Buy Vesuvius India: Angel Broking
Angel Broking has maintained its buy rating on Vesuvius India in its February 26, 2009 research report.
esuvius India’s (Vesuvius) Top-line declined 8.5% yoy during 4QCY2008 to Rs 82.2 crore (Rs 89.8 crore). The decline in Top-line was both on account of reduction in volumes and fall in realisations. For CY2008, the company clocked Net Revenues of Rs 352.6 crore (Rs 277.6 crore), up 9.4% yoy. The company’s Operating Profits for the quarter stood at Rs 9.9 crore (Rs 17.4 crore), down 43% yoy, while OPM fell by 730 bp to12.0%. The company’s Net Profit for 4QCY2008 fell by 41% to Rs 5.8 crore (Rs 9.8 crore) including Extraordinary Income of Rs 0.45 crore on account of forex fluctuation. For CY2009, the company’s Net Profit fell 3.7% to Rs 30.9 crore (Rs 32.1 crore). We maintain a Buy on the stock,” says Angel Broking’s research report.
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