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VST Industries: Profits up by a third! - Views on News from Equitymaster
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VST Industries: Profits up by a third!
Jan 27, 2016

VST Industries declared results for the quarter ended December 2015. The company reported a revenue growth of 10% YoY during the quarter, while profits were up by 35% YoY. Here is our analysis of the results.

Performance summary

  • Revenues up by 10% YoY during quarter ended December 2015.
  • Operating profits rise by a third as margins expand to 30% from 24.6% last year.
  • Net profits up by 35% YoY, in line with growth of operating profits.

Standalone financial performance

(Rs m) 3QFY15 3QFY16 Change 9mFY15 9mFY16 Change
Net sales 1,981 2,172 9.6% 6,169 6,131 -0.6%
Expenditure 1,493 1,521 1.9% 4,394 4,495 2.3%
Operating profit (EBDITA) 488 651 33.3% 1,775 1,636 -7.8%
EBDITA margin (%) 24.6% 30.0%   28.8% 26.7%  
Other income 42 49 16.0% 130 162 24.2%
Depreciation 76 69 -8.8% 228 219 -4.2%
Profit before tax 455 631 38.7% 1,677 1,579 -5.8%
Tax 151 220 45.2% 562 541 -3.7%
Effective tax rate 33% 35%   34% 34%  
Profit after tax/(loss) 304 411 35.4% 1,115 1,038 -6.9%
Net profit margin (%) 15.3% 18.9%   18.1% 16.9%  
No. of shares (m)       15.4 15.4  
Diluted earnings per share (Rs)*         93.6  
Price to earnings ratio (x)         18.5  

* On a trailing 12-months basis

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