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Tide water oil (India) consolidated net sales rose 3% to Rs 339.07 crore in Q1FY20 compared to Q1FY19. The company operating margins decreased 60 bps to 9.7% leading to 4% fall in operating profits to Rs 32.79 crore. Cost of material consumed as a percentage of net sales (net of stock adjustment) was down 510 bps to 53.6%, purchase of stock in trade was up 210 bps to 2.1% while employee benefit expenses was up 30 bps to 7.7% and other expenses increased 310 bps to 26.7%.
Other income decreased 2% to Rs 5.11 crore compared to Rs 5.22 crore. Interest cost was Rs 0.6compared to Rs 0.62 crore. Depreciation was up 13% to Rs 2.84 crore. PBT was down 5% to Rs 34.46 crore.
Effective rate of taxes was up 10 bps at 34.4%. PAT reported was down 5% to Rs 22.62 crore. Further considering share of profit of JV and associate Net profit was flat at Rs 26.81 crore
Consolidated Performance for the year ended March 2019
In FY 2019, sales rose 8% to Rs 1379.41 crore. OPM fell 140 basis points to 9.5% which saw OP fall 6% to Rs 130.52 crore.
Other income fell 9% to Rs 21.11 crore and interest cost was stagnant at Rs 2.47 crore. As deprecation grew 12% to Rs 10.46 crore, PBT went down 8% to Rs 138.70 crore.
Share of profit of JV stood grew 14% to Rs 10.65 crore after which PBT after share of profit of JV fell 6% to Rs 149.35 crore.
Provision for taxation stood same at Rs 52.38 crore after which PAT stood at Rs 86.32 crore against Rs 97.51 crore. Further considering share of profit of JV and associate Net profit fell 9% to Rs 96.97 crore
The scrip is currently trading at Rs 4698
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