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Foseco India net sales fell 18% to Rs 73.72 crore in Q4CY19 compared to Q4CY19. The company operating margins decreased 70 bps to 11.9% leading to 22% decrease in operating profits to Rs 8.72 crore. Cost of material consumed as a percentage of net sales (net of stock adjustment) was up 280 bps to 58.2%, purchase of stock in trade was down 40 bps to 1.4% while employee benefit expenses was down 220 bps to 8.8% and other expenses increased 140 bps to 20.5%.
Other income increased 98% to Rs 2.36 crore compared to Rs 1.19 crore. Interest cost was nil compared to Rs 0.01 crore. Depreciation was up 12% to Rs 1.14 crore. PBT was down 13% to Rs 9.94 crore.
Effective rate of taxes down 300 bps to 35.4%. PAT reported was down 9% to Rs 6.42 crore.
Performance for year ended December 2019
For year ended December 2019, net sales fell 11% to Rs 322.52 crore. The company operating margins increased 40 bps to 14.3%. As a result operating profits fell 9% to Rs 46.01 crore.
Other income rose 76% to Rs 7.81 crore. Interest cost nil compared to Rs 0.21 crore. Depreciation fell 8% to Rs 4.2 crore. PBT was down 1% to Rs 49.63 crore.
Effective tax rate was down 560 bps to 30.4%. PAT reported was up 8% to Rs 34.53 crore.
The scrip is currently trading at Rs 1602
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