Results 07-May-22
Analysis
Vesuvius India
Impressive performance
Vesuvius India standalone net sales increased 25.43% to Rs 311.74 crore in Q4FY22 compared to Q4FY21.
Operating profit margin has jumped from 9.48% to 10.71%, leading to 41.62% rise in operating profit to Rs 33.38 crore.
Raw material cost as a % of total sales (net of stock adjustments) decreased from 42.81% to 39.93%.
Purchase of finished goods cost rose from 18.08% to 22.98%.
Employee cost decreased from 7.60% to 6.74%.
Other expenses fell from 22.11% to 20.03%.
Other income up 17.82% to Rs 5.29 crore.
PBIDT rose 37.81% to Rs 38.67 crore.
Provision for interest remained nil.
PBDT rose 37.81% to Rs 38.67 crore.
Provision for depreciation rose 7.40% to Rs 6.97 crore.
Profit before tax grew 46.96% to Rs 31.70 crore.
Provision for tax was expense of Rs 8.07 crore, compared to Rs 5.44 crore.
Effective tax rate was 25.46% compared to 25.22%.
Profit after tax rose 46.50% to Rs 23.63 crore.
Promoters’ stake was 55.57% as of 31 March 2022 compared to 55.57% as of 31 March 2021.
Full year results analysis
Net sales of Vesuvius India have increased 32.30% to Rs 1,047.16 crore. Operating profit margin has declined from 9.70% to 9.48%, leading to 29.20% rise in operating profit to Rs 99.24 crore.
Raw material cost as a % of total sales (net of stock adjustments) increased from 39.84% to 40.59%.
Purchase of finished goods cost rose from 19.34% to 21.07%. Employee cost decreased from 8.18% to 7.23%.
Other expenses fell from 22.90% to 22.04%.
Other income fell 6.29% to Rs 19.66 crore.
PBIDT rose 21.59% to Rs 118.9 crore.
Provision for interest remained nil.
Loan funds remained nil.
Inventories rose to Rs 213.11 crore as of 31 December 2021 from Rs 116.96 crore as of 31 December 2020.
Sundry debtors were higher at Rs 163.97 crore as of 31 December 2021 compared to Rs 163.39 crore as of 31 December 2020.
Cash and bank balance declined from Rs 559.27 crore as of 31 December 2020 to Rs 553.94 crore as of 31 December 2021.
PBDT rose 21.59% to Rs 118.9 crore.
Provision for depreciation rose 4.19% to Rs 27.34 crore.
Fixed assets increased to Rs 142.23 crore as of 31 December 2021 from Rs 139.85 crore as of 31 December 2020.
Intangible assets declined from Rs 1.31 crore to Rs 0.82 crore.
Profit before tax grew 27.97% to Rs 91.56 crore.
Provision for tax was expense of Rs 23.51 crore, compared to Rs 18.5 crore.
Effective tax rate was 25.68% compared to 25.86%.
Profit after tax rose 28.28% to Rs 68.05 crore.
Equity capital stood at Rs 20.30 crore as of 31 December 2021 to Rs 20.30 crore as of 31 December 2020.
Per share face Value remained same at Rs 10.00.
Promoters’ stake was 55.57% as of 31 December 2021 compared to 55.57% as of 31 December 2020.
The scrip is currently trading at Rs 981
Vesuvius India: Result
2203 (03)
2103 (03)
Var.(%)
2112 (12)
2012 (12)
Var(%)
Net Sales
311.74
248.54
25
1047.16
791.51
32
OPM(%)
10.7
9.5
9.5
9.7
OP
33.38
23.57
42
99.24
76.81
29
Other Income
5.29
4.49
18
19.66
20.98
-6
PBIDT
38.67
28.06
38
118.90
97.79
22
Interest
0.00
0.00
0.00
0.00
PBDT
38.67
28.06
38
118.90
97.79
22
Depreciation
6.97
6.49
7
27.34
26.24
4
PBT
31.70
21.57
47
91.56
71.55
28
EO
0.00
0.00
0.00
0.00
PBT after EO
31.70
21.57
47
91.56
71.55
28
Total Tax provision
8.07
5.44
48
23.51
18.50
27
PAT
23.63
16.13
46
68.05
53.05
28
EPS*
#
#
33.5
26.1
* Annualized On Current Equity Of Rs 20.30 Crore of face value of Rs 10 each
# EPS not annualised due to seasonality of the business
EO: Extraordinary Items
EPS Is Calculated After Excluding EO And Relevant Tax
Figures In Rs Crore
Source: Capitaline Database
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