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Foseco India net sales rose 12% to Rs 82.27 crore in Q4CY20 compared to Q4CY19. The company operating margins decreased 50 bps to 11.4% compared to 11.9%. Operating profits was up 8% to Rs 9.41 crore compared to profit of Rs 8.72 crore. Cost of material consumed as a percentage of net sales (net of stock adjustment) was down 400 bps to 54.2%, purchase of stock in trade was up 130 bps to 2.7% while employee benefit expenses was up 200 bps to 10.8% and other expenses increased 30 bps to 20.9%.
Other income decreased 24% to Rs 1.8 crore compared to Rs 2.36 crore. Interest cost was nil. Depreciation was up 26% to Rs 1.44 crore. PBT was down 2% to Rs 9.77 crore.
Tax expense decreased 27% to Rs 2.58 crore compared to tax expense of Rs 3.52 crore. PAT reported a increased of 12% to Rs 7.19 crore.
Performance for year ended Dec'20
For year ended Dec'20, net sales fell 22% to Rs 251.15 crore. The company operating margins decreased 600 bps to 8.3%. As a result operating profits fell 55% to Rs 20.79 crore.
Other income fell 21% to Rs 6.21 crore. Interest cost nil. Depreciation rose 41% to Rs 5.91 crore. PBT was down 58% to Rs 21.09 crore.
Effective tax rate was down 320 bps to 26.8%. PAT reported was down 55% to Rs 15.44 crore.
The Board of Directors of the Company has recommended payment of a final dividend of Rs. 10/- (100%) on a paid-up equity share of Rs. 10/- each for the financial year ended 31 December 2020, subject to the Shareholders' approval at the forthcoming Annual General Meeting. This in addition to the interim dividend aggregating to Rs. 5/- {50%} per share, brings the cumulative dividend for the financial year to Rs. 15/- (150%) per share.
The scrip is currently trading at Rs 1307.
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