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Foseco India net sales fell 13% to Rs 68.95 crore in Q3CY20 compared to Q3CY19. The company operating margins decreased 330 bps to 11% compared to 14.3%. Operating profits was down 33% to Rs 7.59 crore compared to profit of Rs 11.32 crore. Cost of material consumed as a percentage of net sales (net of stock adjustment) was down 170 bps to 52.9%, purchase of stock in trade was up 30 bps to 1.8% while employee benefit expenses was up 150 bps to 13% and other expenses increased 310 bps to 21.2%.
Other income decreased 55% to Rs 89 lakh compared to Rs 1.98 crore. Interest cost was nil. Depreciation was up 45% to Rs 1.58 crore. PBT was down 43% to Rs 6.91 crore.
Tax expense decreased 8% to Rs 1.83 crore compared to tax expense of Rs 1.99 crore. PAT reported a decreased of 50% to Rs 5.08 crore.
The spread of COVID-19 pandemic has severely impacted businesses in many countries including India and there has been severe disruption to regular business operations due to various restrictions.
Performance for nine months ended Sep'20
For nine months ended Sep'20, net sales fell 32% to Rs 168.88 crore. The company operating margins decreased 850 bps to 6.7%. As a result operating profits fell 70% to Rs 11.37 crore.
Other income fell 11% to Rs 4.42 crore. Interest cost nil. Depreciation rose 46% to Rs 4.47 crore. PBT was down 72% to Rs 11.32 crore.
Effective tax rate was down 240 bps to 27.2%. PAT reported was down 71% to Rs 8.24 crore.
The scrip is currently trading at Rs 1205.
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