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Vesuvius India net sales fell 9% to Rs 217.61 crore in Q3CY19 compared to Q3CY19. The company operating margins decreased 520 bps to 12% leading to 36% decrease in operating profits to Rs 26.08 crore. Cost of material consumed as a percentage of net sales (net of stock adjustment) increased 200 bps to 39.9%, purchase of stock in trade was up 10 bps to 19%, employee benefit expenses was up 60 bps to 6.8% and other expenses increased 280 bps to 22.5%.
Other income increased 74% to Rs 10.13 crore compared to Rs 5.82 crore. Interest cost was nil. Depreciation was down 3% to Rs 6.88 crore. PBT was down 26% to Rs 29.33 crore.
Effective rate of taxes was up 900 bps to 26%. PAT reported was down 17% to Rs 21.65 crore.
Performance for the nine months ended September 2019
For nine months ended September 2019, net sales fell 6% to Rs 658.95 crore. The company operating margins decreased 280 bps to 13.7%. As a result operating profits fell 22% to Rs 90.27 crore.
Other income rose 43% to Rs 22.9 crore. Interest cost nil. Depreciation fell 4% to Rs 20.35 crore. PBT was down 16% to Rs 92.82 crore.
Effective tax rate was down 300 bps to 32%. PAT reported was down 13% to Rs 62.85 crore.
Change in Chief Financial Officer: Mr Sanjoy Dutta , Chief Financial Officer of the Company. will step down as the Chief Financial Offier with effect from the close of office hours on November 30, 2019 and in his place Mr Sivasis Sen will be the Chief Financial Officer effective from December I. 2019.
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