 |
Results
29-Oct-21
|
|
|
|
|
|
|
|
Analysis
|
|
|
|
Castrol India
|
|
COGS environment continued to be very challenging
|
|
|
|
|
|
Castrol India standalone net sales increased 21.53% to Rs 1,073.20 crore in
Q2FY22 compared to Q2FY21. Operating
profit margin has declined from 32.64% to 24.46%, leading to 8.92% decline in
operating profit to Rs 262.50 crore. Raw material cost as a % of total sales
(net of stock adjustments) increased from 38.05% to 46.83%. Purchase of
finished goods cost rose from 3.12% to 4.18%. Employee cost decreased from
5.89% to 5.47%. Other expenses fell from 21.01% to 19.36%.
Other income fell 28.21% to
Rs 8.4 crore. PBIDT fell 9.67% to Rs 270.9 crore. Provision for interest fell
33.33% to Rs 0.6 crore. PBDT fell 9.60%
to Rs 270.3 crore. Provision for depreciation down 5.12% to Rs 20.4 crore.
Profit before tax down
9.95% to Rs 249.90 crore. Provision for
tax was expense of Rs 64 crore, compared to Rs 72.9 crore. Effective tax rate was 25.61% compared to
26.27%.
Profit after tax fell 9.14%
to Rs 185.90 crore.
Promoters’ stake was 51.00%
as of 30 September 2021 compared to 51.00% as of 30 September 2020.
For year-to-date (YTD) results analysis
Net sales of Castrol India
have increased 50.43% to Rs 3,101.50 crore.
Operating profit margin has declined from 26.99% to 25.80%, leading to
43.77% rise in operating profit to Rs 800.10 crore. Raw material cost as a % of total sales (net
of stock adjustments) increased from 39.20% to 44.91%. Purchase of finished goods cost rose from
3.80% to 4.64%. Employee cost decreased
from 7.28% to 5.36%. Other expenses
fell from 22.73% to 19.71%.
Other income fell 22.91% to
Rs 36 crore. PBIDT rose 38.61% to Rs
836.1 crore. Provision for interest fell
44.12% to Rs 1.9 crore. PBDT rose 39.08%
to Rs 834.2 crore. Provision for
depreciation down 3.89% to Rs 61.8 crore.
Profit before tax grew
44.24% to Rs 772.40 crore. Provision for
tax was expense of Rs 202.9 crore, compared to Rs 140.3 crore. Effective tax rate was 26.27% compared to
26.20%.Profit after tax rose
44.10% to Rs 569.50 crore. .
Sandeep Sangwan, Managing director, Castrol India
Limited commented:
Castrol India Limited
reported a strong financial performance and resilient business growth in 3Q
2021 maintaining the momentum built over the previous two quarters in 2021. We
also delivered a robust topline and bottomline growth in 9M 2021 versus 2020.
Our 3Q 2021 net sales grew
by 22% compared to 3Q 2020. The cost of goods sold (COGS) environment continued
to be very challenging due to a sharp rise in input costs. We responded through
timely pricing interventions and continued investment in our brands’
advertising and marketing spends to support value delivery to customers and
reinforce brand salience. These measures helped us navigate the dynamic market
situation.
We launched new products
with the latest BS-VI ready technology such as Castrol MAGNATEC for cars, and
four BS-VI ready variants for Castrol CRB Turbomax and CRB Minitruck for commercial
vehicles.
With the automotive sector
rapidly gearing up for electric mobility in the passenger vehicle segment, we
are exploring options with two-wheeler electric vehicle (EV) manufacturers for development
of EV fluids. At the same time, we continue supplying EV fluids to two of the
top OEMs in India.
We kicked off the fourth
edition of the ‘Castrol Super Mechanic Contest’, a national platform for
independent auto mechanics to showcase their talent, upskill themselves with
the latest technologies and win the title of ‘Castrol Super Mechanic.’ The
contest is a one-of-its-kind upskilling initiative and is also endorsed by the
Automotive Skills Development Council (ASDC) of India. We hope to enroll over
100,000 mechanics across India through this platform.
Pioneering the concept of
an express oil change while on-the-go, Castrol India Limited continued to
expand its ‘Express Oil Change’ service at Jio-bp fuel stations. This will go a
long way in providing a convenient and reliable service & brand experience
for our customers.
In these challenging times,
the safety of our work force and support to our communities continue to be our
strategic priorities, along with protecting the financial health of our
business. In 3Q 2021, our sales staff resumed market visits & customer
engagement and our offices were opened in a phased manner. In addition, we are
conducting Covid-19 vaccination drives across key transport hubs in India,
where we plan to help administer more than 75,000 vaccine doses to truck
drivers and mechanics. This initiative will include procuring vaccines for the
beneficiaries through collaboration with local authorities, support with
registration on the CoWin app and creating awareness on the benefits of
vaccination.
