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Gulf
Oil Lubricants India standalone net sales increased 23.48% to Rs 638.93 crore
in Q4FY22 compared to Q4FY21. Operating
profit margin has declined from 15.09% to 13.94%, leading to 14.06% rise in
operating profit to Rs 89.08 crore. Raw
material cost as a % of total sales (net of stock adjustments) decreased from
53.76% to 46.37%. Purchase of finished
goods cost rose from 5.84% to 14.92%.
Employee cost decreased from 5.25% to 4.34%. Other expenses fell from 20.98% to
20.61%.
Other
income fell 7.27% to Rs 11.73 crore.
PBIDT rose 11.09% to Rs 100.81 crore.
Provision for interest up 227.33% to Rs 5.27 crore.
PBDT
rose 7.18% to Rs 95.54 crore. Provision
for depreciation rose 12.85% to Rs 9.4 crore.
Profit
before tax grew 6.60% to Rs 86.14 crore.
Provision for tax was expense of Rs 22.75 crore, compared to Rs 21.02
crore. Effective tax rate was 26.41%
compared to 26.01%.
Profit
after tax rose 6.02% to Rs 63.39 crore.
Equity
capital increased from Rs 10.06 crore as of 31 March 2021 to Rs 10.09 crore as
of 31 March 2022. Per share face Value
remained same at Rs 2.00.
Promoters
stake was 71.82% as of 31 March 2022 compared to 71.99% as of 31 March
2021.
Commenting on the
performance, Mr. Ravi Chawla, Managing Director & CEO, Gulf Oil Lubricants
India Ltd., said, “I
am delighted by the all-round performance in Quarter 4 by the team to deliver
highest quarter on all parameters like Volumes, revenues, EBITDA and PBT. This
performance in the given environment of significant external challenges in the
form of rising input costs, supply chain disturbances and unabated inflationary
cycle, speaks well of the strength of our robust business model and strategies,
our brand equity and determination of our team. Our focus will continue to be
profitable volume growth and rebooting initiatives on the ground as normalcy is
visible on covid front with free movement of goods and people. As a Company, we
will also be focusing a lot more on improved customer satisfaction creating
more value and by bringing in lot of digitization, customer connect, enhanced
supply chain capabilities to bring more width and depth in product availability
by driving distribution further.
We
are also seeing improved demand pick up, including in rural, which gives
visibility of continued growth momentum. Despite inflation mainly linked to
recent crude related spikes, causing short term pressures, the Company has the
ability and is taking timely price interventions to manage margins. Due to the
continuously upward trend in input cost, margin management will continue remain
key focus area.
During
Q4, the Company acquired 26% stake in a SaaS Company (M/s. Techperspect
Software Private Limited) by brand name ElectreeFi in EV space, its 2nd foray
after it invested in a UK based EV 4W charger manufacturing company, ( M/s.
Indra Renewable Technologies Limited) during FY-20-21. ElectreeFi is working
extensively in providing software and IoT based solutions to EV charging,
battery swapping and related areas. We will continue to look at the evolving
space in EV and look for synergistic areas where Gulf can play a meaningful
role and create differentiation in the ecosystem on the strengths of our brand,
distribution reach and OEM relationships.”
Full year results
analysis
Net
sales of Gulf Oil Lubricants India have increased 32.65% to Rs 2,191.64
crore. Operating profit margin has
declined from 16.05% to 13.03%, leading to 7.66% rise in operating profit to Rs
285.50 crore. Raw material cost as a %
of total sales (net of stock adjustments) increased from 49.32% to 52.58%. Purchase of finished goods cost rose from
5.25% to 8.09%. Employee cost decreased
from 6.93% to 5.22%. Other expenses
fell from 22.71% to 21.35%.
Other
income fell 15.14% to Rs 44.18 crore.
PBIDT rose 3.92% to Rs 329.68 crore.
