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Standalone net sales (including other operating
income) of Castrol India has increased 2.42% to Rs 1,325.24 crore. Operating profit margin has declined from
22.45% to 22.17%, leading to 1.10% rise in operating profit to Rs 293.74
crore. Raw material cost as a % of total
sales (net of stock adjustments) increased from 47.86% to 48.01%. Purchase of finished goods cost fell from
6.59% to 4.36%. Employee cost decreased
from 5.82% to 5.79%. Other expenses
rose from 17.99% to 19.80%.
Other income up 9.23% to Rs 24.14 crore. PBIDT rose 1.68% to Rs 317.88 crore. Provision for interest up 28.48% to Rs 2.12
crore.
PBDT rose 1.53% to Rs 315.76 crore. Provision for depreciation rose 4.31% to Rs
23.71 crore.
Profit before tax grew 1.31% to Rs 292.05
crore. Provision for tax was expense of
Rs 75.81 crore, compared to Rs 85.76 crore.
Effective tax rate was 25.96% compared to 29.75%.
Profit after tax rose 6.79% to Rs 216.24 crore.
Promoters’ stake was 51.00% as of 31 March 2024 compared
to 51.00% as of 31 March 2023.
While we experienced initial softness in consumer
demand, we delivered a 2% revenue growth, demonstrating the effectiveness of
our strategic approach and the resilience of the Castrol brand,” said
Sandeep Sangwan, Managing Director of Castrol India Limited. “The
successful launch of innovative products last quarter significantly expanded
our market share across segments. Our ongoing initiatives, including campaigns
like #BadhteRahoAage and Castrol CRB TURBOMAX Pragati Ki Paathshaala, are
gaining traction and set to propel further momentum. These efforts are fueled
by our unwavering commitment to brand building and cutting-edge innovation.
Reaching over 12,000 truck drivers nationwide through Pragati Ki Paathshaala
exemplifies the impact of our programs. Our strategic association with the
iconic Shah Rukh Khan reflects our pursuit of excellence, while partnerships
with powerhouses like the Mumbai Indians and KTM Cup 2024 solidify our
dedication to performance-driven strategies.”
Mr. Deepesh Baxi, Chief Financial Officer of Castrol
India Limited added, “Our strategic initiatives and resilient approach
have positioned us well in navigating the dynamic market landscape. As we
continue to focus on driving growth and maximizing value for our stakeholders,
we remain committed to prudent financial management and strategic investments
to sustain our momentum in the quarters ahead.”
“Looking forward, our focus remains sharp delivering
unbeatable value propositions tailored to the unique needs of our diverse
customer segments. We’re achieving this through relentless product innovation
and a strengthened presence in rural markets. Throughout the year, expect a
continuous stream of cutting-edge products across portfolios that solidify our
position at the forefront. This unwavering commitment to innovation and
customer-centricity fuels our confidence in delivering sustainable growth and
lasting value for both consumers and customers alike, ”Mr. Sangwan
stated.
Full year results analysis
Net sales (including other operating income) of
Castrol India has increased 6.29% to Rs 5,074.61 crore. Operating profit margin
has jumped from 23.27% to 23.61%, leading to 7.81% rise in operating profit to
Rs 1,197.91 crore. Raw material cost as
a % of total sales (net of stock adjustments) decreased from 47.45% to
47.33%. Purchase of finished goods cost
fell from 5.19% to 4.73%. Employee cost
increased from 5.68% to 5.73%. Other expenses
rose from 18.55% to 18.65%.
Other income up 24.01% to Rs 83.15 crore. PBIDT rose 8.73% to Rs 1281.06 crore. Provision for interest up 87.78% to Rs 7.53
crore. Loan funds rose to Rs 76.95 crore
as of 31 December 2023 from Rs 49.95 crore as of 31 December 2022. Inventories declined from Rs 534.44 crore as
of 31 December 2022 to Rs 532.92 crore as of 31 December 2023. Sundry debtors were higher at Rs 422.82 crore
as of 31 December 2023 compared to Rs 350.36 crore as of 31 December 2022. Cash and bank balance declined from Rs
1,217.71 crore as of 31 December 2022 to Rs 1,199.79 crore as of 31 December
2023. Investments rose to Rs 487.50
crore as of 31 December 2023 from Rs 325.00 crore as of 31 December 2022 .
PBDT rose 8.46% to Rs 1273.53 crore. Provision for depreciation rose 13.56% to Rs
92.43 crore. Fixed assets increased to
Rs 365.02 crore as of 31 December 2023 from Rs 317.78 crore as of 31 December
2022. Intangible assets declined from Rs
3.77 crore to Rs 2.19 crore.
Profit before tax grew 8.09% to Rs 1,181.10
crore. Provision for tax was expense of
Rs 316.97 crore, compared to Rs 277.6 crore.
Effective tax rate was 26.84% compared to 25.40%.
Profit after tax rose 6.01% to Rs 864.13 crore.
Promoters’ stake was 51.00% as of 31 December 2023
compared to 51.00% as of 31 December 2022.
Cash flow from operating activities decreased to Rs
853.04 crore for year ended December 2023 from Rs 915.56 crore for year ended
December 2022. Cash flow used in
acquiring fixed assets during the year ended December 2023 stood at Rs 95.54
crore, compared to Rs 109.71 crore during the year ended December 2022.
The
scrip is currently trading at Rs 210
|
Castrol India : Standalone
Results
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Particulars
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2403 (03)
|
2303 (03)
|
Var.(%)
|
2312 (12)
|
2212 (12)
|
Var.(%)
|
|
Net Sales
|
1,325.24
|
1,293.89
|
2
|
5,074.61
|
4,774.49
|
6
|
|
OPM (%)
|
22.2
|
22.5
|
|
23.6
|
23.3
|
|
|
OP
|
293.74
|
290.54
|
1
|
1197.91
|
1,111.10
|
8
|
|
Other Inc.
|
24.14
|
22.1
|
9
|
83.15
|
67.05
|
24
|
|
PBIDT
|
317.88
|
312.64
|
2
|
1281.06
|
1,178.15
|
9
|
|
Interest
|
2.12
|
1.65
|
28
|
7.53
|
4.01
|
88
|
|
PBDT
|
315.76
|
310.99
|
2
|
1273.53
|
1,174.14
|
8
|
|
Depreciation
|
23.71
|
22.73
|
4
|
92.43
|
81.39
|
14
|
|
PBT before EO
|
292.05
|
288.26
|
1
|
1181.1
|
1092.75
|
8
|
|
EO Income
|
0
|
0
|
|
0
|
0
|
|
|
PBT after EO
|
292.05
|
288.26
|
1
|
1181.1
|
1092.75
|
8
|
|
Taxation
|
75.81
|
85.76
|
-12
|
316.97
|
277.6
|
14
|
|
PAT
|
216.24
|
202.5
|
7
|
864.13
|
815.15
|
6
|
|
EPS (Rs)*
|
#
|
#
|
|
8.7
|
8.2
|
|
|
Notes
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* EPS is on current equity of Rs 494.56 crore, Face value of Rs
5, Excluding extraordinary items.
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# EPS is not annualised
|
|
bps : Basis points
|
|
EO : Extraordinary items
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Figures in Rs crore
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Source: Capitaline Corporate Database
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