Vesuvius scales 20% to 52-week high on robust Q4 earnings

Operating margin expanded to 14.46 percent during the quarter under review from 10.24 percent in March quarter of 2022.

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Shares of Vesuvius India Ltd (VIL) soared 20 percent on May 16 to a 52-week high at Rs 2,267.25, as investors cheered strong quarterly earnings.

At 9:40am, the company’s stock was quoting at Rs 2,211.85, up Rs 322.45, or 17.07 percent. The stock is up close to 40 percent year-to-date while it has spiked 127 percent in the past one year.

Revenue from operations came in at Rs 365.1 crore during the March quarter as against Rs 310.12 crore in the corresponding quarter last year. Net profit surged to Rs 43.35 crore from Rs 23.63 posted a year ago.

Overall, VIL’s revenue saw strong growth led by better demand in sectors like steel, cement, which consumes more than 80 percent of refractories products, highlighted ICICI Securities. “Going forward, Vesuvius is well placed to capture domestic market share through focus on localised manufacturing and new product launches driving faster growth,” it added.

Additionally, higher steel production and technological advancement is expected to further drive refractories demand. The company is focused on capturing domestic market share through faster growth in the manufactured goods segment through localised manufacturing and new product launches.

Operating margin expanded to 14.46 percent during the quarter under review from 10.24 percent in March quarter of 2022.

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VIL has shown excellent execution in controlling the cost and squeezing out healthy EBITDA margins in the March quarter as guided by the management. The revenue growth prospects for VIL remain strong with the introduction of new product lines namely monolithics and mould flux powder along with the expansion of existing capacities, said Monarch Networth Capital in an update.

VIL, a subsidiary of UK’s Vesuvius Group, is one of the leading metal flow engineering companies. The company supplies high performance refractory material to the steel industry and other process industries used for lining vessels such as blast furnaces, ladles and tundishes to enable them to withstand high temperatures or corrosive attack. The company holds around 11 percent market share in the Indian refractories industry.