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Tide Water Oil has been one of the leading players in the Indian lubricant industry since 1928. It manufactures and markets Veedol brand of lubricants.
Quarterly results
Sales for the quarter ended September 2017 rose 21% to Rs 265.92 crore. OPM improved 80 basis points to 10.7% which saw OP rise 31% to Rs 28.57 crore.
Other income grew 25% to Rs 10.27 crore and interest cost was up 12% to RS 38 lakh. As deprecation grew 8% to Rs 1.92 crore, PBT jumped 31% to Rs 36.54 crore.
Provision for taxation went up 39% to Rs 13.32 crore after which PAT grew 27% to Rs 23.22 crore.
Six months results
Sales for six months grew 5% to Rs 483.98 crore. OPM fell 310 basis points to 10.4% which saw OP fall 19% to Rs 50.57 crore.
Other income grew 12% to Rs 15.32 crore. Interest cost fell 13% to Rs 73 lakh. As deprecation grew 4% to Rs 3.78 crore, PBT fell 15% to Rs 61.38 crore.
Provision for taxation fell 16% to Rs 21.87 crore after which PAT fell 14% to Rs 39.51 crore.
Other details
Shares held under "Tide Water Oil Company Employee Benefit Trust" of face value Rs 4 lakh has been netted from paid-up equity share capital and Rs 13.56 crore (March 2017: Rs 14.41 crore) has been netted from other equity of the company.
Valuation
The company has declared an interim dividend @1500% (Rs. 75/- per equity share) for the year 2017-18.
The share price trades at Rs 6950.
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