Our Patalganga plant
successfully commercialized a low temperature blending process for select
product variants. This will enable us to reduce our overall energy consumption
and reduce our carbon emissions in line with our global Path 360º
sustainability goals.
The scrip is currently trading around Rs 141
on the BSE
|
Castrol India : Standalone Results
|
|
Particulars
|
2109
(03)
|
2009
(03)
|
Var.(%)
|
2109
(09)
|
2009
(09)
|
Var.(%)
|
2012
(12)
|
1912
(12)
|
Var.(%)
|
|
Net
Sales
|
1,073.20
|
883.1
|
22
|
3,101.50
|
2,061.70
|
50
|
2,996.90
|
3,876.80
|
-23
|
|
OPM
(%)
|
24.5
|
32.6
|
|
25.80
|
27.0
|
|
27.16
|
29.7
|
|
|
OP
|
262.5
|
288.2
|
-9
|
800.1
|
556.5
|
44
|
814.1
|
1,153.00
|
-29
|
|
Other
Inc.
|
8.4
|
11.7
|
-28
|
36
|
46.7
|
-23
|
62
|
64.8
|
-4
|
|
PBIDT
|
270.9
|
299.9
|
-10
|
836.1
|
603.2
|
39
|
876.1
|
1,217.80
|
-28
|
|
Interest
|
0.6
|
0.9
|
-33
|
1.9
|
3.4
|
-44
|
4.2
|
1.2
|
250
|
|
PBDT
|
270.3
|
299
|
-10
|
834.2
|
599.8
|
39
|
871.9
|
1,216.60
|
-28
|
|
Depreciation
|
20.4
|
21.5
|
-5
|
61.8
|
64.3
|
-4
|
86.6
|
69.7
|
24
|
|
PBT
|
249.9
|
277.5
|
-10
|
772.4
|
535.5
|
44
|
785.3
|
1146.9
|
-32
|
|
PBT
before EO
|
249.9
|
277.5
|
-10
|
772.4
|
535.5
|
44
|
785.3
|
1146.9
|
-32
|
|
EO
Income
|
0
|
0
|
-
|
0
|
0
|
-
|
0
|
0
|
-
|
|
PBT
after EO
|
249.9
|
277.5
|
-10
|
772.4
|
535.5
|
44
|
785.3
|
1146.9
|
-32
|
|
Taxation
|
64
|
72.9
|
-12
|
202.9
|
140.3
|
45
|
202.4
|
319.5
|
-37
|
|
PAT
|
185.9
|
204.6
|
-9
|
569.5
|
395.2
|
44
|
582.9
|
827.4
|
-30
|
|
EPS
(Rs)*
|
#
|
#
|
|
#
|
#
|
|
5.89
|
8.37
|
-30
|
|
Notes
|
|
*
EPS is on current equity of Rs 494.56 crore, Face value of Rs 5, Excluding
extraordinary items.
|
|
#
EPS is not annualised
|
|
bps
: Basis points
|
|
EO
: Extraordinary items
|
|
Figures
in Rs crore
|
|
Source:
Capitaline Corporate Database
|
|
|
|
|
Previous News |
Castrol India
(
Results
-
Analysis
01-May-24
08:41
)
|
|
|
Castrol India standalone net profit rises 6.79% in the March 2024 quarter
(
Results
-
Announcements
30-Apr-24
17:25
)
|
|
|
Castrol India standalone net profit rises 0.48% in the December 2021 quarter
(
Results
-
Announcements
08-Feb-22
08:01
)
|
|
|
Castrol India fixes record date for final dividend
(
Market Beat
-
Reports
13-Feb-23
19:42
)
|
|
|
Castrol India standalone net profit declines 6.24% in the March 2022 quarter
(
Results
-
Announcements
02-May-22
18:11
)
|
|
|
Castrol India fixes record date for interim dividend
(
Market Beat
-
Reports
12-Jul-22
17:17
)
|
|
|
Castrol India to table results
(
Corporate News
-
11-Jul-19
10:19
)
|
|
|
Castrol India
(
Results
-
Analysis
02-Jun-17
11:27
)
|
|
|
Castrol India to declare Quarterly Result
(
Corporate News
-
01-Apr-22
12:28
)
|
|
|
Castrol Dec quarter PAT rises 0.5% YoY to Rs 188 cr
(
Hot Pursuit
-
08-Feb-22
08:50
)
|
|
|
Castrol India standalone net profit rises 25.27% in the September 2019 quarter
(
Results
-
Announcements
24-Oct-19
10:06
)
|
|
|
|
|
|
Other Stories |
|
|
|
|
|
|
|
|
|
|
|
|
|