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Results
19-May-24
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Analysis
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Tide Water Oil Co (I)
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NP up 25%
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Consolidated net sales (including other
operating income) of Tide Water Oil Co (I) has increased 3.60% to Rs 486.82
crore. Operating profit margin has
jumped from 8.69% to 9.70%, leading to 15.73% rise in operating profit to Rs
47.24 crore. Raw material cost as a % of
total sales (net of stock adjustments) decreased from 59.71% to 54.74%. Purchase of finished goods cost fell from
8.85% to 6.55%. Employee cost decreased
from 7.19% to 6.91%. Other expenses
rose from 15.36% to 22.23%. Other
direct service cost rose from 10.14% to 11.29%.
Other income rose 91.55% to Rs 8.16
crore. PBIDT rose 22.89% to Rs 55.4
crore. Provision for interest fell 9.68%
to Rs 0.28 crore. Loan funds declined
from Rs 4.58 crore as of 31 March 2023 to Rs 1.25 crore as of 31 March
2024. Inventories declined from Rs
303.70 crore as of 31 March 2023 to Rs 278.96 crore as of 31 March 2024. Sundry debtors were lower at Rs 231.24 crore
as of 31 March 2024 compared to Rs 237.38 crore as of 31 March 2023. Cash and bank balance declined from Rs 163.45
crore as of 31 March 2023 to Rs 40.67 crore as of 31 March 2024. Investments rose to Rs 73.34 crore as of 31
March 2024 from Rs 69.86 crore as of 31 March 2023 .
PBDT rose 23.12% to Rs 55.12 crore. Provision for depreciation rose 1.07% to Rs
3.77 crore. Fixed assets increased to Rs
183.27 crore as of 31 March 2024 from Rs 152.91 crore as of 31 March 2023. Intangible assets stood at Rs 120.55
crore.
Profit before tax grew 25.12% to Rs 51.35
crore. Share of profit/loss was 153.09%
higher at Rs 4.1 crore. Provision for
tax was expense of Rs 12.53 crore, compared to Rs 8.25 crore. Effective tax rate was 22.60% compared to
19.34%.
Minority interest was nil in both the
periods. Net profit attributable to
owners of the company increased 24.73% to Rs 42.92 crore.
Equity capital stood at Rs 3.40 crore as of
31 March 2024 to Rs 3.40 crore as of 31 March 2023. Per share face Value remained same at Rs
2.00.
Promoters’ stake was 62.27% as of 31 March
2024 compared to 57.28% as of 31 March 2023.
Full
year results analysis
Net sales (including other operating income)
of Tide Water Oil Co (I) has increased 4.17% to Rs 1931.19 crore. Operating profit margin has jumped from 7.67%
to 8.75%, leading to 18.84% rise in operating profit to Rs 168.95 crore. Raw material cost as a % of total sales (net
of stock adjustments) decreased from 60.11% to 56.03%. Purchase of finished goods cost rose from
6.58% to 6.76%. Employee cost increased
from 6.55% to 7.25%. Other expenses
rose from 19.11% to 21.20%. Other
direct service cost rose from 9.37% to 10.81%.
Other income rose 46.43% to Rs 21.95
crore. PBIDT rose 21.47% to Rs 190.9
crore. Provision for interest rose
20.13% to Rs 1.79 crore. Loan funds
declined from Rs 4.58 crore as of 31 March 2023 to Rs 1.25 crore as of 31 March
2024. Inventories declined from Rs
303.70 crore as of 31 March 2023 to Rs 278.96 crore as of 31 March 2024. Sundry debtors were lower at Rs 231.24 crore
as of 31 March 2024 compared to Rs 237.38 crore as of 31 March 2023. Cash and bank balance declined from Rs 163.45
crore as of 31 March 2023 to Rs 40.67 crore as of 31 March 2024. Investments rose to Rs 73.34 crore as of 31
March 2024 from Rs 69.86 crore as of 31 March 2023 .
PBDT rose 21.48% to Rs 189.11 crore. Provision for depreciation fell 1.49% to Rs
15.23 crore. Fixed assets increased to
Rs 183.27 crore as of 31 March 2024 from Rs 152.91 crore as of 31 March
2023. Intangible assets stood at Rs
120.55 crore.
Profit before tax grew 24.01% to Rs 173.88
crore. Share of profit/loss was 91.22%
higher at Rs 13.29 crore. Provision for
tax was expense of Rs 44.24 crore, compared to Rs 32.58 crore. Effective tax rate was 23.64% compared to
22.14%.
Minority interest was nil in both the
periods. Net profit attributable to
owners of the company increased 24.74% to Rs 142.93 crore.
Equity capital stood at Rs 3.40 crore as of
31 March 2024 to Rs 3.40 crore as of 31 March 2023. Per share face Value remained same at Rs
2.00.
Promoters’ stake was 62.27% as of 31 March
2024 ,compared to 57.28% as of 31 March 2023 .
Cash flow from operating activities increased
to Rs 155.50 crore for year ended March 2024 from Rs 103.48 crore for year
ended March 2023. Cash flow used in
acquiring fixed assets during the year ended March 2024 stood at Rs 47.24
crore, compared to Rs 15.45 crore during the year ended March 2023.
The scrip is
currently trading at Rs 1936
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Tide Water Oil Co (I) : Consolidated Results
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Particulars
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2403 (03)
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2303 (03)
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Var. (%)
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2403 (12)
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2303 (12)
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Var.(%)
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Net
Sales
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486.82
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469.91
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4
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1,931.19
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1,853.80
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4
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OPM
(%)
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9.7
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8.7
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8.7
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7.7
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OP
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47.24
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40.82
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16
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168.95
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142.17
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19
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Other
Inc.
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8.16
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4.26
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92
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21.95
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14.99
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46
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PBIDT
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55.4
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45.08
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23
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190.9
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157.16
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21
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Interest
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0.28
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0.31
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-10
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1.79
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1.49
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20
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PBDT
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55.12
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44.77
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23
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189.11
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155.67
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21
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Depreciation
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3.77
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3.73
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1
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15.23
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15.46
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-1
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PBT
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51.35
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41.04
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25
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173.88
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140.21
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24
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Share
of Profit/(Loss) from Associates
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4.1
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1.62
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153
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13.29
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6.95
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91
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PBT
before EO
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55.45
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42.66
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30
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187.17
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147.16
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27
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EO
Income
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0.00
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0.00
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0
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0
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PBT
after EO
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55.45
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42.66
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30
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187.17
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147.16
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27
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Taxation
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12.53
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8.25
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52
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44.24
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32.58
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36
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PAT
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42.92
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34.41
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25
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142.93
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114.58
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25
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Minority
Interest (MI)
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0
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0
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0
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0
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Net
profit
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42.92
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34.41
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25
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142.93
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114.58
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25
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EPS
(Rs)*
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#
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#
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82.0
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65.8
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Notes
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*
EPS is on current diluted equity of Rs 3.4 crore, Face value of Rs 2,
Excluding extraordinary items.
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#
EPS is not annualised
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bps
: Basis points
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Figures
in Rs crore
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Source:
Capitaline Corporate Database
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