Vesuvius India Ltd

About

Vesuvius India is primarily engaged in the manufacturing and trading of refractory goods. The Company also provides services in relation to refractory goods.

  • Market Cap 2,357 Cr.
  • Current Price 1,161
  • High / Low 1,364 / 847
  • Stock P/E 36.8
  • Book Value 425
  • Dividend Yield 0.60 %
  • ROCE 8.77 %
  • ROE 6.44 %
  • Face Value 10.0

Pros

  • Company is almost debt free.
  • Company is expected to give good quarter
  • Company has been maintaining a healthy dividend payout of 20.93%

Cons

  • Stock is trading at 2.73 times its book value
  • The company has delivered a poor sales growth of 2.50% over past five years.
  • Company has a low return on equity of 10.07% for last 3 years.
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Quarterly Results

Figures in Rs. Crores

Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
238 224 223 219 218 228 206 139 212 234 249 272
197 192 189 188 192 198 180 131 194 209 225 244
Operating Profit 41 32 33 31 26 30 26 8 18 25 24 28
OPM % 17% 14% 15% 14% 12% 13% 12% 6% 8% 11% 9% 10%
Other Income 6 7 7 6 10 6 6 6 5 4 4 5
Interest -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0
Depreciation 7 7 7 7 7 6 7 6 6 7 6 6
Profit before tax 40 32 33 30 29 31 25 8 16 22 22 26
Tax % 35% 36% 35% 35% 26% 26% 25% 25% 26% 27% 25% 26%
Net Profit 26 20 22 20 22 23 19 6 12 16 16 19
EPS in Rs 12.78 9.94 10.66 9.64 10.67 11.18 9.19 2.92 6.03 8.00 7.95 9.55

Profit & Loss

Figures in Rs. Crores

Dec 2009 Dec 2010 Dec 2011 Dec 2012 Dec 2013 Dec 2014 Dec 2015 Dec 2016 Dec 2017 Dec 2018 Dec 2019 Dec 2020 TTM
362 440 543 564 602 652 700 822 911 925 887 792 967
297 358 446 466 489 552 574 670 745 777 766 714 873
Operating Profit 64 82 97 98 112 101 126 152 167 148 121 77 94
OPM % 18% 19% 18% 17% 19% 15% 18% 18% 18% 16% 14% 10% 10%
Other Income 5 7 1 2 5 9 10 13 9 23 29 21 18
Interest 1 1 1 1 1 0 1 1 1 1 1 1 0
Depreciation 13 13 15 16 18 19 23 27 30 28 27 26 26
Profit before tax 56 75 83 83 99 90 112 136 145 142 123 72 86
Tax % 33% 35% 33% 33% 34% 34% 35% 35% 35% 35% 31% 26%
Net Profit 37 49 55 56 65 59 74 89 94 93 86 53 64
EPS in Rs 18.42 24.07 27.21 27.47 32.11 29.15 36.26 43.79 46.54 45.59 42.15 26.14 31.53
Dividend Payout % 20% 17% 16% 16% 15% 24% 17% 15% 15% 15% 21% 27%
Compounded Sales Growth
10 Years:6%
5 Years:3%
3 Years:-5%
TTM:22%
Compounded Profit Growth
10 Years:1%
5 Years:-6%
3 Years:-18%
TTM:-7%
Stock Price CAGR
10 Years:12%
5 Years:3%
3 Years:2%
1 Year:31%
Return on Equity
10 Years:14%
5 Years:12%
3 Years:10%
Last Year:6%

Balance Sheet

Figures in Rs. Crores

Dec 2009 Dec 2010 Dec 2011 Dec 2012 Dec 2013 Dec 2014 Dec 2015 Dec 2016 Dec 2017 Dec 2018 Dec 2019 Dec 2020 Jun 2021
20 20 20 20 20 20 20 20 20 20 20 20 20
Reserves 193 233 278 323 377 419 477 562 641 717 784 822 842
Borrowings -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0
82 232 124 117 120 139 147 161 193 188 177 216 255
Total Liabilities 296 485 422 460 518 578 644 743 854 925 981 1,058 1,117
82 92 109 117 134 132 131 124 113 121 124 120 117
CWIP 21 20 30 22 5 20 14 16 38 26 28 21 16
Investments -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0 -0
193 374 283 321 379 426 499 603 703 779 829 917 984
Total Assets 296 485 422 460 518 578 644 743 854 925 981 1,058 1,117

Cash Flows

Figures in Rs. Crores

Dec 2009 Dec 2010 Dec 2011 Dec 2012 Dec 2013 Dec 2014 Dec 2015 Dec 2016 Dec 2017 Dec 2018 Dec 2019 Dec 2020
73 31 45 50 64 65 54 50 191 95 74 102
-23 -21 -39 -20 -53 -28 -21 21 2 -310 297 -503
-4 -9 -10 -10 -11 -14 -15 -15 -16 -17 -17 -14
Net Cash Flow 45 1 -4 20 1 23 18 56 177 -231 354 -415

Ratios

Figures in Rs. Crores

Dec 2009 Dec 2010 Dec 2011 Dec 2012 Dec 2013 Dec 2014 Dec 2015 Dec 2016 Dec 2017 Dec 2018 Dec 2019 Dec 2020
Debtor Days 99 96 100 108 108 105 118 119 88 72 77 75
Inventory Days 54 57 58 59 65 69 68 77 69 84 77 91
Days Payable 103 89 98 88 83 87 97 98 111 98 89 122
Cash Conversion Cycle 50 64 60 79 91 87 90 98 46 58 65 44
Working Capital Days 61 75 70 84 88 82 91 102 59 58 63 51
ROCE % 29% 32% 31% 26% 27% 22% 24% 25% 24% 20% 16% 9%

Shareholding Pattern

Numbers in percentages

Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
55.57 55.57 55.57 55.57 55.57 55.57 55.57 55.57 55.57 55.57 55.57 55.57
0.28 0.14 0.14 0.14 0.15 0.16 1.63 1.63 1.65 1.85 1.89 1.84
21.88 21.84 21.80 20.66 21.38 21.14 21.65 21.60 21.53 21.05 22.48 22.12
22.28 22.45 22.49 23.63 22.91 23.13 21.16 21.20 21.25 21.54 20.07 20.47

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