Capitaline

Results 01-Jun-22

Analysis

Tide Water Oil Co (I)

Sales up 22%, OP up 6%

Tide Water Oil Co (I) consolidated net sales increased 21.94% to Rs 444.68 crore in Q4FY22 compared to Q4FY21. Operating profit margin has declined from 11.78% to 10.20%, leading to 5.63% rise in operating profit to Rs 45.37 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 55.48% to 56.93%. Purchase of finished goods cost rose from 7.32% to 9.18%. Employee cost decreased from 7.80% to 6.09%. Other expenses fell from 18.18% to 18.00%. Other direct service cost fell from 9.72% to 8.65%.

Other income fell 2.59% to Rs 6.4 crore. PBIDT rose 4.54% to Rs 51.77 crore. Provision for interest fell 62.07% to Rs 0.33 crore.

PBDT rose 5.73% to Rs 51.44 crore. Provision for depreciation rose 12.84% to Rs 4.13 crore. Fixed assets declined from Rs 160.04 crore as of 31 March 2021 to Rs 152.55 crore as of 31 March 2022. Intangible assets increased from Rs 120.55 crore to Rs 121.03 crore.

Profit before tax grew 5.16% to Rs 47.31 crore. Share of profit/loss was 52.47% lower at Rs 1.83 crore. Provision for tax was expense of Rs 11.35 crore, compared to Rs 12.18 crore. Effective tax rate was 23.10% compared to 24.94%.

Net profit attributable to owners of the company increased 3.08% to Rs 37.79 crore.

Equity capital increased from Rs 1.70 crore as of 31 March 2021 to Rs 3.40 crore as of 31 March 2022. Per share face Value remained same at Rs 2.00.

Promoters’ stake was 57.28% as of 31 March 2022 compared to 57.28% as of 31 March 2021.

Full year results analysis

Net sales of Tide Water Oil Co (I) has increased 22.03% to Rs 1535.71 crore. Operating profit margin has declined from 13.04% to 9.59%, leading to 10.25% decline in operating profit to Rs 147.26 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 49.97% to 56.96%. Purchase of finished goods cost rose from 5.95% to 6.80%. Employee cost decreased from 8.21% to 7.17%. Other expenses fell from 23.00% to 19.60%. Other direct service cost fell from 12.92% to 9.49%.

Other income fell 12.12% to Rs 19.65 crore. PBIDT fell 10.48% to Rs 166.91 crore. Provision for interest fell 33.61% to Rs 1.6 crore. Loan funds declined from Rs 18.29 crore as of 31 March 2021 to Rs 14.36 crore as of 31 March 2022. Inventories rose to Rs 289.93 crore as of 31 March 2022 from Rs 286.05 crore as of 31 March 2021. Sundry debtors were higher at Rs 212.22 crore as of 31 March 2022 compared to Rs 163.63 crore as of 31 March 2021. Cash and bank balance declined from Rs 184.41 crore as of 31 March 2021 to Rs 149.20 crore as of 31 March 2022. Investments declined from Rs 74.12 crore as of 31 March 2021 to Rs 70.05 crore as of 31 March 2022.

PBDT fell 10.17% to Rs 165.31 crore. Provision for depreciation rose 9.56% to Rs 15.47 crore. Fixed assets declined from Rs 160.04 crore as of 31 March 2021 to Rs 152.55 crore as of 31 March 2022. Intangible assets increased from Rs 120.55 crore to Rs 121.03 crore.

Profit before tax down 11.81% to Rs 149.84 crore. Share of profit/loss was 33.83% lower at Rs 10.27 crore. Provision for tax was expense of Rs 37.2 crore, compared to Rs 44.1 crore. Effective tax rate was 23.23% compared to 23.78%.

Minority interest was nil in both the periods. Net profit attributable to owners of the company decreased 13.03% to Rs 122.91 crore.

Equity capital increased from Rs 1.70 crore as of 31 March 2021 to Rs 3.40 crore as of 31 March 2022. Per share face Value remained same at Rs 2.00.

Promoters’ stake was 57.28% as of 31 March 2022 compared to 57.28% as of 31 March 2021.

The scrip trades at Rs 1090

Tide Water Oil Co (I) : Consolidated Results
Particulars	2203 (03)	2103 (03)	Var.(%)	2203 (12)	2103 (12)	Var.(%)
Net Sales	444.68	364.68	22	1,535.71	1,258.48	22
OPM (%)	10.2	11.8		9.6	13.0
OP	45.37	42.95	6	147.26	164.08	-10
Other Inc.	6.4	6.57	-3	19.65	22.36	-12
PBIDT	51.77	49.52	5	166.91	186.44	-10
Interest	0.33	0.87	-62	1.6	2.41	-34
PBDT	51.44	48.65	6	165.31	184.03	-10
Depreciation	4.13	3.66	13	15.47	14.12	10
PBT	47.31	44.99	5	149.84	169.91	-12
Share of Profit/(Loss) from Associates	1.83	3.85	-52	10.27	15.52	-34
PBT before EO	49.14	48.84	1	160.11	185.43	-14
EO Income	0.00	0.00		0	0
PBT after EO	49.14	48.84	1	160.11	185.43	-14
Taxation	11.35	12.18	-7	37.2	44.1	-16
PAT	37.79	36.66	3	122.91	141.33	-13
Minority Interest (MI)	0	0		0	0
Net profit	37.79	36.66	3	122.91	141.33	-13
EPS (Rs)*	#	#		70.5	81.1
Notes
* EPS is on current diluted equity of Rs 3.48 crore, Face value of Rs 2, Excluding extraordinary items.
# EPS is not annualised
bps : Basis points
Figures in Rs crore
Source: Capitaline Corporate Database

Previous News

Tide Water Oil Co (I) fixes record date for 2nd interim dividend
( Market Beat - Reports 01-Nov-22 19:48 )

Tide Water Oil Co (I) consolidated net profit declines 14.16% in the December 2022 quarter
( Results - Announcements 14-Feb-23 17:21 )

Tide Water Oil Co (I) consolidated net profit declines 7.50% in the June 2023 quarter
( Results - Announcements 12-Aug-23 07:46 )

Tide Water Oil Co (I) consolidated net profit rises 31.48% in the June 2021 quarter
( Results - Announcements 14-Aug-21 07:59 )

Tide Water Oil (India)
( Results - Analysis 16-Aug-19 10:46 )

Tide Water Oil Co (I)
( Results - Analysis 15-Feb-22 10:52 )

Tide Water Oil Co (I) standalone net profit rises 27.63% in the December 2017 quarter
( Results - Announcements 13-Feb-18 09:05 )

Tide Water Oil Company India to hold board meeting
( Corporate News - 27-Feb-19 10:03 )

Board of Tide Water Oil Company India recommends interim dividend
( Corporate News - 16-Nov-20 12:09 )

Tide Water Oil Co (I) fixes record date for interim dividend
( Market Beat - Reports 25-Nov-16 17:36 )

Tide Water Oil Co (I) consolidated net profit declines 36.16% in the September 2022 quarter
( Results - Announcements 15-Nov-22 08:14 )