Provision for interest fell 34.29% to Rs 9.62 crore. Loan funds rose to Rs 389.58 crore as of 31
March 2022 from Rs 211.38 crore as of 31 March 2021. Inventories rose to Rs 476.30 crore as of 31
March 2022 from Rs 376.51 crore as of 31 March 2021. Sundry debtors were higher at Rs 295.93 crore
as of 31 March 2022 compared to Rs 188.96 crore as of 31 March 2021. Cash and bank balance rose to Rs 574.39 crore
as of 31 March 2022 from Rs 495.60 crore as of 31 March 2021. Investments rose to Rs 35.87 crore as of 31
March 2022 from Rs 20.27 crore as of 31 March 2021 .
PBDT
rose 5.77% to Rs 320.06 crore. Provision
for depreciation rose 5.46% to Rs 35.72 crore.
Fixed assets increased to Rs 273.10 crore as of 31 March 2022 from Rs
255.71 crore as of 31 March 2021.
Intangible assets increased from Rs 1.64 crore to Rs 3.08 crore.
Profit
before tax grew 5.80% to Rs 284.34 crore.
Provision for tax was expense of Rs 73.26 crore, compared to Rs 68.65
crore. Effective tax rate was 25.76%
compared to 25.55%.
Profit
after tax rose 5.49% to Rs 211.08 crore.
Equity
capital increased from Rs 10.06 crore as of 31 March 2021 to Rs 10.09 crore as
of 31 March 2022. Per share face Value
remained same at Rs 2.00.
Promoters’
stake was 71.82% as of 31 March 2022 compared to 71.99% as of 31 March 2021
.
Cash
flow from operating activities has turned negative Rs 23.73 crore for year
ended March 2022 from positive Rs 193.50 crore for year ended March 2021. Cash flow used in acquiring fixed assets
during the year ended March 2022 stood at Rs 24.61 crore, compared to Rs 8.60
crore during the year ended March 2021.
The
Board of Directors have recommended a dividend of Rs. 5.00 per equity share
(i.e. 250 % on face value of Rs. 2.00 per equity share) for the financial year
2021-22 subject to approval of members at Annual General Meeting. The company
has recently concluded buy-back of 14,16,667 fully paid up equity shares of the
face value of Rs. 2/- at a price of Rs. 600/- per fully paid up equity share in
cash for an amount Rs. 85 crore and with the buyback tax of Rs. 19.80 crore
paid by the Company, the total cash outflow on account of buyback was Rs.
104.80 crore. The buy-back process was completed subsequent to the year end on
April 25, 2022 and 14,16,667 shares have been extinguished.
The
scrip trades at Rs 411
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Gulf Oil Lubricants India : Standalone Results
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Particulars
|
2203
(03)
|
2103
(03)
|
Var.(%)
|
2203
(12)
|
2103
(12)
|
Var.(%)
|
|
Net Sales
|
638.93
|
517.43
|
23
|
2,191.64
|
1,652.21
|
0
|
|
OPM (%)
|
13.9
|
15.1
|
|
13.0
|
16.1
|
|
|
OP
|
89.08
|
78.10
|
14
|
285.5
|
265.19
|
-8
|
|
Other Inc.
|
11.73
|
12.65
|
-7
|
44.18
|
52.06
|
49
|
|
PBIDT
|
100.81
|
90.75
|
11
|
329.68
|
317.25
|
-2
|
|
Interest
|
5.27
|
1.61
|
227
|
9.62
|
14.64
|
-41
|
|
PBDT
|
95.54
|
89.14
|
7
|
320.06
|
302.61
|
2
|
|
Depreciation
|
9.40
|
8.33
|
13
|
35.72
|
33.87
|
4
|
|
PBT
|
86.14
|
80.81
|
7
|
284.34
|
268.74
|
2
|
|
PBT before EO
|
86.14
|
80.81
|
7
|
284.34
|
268.74
|
2
|
|
EO Income
|
0.00
|
0.00
|
|
0
|
0
|
-
|
|
PBT after EO
|
86.14
|
80.81
|
7
|
284.34
|
268.74
|
2
|
|
Taxation
|
22.75
|
21.02
|
8
|
73.26
|
68.65
|
11
|
|
PAT
|
63.39
|
59.79
|
6
|
211.08
|
200.09
|
-1
|
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EPS (Rs)*
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#
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#
|
|
43.1
|
40.8
|
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Notes
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* EPS is on current equity of Rs 9.8 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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