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As on Apr 23, 2021 12:00 AM Your results on : Corporate Results    
Visaka Industries
23-Apr-2021 (10:15)
Consolidated net sales (including other operating income) of Visaka Industries for the quarter ended March 2021 has increased 56% to Rs 354.19 crore.Operating profit margin has jumped from 9% to 14.9%, leading to 158% rise in operating profit to Rs 52.80 crore. Other income rose 45% to Rs 2.42 crore.Provision for interest fell 33% to Rs 3.11 crore.Provision for depreciation rose 1% to Rs 10.05 crore.Profit before tax grew 457% to Rs 42.06 crore.Share of profit/loss were nil in both the periods.Provision for tax was expense of Rs 11.19 crore, compared to Rs 0.69 crore.Effective tax rate was 26.60% compared to 9.14%.Minority interest was nil in both the periods.Net profit attributable to owners of the company increased 350% to Rs 30.87 crore.
  • Sales of Building Product segment has gone up 72% to Rs 300.04 crore (accounting for 84.71% of total sales).Weak base of corresponding previous period as fag end of Q4FY20 was impacted by COVID 19 lockdown has also partly aided the growth apart from general gain on account of higher volume and realisation.Sales of Synthetic Blended Yarn segment has gone up 2% to Rs 54.15 crore (accounting for 15.29% of total sales).
  • Profit before interest, tax and other unallocable items (PBIT) has jumped 202% to Rs 52.74 crore.PBIT of Building Product segment rose 347% to Rs 44.71 crore (accounting for 84.78% of total PBIT).PBIT of Synthetic Blended Yarn segment rose 8% to Rs 8.03 crore (accounting for 15.22% of total PBIT).
  • PBIT margin of Building Product segment rose from 5.7% to 14.9%.PBIT margin of Synthetic Blended Yarn segment rose from 14.0% to 14.8%.Overall PBIT margin rose from 7.7% to 14.9%.

Yearly performance

Consolidated net sales (including other operating income) has increased 9% to Rs 1146.54 crore.Sales of Building Product segment has gone up 21% to Rs 1,009.90 crore (accounting for 88.08% of total sales).Sales of Synthetic Blended Yarn segment has gone down 37% to Rs 136.64 crore (accounting for 11.92% of total sales).

Profit before interest, tax and other unallocable items (PBIT) has jumped 89% to Rs 187.34 crore.PBIT of Building Product segment rose 159% to Rs 184.22 crore (accounting for 98.33% of total PBIT).PBIT of Synthetic Biended Yarn segment fell 89% to Rs 3.12 crore (accounting for 1.67% of total PBIT).

PBIT margin of Building Product segment rose from 8.5% to 18.2%.PBIT margin of Synthetic Biended Yarn segment fell from 13.0% to 2.3%.Overall PBIT margin rose from 9.5% to 16.3%.

Operating profit margin has jumped from 10.4% to 16.9%, leading to 79% rise in operating profit to Rs 193.47 crore.

Other income rose 30% to Rs 8.59 crore.Provision for interest fell 26% to Rs 12.81 crore. Provision for depreciation fell 2% to Rs 39.99 crore.

Profit before tax grew 161% to Rs 149.26 crore.Share of profit/loss were nil in both the periods.Provision for tax was expense of Rs 38.61 crore, compared to Rs 7.82 crore.Effective tax rate was 25.87% compared to 13.69%.

Minority interest was nil in both the periods.Net profit attributable to owners of the company increased 124% to Rs 110.64 crore.

Capacity Expansion

The company is currently embarked on expanding capacity of its AC division at Raebareli unit by setting up additional line with a capacity of 100000 MTPA taking the overall capacity to 220000 MTPA from current 120000 MTPA. The project will be taken up at a capital outlay of Rs 53.35 crore which will be funded from internal accruals. As the AC division at Raebareli is currently operating at 100% capacity utilisation, the expanded capacity which will get commissioned within eight months from now will aid the company to meet the growing demands of Eastern, Northern markets like Bihar, UP and some part of Rajasthan, Punjab, Chhattisgarh and MP.

Update on Promoter stake pledge

Promoters' stake was 45.85% as of 31 March 2021 ,compared to 42.46% as of 31 March 2020 .Promoters pledged stake was 9.54% as of 31 March 2021 ,compared to 10.54% as of 31 March 2020
Dividend

The Board of Directors recommended a final dividend of Rs 10/- per share (100%) on equity shares of Rs 10/- each, for the financial year 2020-21.

Visaka Industries:Segment results

Sales2103 (3)2003 (3)Var. (%)% to total2103 (12)2003 (12)Var. (%)% to total
Building Products300.04174.5272851009.90834.612188
Synthetic Blended Yarn54.1553.19215136.64215.78-3712
Total Reportable Segment354.19227.71561001146.541050.389100
Less: Inter segment revenues
Net sales354.19227.71561146.541050.389
PBIT
Building Products44.7110.0134785184.2271.1815998
Synthetic Blended Yarn8.037.468153.1228.11-892
Total52.7417.47202100187.3499.2989100
Less: Interest3.114.67-3312.8117.41-26
Add: Other un-allcoable -7.56-5.2544-25.27-24.762
PBT42.067.55457149.2657.12161
Figures in Rs crore
Source: Capitaline Corporate Database

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