Capitaline

Results 28-Oct-21

Analysis

Foseco India

NP up 77%

Foseco India standalone net sales increased 26.13% to Rs 86.97 crore in Q2FY22 compared to Q2FY21. Operating profit margin has jumped from 11.02% to 14.28%, leading to 63.42% rise in operating profit to Rs 12.42 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 52.89% to 52.15%. Purchase of finished goods cost rose from 1.77% to 3.26%. Employee cost decreased from 13.05% to 11.45%. Other expenses fell from 21.16% to 18.67%.

Other income up 11.24% to Rs 0.99 crore. PBIDT rose 57.95% to Rs 13.41 crore. Provision for interest remained nil. PBDT rose 57.95% to Rs 13.41 crore. Provision for depreciation down 4.43% to Rs 1.51 crore.

Profit before tax grew 72.21% to Rs 11.90 crore. Provision for tax was expense of Rs 2.92 crore, compared to Rs 1.83 crore. Effective tax rate was 24.54% compared to 26.48%.

Profit after tax rose 76.77% to Rs 8.98 crore.

Promoters’ stake was 74.98% as of 30 September 2021 ,compared to 74.98% as of 30 September 2020 .

For year-to-date (YTD) results analysis

Net sales of Foseco India has increased 48.36% to Rs 250.55 crore. Operating profit margin has jumped from 6.73% to 12.73%, leading to 180.56% rise in operating profit to Rs 31.90 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 52.38% to 54.03%. Purchase of finished goods cost rose from 2.04% to 3.07%. Employee cost decreased from 16.10% to 11.28%. Other expenses fell from 22.53% to 18.94%.

Other income up 8.60% to Rs 4.8 crore. PBIDT rose 132.43% to Rs 36.7 crore. Provision for interest remained nil.

PBDT rose 132.43% to Rs 36.7 crore. Provision for depreciation down 4.25% to Rs 4.28 crore.

Profit before tax grew 186.40% to Rs 32.42 crore. Provision for tax was expense of Rs 7.86 crore, compared to Rs 3.08 crore. Effective tax rate was 24.24% compared to 27.21%.

Profit after tax rose 198.06% to Rs 24.56 crore.

Full year results analysis

Net sales (including other operating income) of Foseco India has declined 22.13% to Rs 251.15 crore. Operating profit margin has slumped from 14.27% to 8.28%, leading to 54.81% decline in operating profit to Rs 20.79 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 54.90% to 53.00%. Purchase of finished goods cost rose from 1.60% to 2.26%. Employee cost increased from 10.42% to 14.31%. Other expenses rose from 19.02% to 21.98%.

Other income fell 20.49% to Rs 6.21 crore. Provision for interest remained nil. Loan funds remained nil. Inventories declined from Rs 19.40 crore as of 31 December 2019 to Rs 12.51 crore as of 31 December 2020. Sundry debtors were lower at Rs 64.91 crore as of 31 December 2020 compared to Rs 72.85 crore as of 31 December 2019. Cash and bank balance rose to Rs 137.01 crore as of 31 December 2020 from Rs 111.85 crore as of 31 December 2019.

Provision for depreciation rose 40.71% to Rs 5.91 crore. Fixed assets declined from Rs 35.94 crore as of 31 December 2019 to Rs 35.62 crore as of 31 December 2020.

Profit before tax down 57.50% to Rs 21.09 crore. Provision for tax was expense of Rs 5.65 crore, compared to Rs 15.09 crore. Effective tax rate was 26.79% compared to 30.41%.

Profit after tax fell 55.29% to Rs 15.44 crore.

Promoters’ stake was 74.98% as of 31 December 2020 ,compared to 74.98% as of 31 December 2019 .

Cash flow from operating activities decreased to Rs 30.29 crore for year ended December 2020 from Rs 46.84 crore for year ended December 2019. Cash flow used in acquiring fixed assets during the year ended December 2020 stood at Rs 4.42 crore, compared to Rs 13.65 crore during the year ended December 2019.

The scrip is currently trading at Rs 1413.

Foseco India : Standalone Results
Particulars	2109 (03)	2009 (03)	Var.(%)	2109 (09)	2009 (09)	Var.(%)	2012 (12)	1912 (12)	Var.(%)
Net Sales	86.97	68.95	26	250.55	168.88	48	251.15	322.52	-22
OPM (%)	14.3	11.0	30	12.7	6.3	102	8.3	14.3
OP	12.42	7.6	63	31.9	11.37	181	20.79	46.01	-55
Other Inc.	0.99	0.89	11	4.8	4.42	9	6.21	7.81	-20
PBIDT	13.41	8.49	58	36.7	15.79	132	27	53.82	-50
Interest	0	0		0	0		0	0	-
PBDT	13.41	8.49	58	36.7	15.79	132	27	53.82	-50
Depreciation	1.51	1.58	-4	4.28	4.47	-4	5.91	4.2	41
PBT	11.90	6.91	72	32.42	11.32	186	21.09	49.62	-58
Taxation	2.92	1.83	60	7.86	3.08	155	5.65	15.09	-63
PAT	8.98	5.08	77	24.56	8.24	198	15.44	34.53	-55
PPA	0	0		0.00	0		0	0
Net Profit	8.98	5.08	77	24.56	8.24	198	15.44	34.53	-55
EPS (Rs)*	#	#		#	#		24.2	54.0
Notes
* EPS is on current equity of Rs 6.39 crore, Face value of Rs 10, Excluding extraordinary items.
# EPS is not annualised
bps : Basis points
EO : Extraordinary items
Figures in Rs crore
Source: Capitaline Corporate Database

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