Capitaline

Results 13-May-22

Analysis

Foseco India

Improved performance

Foseco India standalone net sales increased 11.56% to Rs 98.74 crore in Q4FY22 compared to Q4FY21. Operating profit margin has jumped from 14.21% to 15.46%, leading to 21.38% rise in operating profit to Rs 15.27 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 54.31% to 53.90%. Purchase of finished goods cost fell from 3.14% to 2.91%. Employee cost increased from 10.23% to 10.68%. Other expenses fell from 18.19% to 17.22%.

Other income up 216.67% to Rs 2.47 crore. PBIDT rose 32.78% to Rs 17.74 crore. Provision for interest remained nil.

PBDT rose 32.78% to Rs 17.74 crore. Provision for depreciation rose 17.39% to Rs 1.62 crore.

Profit before tax grew 34.56% to Rs 16.12 crore. Provision for tax was expense of Rs 3.9 crore, compared to Rs 2.71 crore. Effective tax rate was 24.19% compared to 22.62%.

Profit after tax rose 31.82% to Rs 12.22 crore.

Promoters’ stake was 74.98% as of 31 March 2022 compared to 74.98% as of 31 March 2021.

Full year results analysis

Net sales of Foseco India have increased 34.58% to Rs 338.01 crore. Operating profit margin has jumped from 8.28% to 12.90%, leading to 109.67% rise in operating profit to Rs 43.59 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 53.00% to 53.96%. Purchase of finished goods cost rose from 2.26% to 3.08%. Employee cost decreased from 14.31% to 11.33%. Other expenses fell from 21.98% to 18.81%.

Other income fell 9.66% to Rs 5.61 crore. PBIDT rose 82.22% to Rs 49.2 crore. Provision for interest remained nil. Loan funds remained nil. Inventories rose to Rs 22.57 crore as of 31 December 2021 from Rs 12.51 crore as of 31 December 2020. Sundry debtors were higher at Rs 74.20 crore as of 31 December 2021 compared to Rs 64.91 crore as of 31 December 2020. Cash and bank balance rose to Rs 149.81 crore as of 31 December 2021 from Rs 137.01 crore as of 31 December 2020.

PBDT rose 82.22% to Rs 49.2 crore. Provision for depreciation down 0.51% to Rs 5.88 crore. Fixed assets increased to Rs 35.67 crore as of 31 December 2021 from Rs 35.62 crore as of 31 December 2020.

Profit before tax grew 105.41% to Rs 43.32 crore. Provision for tax was expense of Rs 10.65 crore, compared to Rs 5.65 crore. Effective tax rate was 24.58% compared to 26.79%.

Profit after tax rose 111.59% to Rs 32.67 crore.

Equity capital stood at Rs 6.39 crore as of 31 December 2021 to Rs 6.39 crore as of 31 December 2020. Per share face Value remained same at Rs 10.00.

Promoters’ stake was 74.98% as of 31 December 2021 ,compared to 74.98% as of 31 December 2020 .

Cash flow from operating activities decreased to Rs 19.74 crore for year ended December 2021 from Rs 30.29 crore for year ended December 2020. Cash flow used in acquiring fixed assets during the year ended December 2021 stood at Rs 5.47 crore, compared to Rs 4.42 crore during the year ended December 2020.

The scrip is currently trading at Rs 1287.

Foseco India : Standalone Results
Particulars	2203 (03)	2103 (03)	Var.(%)	2112 (12)	2012 (12)	Var.(%)
Net Sales	98.74	88.51	12	338.01	251.15	35
OPM (%)	15.5	14.2		12.9	8.3
OP	15.27	12.58	21	43.59	20.79	110
Other Inc.	2.47	0.78	217	5.61	6.21	-10
PBIDT	17.74	13.36	33	49.2	27	82
Interest	0	0		0	0
PBDT	17.74	13.36	33	49.2	27	82
Depreciation	1.62	1.38	17	5.88	5.91	-1
PBT	16.12	11.98	35	43.32	21.09	105
Taxation	3.9	2.71	44	10.65	5.65	88
PAT	12.22	9.27	32	32.67	15.44	112
PPA	0	0		0	0
Net Profit	12.22	9.27	32	32.67	15.44	112
EPS (Rs)*	#	#		51.1	24.2
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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