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Results
24-Feb-24
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Analysis
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Foseco India
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All-round good show
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Foseco India standalone net sales increased
15.71% to Rs 122.32 crore in Q4CY23 compared to Q4CY22. Operating profit margin
has declined from 17.08% to 15.97%, leading to 8.14% rise in operating profit
to Rs 19.53 crore. Raw material cost as
a % of total sales (net of stock adjustments) decreased from 51.48% to
51.25%. Purchase of finished goods cost
fell from 3.79% to 3.53%. Employee cost
decreased from 10.86% to 10.47%. Other
expenses rose from 16.41% to 18.72%.
Other income up 118.04% to Rs 4.23
crore. PBIDT rose 18.80% to Rs 23.76
crore. Provision for interest remained
nil. Loan funds remained nil. Inventories rose to Rs 32.92 crore as of 31
December 2023 from Rs 20.02 crore as of 31 December 2022. Sundry debtors were higher at Rs 101.55 crore
as of 31 December 2023 compared to Rs 85.14 crore as of 31 December 2022. Cash and bank balance rose to Rs 229.91 crore
as of 31 December 2023 from Rs 189.22 crore as of 31 December 2022.
PBDT rose 18.45% to Rs 23.69 crore. Provision for depreciation down 38.77% to Rs
2.29 crore. Fixed assets increased to Rs
40.25 crore as of 31 December 2023 from Rs 31.81 crore as of 31 December 2022.
Profit before tax grew 31.61% to Rs 21.40
crore. The company reported EO gain of Rs 0.4 crore related to profit on sale
of leasehold rights compared to nil in the corresponding previous year period.
PBT after EO rose 34% to Rs 21.8 crore. During the year, the company
surrendered the lease-hold land situated at Akurdi, Chinchwad, Pune together
with the structure standing thereon on as is where is basis as regards the
physical attributes thereof, to Greaves Cotton Limited and terminated the leases
against a consideration of Rs. 12 crore plus applicable taxes. The profit on
the surrender of the said lease is Rs. 11.885 crore.
Provision for tax was expense of Rs 5.49
crore, compared to Rs 4 crore. Effective
tax rate was 25.18% compared to 24.60%.
Profit after tax rose 33.03% to Rs 16.31
crore.
Equity capital stood at Rs 6.39 crore as of
31 December 2023 to Rs 6.39 crore as of 31 December 2022. Per share face Value remained same at Rs
10.00.
Promoters’ stake was 74.98% as of 31 December
2023 ,compared to 74.98% as of 31 December 2022 .
Full
year results analysis
Net sales (including other operating income)
of Foseco India has increased 17.37% to Rs 477.41 crore.
Operating profit margin has declined from
15.43% to 14.59%, leading to 10.98% rise in operating profit to Rs 69.64
crore. Raw material cost as a % of total
sales (net of stock adjustments) decreased from 53.02% to 51.35%. Purchase of finished goods cost rose from
3.34% to 3.45%. Employee cost increased
from 10.63% to 11.67%. Other expenses
rose from 17.62% to 19.10%.
Other income up 187.17% to Rs 21.48
crore. PBIDT rose 29.75% to Rs 91.12
crore. Provision for interest remained
nil. Loan funds remained nil. Inventories rose to Rs 32.92 crore as of 31
December 2023 from Rs 20.02 crore as of 31 December 2022. Sundry debtors were higher at Rs 101.55 crore
as of 31 December 2023 compared to Rs 85.14 crore as of 31 December 2022. Cash and bank balance rose to Rs 229.91 crore
as of 31 December 2023 from Rs 189.22 crore as of 31 December 2022.
PBDT rose 29.65% to Rs 91.05 crore. Provision for depreciation down 12.47% to Rs
7.79 crore. Fixed assets increased to Rs
40.25 crore as of 31 December 2023 from Rs 31.81 crore as of 31 December
2022.
Profit before tax grew 35.76% to Rs 83.26
crore. The company reported EO gain of
Rs 11.89 crore related to profit on sale of leasehold rights compared to nil in
the corresponding previous year period. PBT after EO rose 55% to Rs 95.15
crore. During the year, the company surrendered the lease-hold land situated at
Akurdi, Chinchwad, Pune together with the structure standing thereon on as is
where is basis as regards the physical attributes thereof, to Greaves Cotton
Limited and terminated the leases against a consideration of Rs. 12 crore plus
applicable taxes. The profit on the surrender of the said lease is Rs. 11.885
crore.
Provision for tax was expense of Rs 22.17
crore, compared to Rs 15.36 crore.
Effective tax rate was 23.30% compared to 25.04%.
Profit after tax rose 58.76% to Rs 72.98
crore.
Equity capital stood at Rs 6.39 crore as of
31 December 2023 to Rs 6.39 crore as of 31 December 2022. Per share face Value remained same at Rs
10.00.
Promoters’ stake was 74.98% as of 31 December
2023 ,compared to 74.98% as of 31 December 2022 .
Cash flow from operating activities decreased
to Rs 57.10 crore for year ended December 2023 from Rs 58.71 crore for year
ended December 2022. Cash flow used in
acquiring fixed assets during the year ended December 2023 stood at Rs 12.57
crore, compared to Rs 8.05 crore during the year ended December 2022.
The scrip is currently trading at Rs 3860.
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Foseco India : Standalone Results
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Particulars
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2312
(03)
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2212
(03)
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Var.
(%)
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2312
(12)
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2212
(12)
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Var.
(%)
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Net
Sales
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122.32
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105.71
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16
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477.41
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406.74
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17
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OPM
(%)
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16.0
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17.1
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14.6
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15.4
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OP
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19.53
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18.06
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8
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69.64
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62.75
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11
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Other
Inc.
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4.23
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1.94
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118
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21.48
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7.48
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187
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PBIDT
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23.76
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20.00
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19
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91.12
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70.23
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30
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Interest
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0.07
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0
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0.07
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0
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PBDT
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23.69
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20.00
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18
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91.05
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70.23
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30
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Depreciation
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2.29
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3.74
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-39
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7.79
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8.9
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-12
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PBT
before EO
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21.40
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16.26
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32
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83.26
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61.33
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36
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EO
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0.40
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0.00
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11.89
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0.00
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PBT
after EO
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21.80
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16.26
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34
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95.15
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61.33
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55
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Taxation
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5.49
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4
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37
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22.17
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15.36
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44
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PAT
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16.31
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12.26
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33
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72.98
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45.97
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59
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PPA
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0
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0
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0
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0
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Net Profit
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16.31
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12.26
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33
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72.98
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45.97
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59
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EPS
(Rs)*
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#
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#
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99.9
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71.9
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Notes
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*
EPS is on current equity of Rs 6.39 crore, Face value of Rs 10, Excluding
extraordinary items.
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#
EPS is not annualised
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bps
: Basis points
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EO
: Extraordinary items
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Figures
in Rs crore
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Source:
Capitaline Corporate Database
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