Vesuvius India soars 20% on 77% rise in net profit for Q1FY24

At 11.15 am, Vesuvius India stock was quoting at Rs 3,215, up 20 percent or Rs. 535.80. The stock has been on a gradual ascent from May 2nd till date, up by 95 percent.

Vesuvius India Limited shares were up by 20 percent in the early morning trade on Thursday after it reported a 77.5 percent increase in net profit YoY (year-on-year) for the recently ended June quarter. The refractories manufacturer reported a net profit of Rs 52.24 crore for Q1FY24 as compared to Rs 29.43 crore reported in Q1FY23. Sequentially, the net profit was up by 20.5 percent from Rs 43.35 crore reported in the March quarter.

At 11.15 am, Vesuvius India stock was quoting at Rs 3,215, up 20 percent or Rs. 535.80. The stock has been on a gradual ascent from May 2nd till date, up by 95 percent.

The financials

On Wednesday, the company also reported a 22.8 percent YoY rise in its revenue from operations at Rs 405.05 crore for Q1FY24 as compared to Rs 329.65 crore in Q1FY23. Meanwhile, it increased by 10.09 percent QoQ (quarter-on-quarter) against Rs 367.91 crore reported in Q4FY23, Vesuvius India said in an exchange filing.

EBITDA (earnings-before-interest-taxes-depreciation and ammortisation) margin was up by 500 basis points from 12 percent in Q1FY23 to 17 percent in the quarter under review.

In the board meeting held to approve the quarterly financial results, the management also gave its assent to a capital expenditure of Rs 87.7 crore for setting up a new monolithics refractory manufacturing plant at Anakapalli in Andhra Pradesh. The company expects the new plant to add 1.2 lakh tonnes per year to its production capacity.

Vesuvius India Limited is a subsidiary of UK-based materials engineering manufacturer Vesuvius Plc. The company is engaged in the production and servicing of refractory goods used in high-temperature industrial processes like steelmaking, foundries, and cement production. Its products include a wide range of refractory products like shrouds, stoppers, precast products, nozzles and crucibles.

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