Capitaline

Results 06-Feb-25

Analysis

Veedol Corporation

OP down 18%

Net sales (including other operating income) of Veedol Corporation has declined 2.83% to Rs 482.42 crore.

Operating profit margin has declined from 8.38% to 7.90%, leading to 8.41% decline in operating profit to Rs 38.11 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 55.90% to 52.76%. Purchase of finished goods cost rose from 6.22% to 7.18%. Employee cost increased from 7.52% to 7.72%. Other expenses rose from 21.94% to 24.52%. Other direct service cost rose from 11.09% to 13.75%.

Other income rose 18.59% to Rs 4.72 crore. PBIDT fell 6.05% to Rs 42.83 crore. Provision for interest rose 10.59% to Rs 0.94 crore.

PBDT fell 6.37% to Rs 41.89 crore. Provision for depreciation rose 78.81% to Rs 6.92 crore.

Profit before tax down 14.44% to Rs 34.97 crore. Share of profit/loss was 128.61% higher at Rs 8.55 crore. PBT before EO fell 2% to Rs 43.52 crore. The company reported EO expense of Rs 6.56 crore in Q3FY24 compared to nil in the corresponding previous year period. PBT after EO fell 17% to Rs 36.96 crore. On 5th October, 2024 a fire broke out at one of the third party depots located at Bhiwandi, Maharashtra and Holding Company`s inventory valued at Rs. 6.56 crore (including GST input tax credit) was destroyed. Claim has been lodged in this regard with the Insurance Company.

Provision for tax was credit of Rs 0.38 crore, compared to debit of Rs 11.03 crore. Effective tax rate was negative 1.03% compared to 24.73%.

Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 11.20% to Rs 37.34 crore.

Promoters’ stake was 64.29% as of 31 December 2024 ,compared to 62.27% as of 31 December 2023 .

For year-to-date (YTD) results analysis

Net sales (including other operating income) of Veedol Corporation has declined 0.47% to Rs 1437.51 crore.

Operating profit margin has jumped from 8.43% to 8.74%, leading to 3.25% rise in operating profit to Rs 125.66 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 56.48% to 51.55%. Purchase of finished goods cost rose from 6.83% to 8.48%. Employee cost decreased from 7.36% to 7.01%. Other expenses rose from 20.84% to 24.41%. Other direct service cost rose from 10.64% to 12.95%.

Other income rose 15.45% to Rs 15.92 crore. PBIDT rose 4.49% to Rs 141.58 crore. Provision for interest rose 85.43% to Rs 2.8 crore.

PBDT rose 3.57% to Rs 138.78 crore. Provision for depreciation rose 76.48% to Rs 20.33 crore.

Profit before tax down 3.28% to Rs 118.45 crore. Share of profit/loss was 128.34% higher at Rs 21.03 crore. PBT before EO rose 6% to Rs 139.48 crore. The company reported EO expense of Rs 6.56 crore in 9MFY24 compared to nil in the corresponding previous year period. PBT after EO rose 1% to Rs 132.92 crore.

Provision for tax was expense of Rs 23.87 crore, compared to Rs 31.73 crore. Effective tax rate was 17.96% compared to 24.10%.

Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 9.10% to Rs 109.05 crore.

Promoters’ stake was 64.29% as of 31 December 2024 ,compared to 62.27% as of 31 December 2023 .

The scrip is currently trading at Rs 1582

Veedol Corporation : Consolidated Results
Particulars	2412 (03)	2312 (03)	Var. (%)	2412 (09)	2312 (09)	Var. (%)	2403 (12)	2303 (12)	Var.(%)
Net Sales	482.42	496.45	-3	1437.51	1444.37	0	1,931.19	1,853.80	4
OPM (%)	7.9	8.4		8.7	8.4		8.7	7.7
OP	38.11	41.61	-8	125.66	121.71	3	168.95	142.17	19
Other Inc.	4.72	3.98	19	15.92	13.79	15	21.95	14.99	46
PBIDT	42.83	45.59	-6	141.58	135.5	4	190.9	157.16	21
Interest	0.94	0.85	11	2.8	1.51	85	1.79	1.49	20
PBDT	41.89	44.74	-6	138.78	133.99	4	189.11	155.67	21
Depreciation	6.92	3.87	79	20.33	11.46	77	15.23	15.46	-1
PBT	34.97	40.87	-14	118.45	122.53	-3	173.88	140.21	24
Share of Profit/(Loss) from Associates	8.55	3.74	129	21.03	9.19	129	13.29	6.95	91
PBT before EO	43.52	44.61	-2	139.48	131.72	6	187.17	147.16	27
EO Income	6.56	0.00		6.56	0.00		0	0
PBT after EO	36.96	44.61	-17	132.92	131.72	1	187.17	147.16	27
Taxation	-0.38	11.03	-103	23.87	31.71	-25	44.24	32.58	36
PAT	37.34	33.58	11	109.05	100.01	9	142.93	114.58	25
Minority Interest (MI)	0	0		0	0		0	0
Net profit	37.34	33.58	11	109.05	100.01	9	142.93	114.58	25
EPS (Rs)*	#	#		#	#		82.0	65.8
Notes
* EPS is on current diluted equity of Rs 3.4 crore, Face value of Rs 2, Excluding extraordinary items.
# EPS is not annualised
bps : Basis points
Figures in Rs crore
Source: Capitaline Corporate Database

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