Vesuvius India

OP down 31%

Nov 11, 2020 07:11 IST capital market


Vesuvius India net sales fell 2% to Rs 212.32 crore in Q3CY20 compared to Q3CY20. The company operating margins decreased 350 bps to 8.5% leading to 31% decrease in operating profits to Rs 18.01 crore. Cost of material consumed as a percentage of net sales (net of stock adjustment) increased 160 bps to 41.6%, purchase of stock in trade was down 120 bps to 17.8%, employee benefit expenses was up 130 bps to 8.1% and other expenses increased 130 bps to 23.9%.

Other income decreased 54% to Rs 4.66 crore compared to Rs 10.13 crore. Interest cost was nil. Depreciation was down 10% to Rs 6.17 crore. PBT was down 44% to Rs 16.5 crore.

Effective rate of taxes was flat at 26%. PAT reported was down 44% to Rs 12.23 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 nine months ended Sep 20

For nine months ended Sep20, net sales fell 15% to Rs 557.05 crore. The company operating margins decreased 340 bps to 9.3%. As a result operating profits fell 43% to Rs 51.84 crore.

Other income fell 27% to Rs 16.67 crore. Interest cost nil. Depreciation fell 6% to Rs 19.15 crore. PBT was down 47% to Rs 49.36 crore.

Effective tax rate was down 700 bps to 25%. PAT reported was down 41% to Rs 36.81 crore.

The scrip is currently trading at Rs 907

Vesuvius India: Result

 

2009 (03) 1909 (03) Var.(%) 2009 (09) 1909 (09) Var.(%) 1912 (12) 1812 (12) Var(%)
Net Sales 212.32 217.61 -2 557.05 658.95 -15 887.04 925.07 -4
OPM(%) 8.5 12.0 9.3 13.7 13.6 15.9
OP 18.01 26.08 -31 51.84 90.27 -43 120.73 147.41 -18
Other Income 4.66 10.13 -54 16.67 22.90 -27 29.23 22.77 28
PBIDT 22.67 36.21 -37 68.51 113.17 -39 149.96 170.18 -12
Interest 0.00 0.00 0.00 0.00 0.00 0.00
PBDT 22.67 36.21 -37 68.51 113.17 -39 149.96 170.18 -12
Depreciation 6.17 6.88 -10 19.15 20.35 -6 26.55 27.81 -5
PBT 16.50 29.33 -44 49.36 92.82 -47 123.41 142.37 -13
Total Tax provision^ 4.27 7.68 -44 12.55 29.97 -58 37.86 49.85 -24
PAT 12.23 21.65 -44 36.81 62.85 -41 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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