For year ended December 2018, net sales rose 1% to Rs 362.16 crore. The company operating margins decreased 50 bps to 13.9%. As a result operating profits fell 2% to Rs 50.69 crore.
Other income rose 75% to Rs 4.43 crore. Interest cost was Rs 0.21 crore compared to Rs 0.35 crore. Depreciation fell 15% to Rs 4.54 crore. PBT was up 4% to Rs 50.07 crore.
Effective tax rate was up 150 bps to 36%. PAT reported was up 1% to Rs 32.04 crore.
The scrip is currently trading at Rs 1197
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