Vesuvius India

Ready to ramp up

Aug 11, 2020 07:08 IST capital market

Vesuvius India net sales fell 36% to Rs 139.16 crore in Q2CY20 compared to Q2CY20. The company operating margins decreased 820 bps to 5.9% leading to 73% decrease in operating profits to Rs 8.26 crore. Cost of material consumed as a percentage of net sales (net of stock adjustment) increased 160 bps to 39.2%, purchase of stock in trade was down 90 bps to 18.9%, employee benefit expenses was up 410 bps to 11.8% and other expenses increased 330 bps to 24.2%.  

Other income decreased 4% to Rs 5.86 crore compared to Rs 6.13 crore. Interest cost was nil. Depreciation was down 10% to Rs 6.22 crore. PBT was down 74% to Rs 7. crore.  

Effective rate of taxes was down 1000 bps to 25%. PAT reported was down 70% to Rs 5.93 crore. 

Consequent to the nationwide lockdown announced on 24th March 2020, the operations of the company were disrupted. Due to relaxations and permissions received from the authorities, the operation subsequently improved and is expected to be ramped up to full scale depending on the further easing of the situation and increase in customer demand.

Performance for the half year ended Dec 20 

For half year ended Dec20, net sales fell 22% to Rs 344.73 crore. The company operating margins decreased 470 bps to 9.8%. As a result operating profits fell 47% to Rs 33.83 crore.  

Other income fell 6% to Rs 12.01 crore. Interest cost nil. Depreciation fell 4% to Rs 12.98 crore. PBT was down 48% to Rs 32.86 crore. 

Effective tax rate was down 1000 bps to 25%. PAT reported was down 40% to Rs 24.58 crore. 

The scrip is currently trading at Rs 883

Vesuvius India: Result

 

2006 (03) 1906 (03) Var. (%) 2006 (06) 1906 (06) Var. (%) 1912 (12) 1812 (12) Var (%)
Net Sales 139.16 218.66 -36 344.73 441.34 -22 887.04 925.07 -4
OPM(%) 5.9 14.1 9.8 14.5 13.6 15.9
OP 8.26 30.93 -73 33.83 64.19 -47 120.73 147.41 -18
Other Income 5.86 6.13 -4 12.01 12.77 -6 29.23 22.77 28
PBIDT 14.12 37.06 -62 45.84 76.96 -40 149.96 170.18 -12
Interest 0.00 0.00 0.00 0.00 0.00 0.00
PBDT 14.12 37.06 -62 45.84 76.96 -40 149.96 170.18 -12
Depreciation 6.22 6.94 -10 12.98 13.47 -4 26.55 27.81 -5
PBT 7.90 30.12 -74 32.86 63.49 -48 123.41 142.37 -13
EO 0.00 0.00 0.00 0.00 0.00 0.00
PBT after EO 7.90 30.12 -74 32.86 63.49 -48 123.41 142.37 -13
Total Tax provision^ 1.97 10.55 -81 8.28 22.29 -63 37.86 49.85 -24
PAT 5.93 19.57 -70 24.58 41.20 -40 85.55 92.52 -8
EPS* # # # # 42.1 45.6
* 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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