Capitaline

Results 30-Apr-24

Analysis

Vesuvius India

Strong performance

Standalone Net sales (including other operating income) of Vesuvius India has increased 23.22% to Rs 453.35 crore. Operating profit margin has jumped from 14.95% to 20.95%, leading to 72.61% rise in operating profit to Rs 94.97 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 39.52% to 33.32%. Purchase of finished goods cost rose from 19.24% to 21.21%. Employee cost decreased from 6.80% to 6.09%. Other expenses fell from 19.60% to 18.52%.

Other income fell 24.88% to Rs 8.03 crore. PBIDT rose 56.75% to Rs 103 crore. Provision for interest remained nil.

PBDT rose 56.31% to Rs 102.71 crore. Provision for depreciation rose 37.84% to Rs 10.49 crore.

Profit before tax grew 58.73% to Rs 92.22 crore. Provision for tax was expense of Rs 23.44 crore, compared to Rs 14.75 crore. Effective tax rate was 25.42% compared to 25.39%.

Profit after tax rose 58.66% to Rs 68.78 crore.

Promoters’ stake was 55.57% as of 31 March 2024 compared to 55.57% as of 31 March 2023 .

Full year results analysis

Net sales (including other operating income) of Vesuvius India has increased 19.41% to Rs 1,603.13 crore. Operating profit margin has jumped from 12.20% to 17.89%, leading to 75.06% rise in operating profit to Rs 286.85 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 37.72% to 37.21%. Purchase of finished goods cost fell from 22.61% to 19.23%. Employee cost decreased from 6.68% to 6.62%. Other expenses fell from 20.89% to 19.34%.

Other income up 52.67% to Rs 34.9 crore. PBIDT rose 72.32% to Rs 321.75 crore. Provision for interest remained nil. Loan funds remained nil. Inventories rose to Rs 256.05 crore as of 31 December 2023 from Rs 204.05 crore as of 31 December 2022. Sundry debtors were higher at Rs 323.13 crore as of 31 December 2023 compared to Rs 209.36 crore as of 31 December 2022. Cash and bank balance declined from Rs 567.96 crore as of 31 December 2022 to Rs 465.30 crore as of 31 December 2023.

PBDT rose 72.09% to Rs 321.32 crore. Provision for depreciation rose 20.29% to Rs 35.92 crore. Fixed assets increased to Rs 401.13 crore as of 31 December 2023 from Rs 231.05 crore as of 31 December 2022. Intangible assets declined from Rs 1.32 crore to Rs 0.91 crore.

Profit before tax grew 81.95% to Rs 285.40 crore. Provision for tax was expense of Rs 72.46 crore, compared to Rs 40.07 crore. Effective tax rate was 25.39% compared to 25.55%.

Profit after tax rose 82.33% to Rs 212.94 crore.

Promoters’ stake was 55.57% as of 31 December 2023 ,compared to 55.57% as of 31 December 2022 .

Cash flow from operating activities decreased to Rs 82.38 crore for year ended December 2023 from Rs 128.48 crore for year ended December 2022. Cash flow used in acquiring fixed assets during the year ended December 2023 stood at Rs 199.81 crore, compared to Rs 112.90 crore during the year ended December 2022.

The scrip is currently trading at Rs 4356

Vesuvius India: Result
	2403 (03)	2303 (03)	Var.(%)	2312 (12)	2212 (12)	Var(%)
Net Sales	453.35	367.91	23	1603.13	1342.58	19
OPM(%)	20.9	15.0		17.9	12.2
OP	94.97	55.02	73	286.85	163.86	75
Other Income	8.03	10.69	-25	34.90	22.86	53
PBIDT	103.00	65.71	57	321.75	186.72	72
Interest	0.29	0.00		0.43	0.00
PBDT	102.71	65.71	56	321.32	186.72	72
Depreciation	10.49	7.61	38	35.92	29.86	20
PBT	92.22	58.10	59	285.40	156.86	82
EO	0.00	0.00		0.00	0.00
PBT after EO	92.22	58.10	59	285.40	156.86	82
Total Tax provision	23.44	14.75	59	72.46	40.07	81
PAT	68.78	43.35	59	212.94	116.79	82
EPS*	#	#		104.9	57.5
* 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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