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Vesuvius India: Proxy play for higher steel production

Given the high cash levels in the balance sheet, we expect the higher dividend payout to improve return ratios

August 29, 2022 / 09:57 AM IST
Vesuvius India: Proxy play for higher steel production

PRO Only Highlights
Quarterly performance largely backed by improved realisations
Medium-term triggers China plus and protectionist measures for tyre industry
Valuations not inexpensive; but improved medium-term outlook

Higher production and the expected incremental production capacity of steel in India, going ahead, is likely to benefit players in the refractory space, like Vesuvius India (VIL; CMP: Rs 1,422, Market capitalisation: Rs 2,886 crore). The company has a strong support from its MNC parent, in terms of technology and marquee clientele. June 2022 quarter performance Revenues grew by 21 percent year on year (YoY) on the back of higher volumes and increase in price realisation. Both gross profit and margins...

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