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Castrol India standalone net sales increased 7.49%
to Rs 1,264.04 crore during Q3FY24 compared to Q3FY23. Operating profit margin has jumped from
21.31% to 26.03%, leading to 31.29% rise in operating profit to Rs 329.06
crore. Raw material cost as a % of total
sales (net of stock adjustments) decreased from 49.58% to 44.92%. Purchase of finished goods cost rose from
3.79% to 3.99%. Employee cost decreased
from 6.37% to 6.13%. Other expenses
rose from 18.30% to 18.82%.
Other income up 13.39% to Rs 22.27 crore. PBIDT rose 29.99% to Rs 351.33 crore. Provision for interest up 27.39% to Rs 2
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 30% to Rs 349.33 crore. Provision for depreciation rose 20.12% to Rs
25.01 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 30.83% to Rs 324.32
crore. Provision for tax was expense of
Rs 82.38 crore, compared to Rs 54.57 crore.
Effective tax rate was 25.40% compared to 22.01%.
Profit after tax rose 25.15% to Rs 241.94
crore.
Equity capital stood at Rs 494.56 crore as of 31
December 2023 to Rs 494.56 crore as of 31 December 2022. Per share face Value remained same at Rs
5.00.
Promoters’ stake was 51.00% as of 31 December 2023
,compared to 51.00% as of 31 December 2022.
Commenting on the annual performance and 4Q 2023 results,
Sandeep Sangwan, Managing Director, Castrol India Limited, said, “In 2023, we navigated strategic landscapes with precision, driving
robust top- and bottom-line growth by deftly balancing volume, margin, and
unwavering cost management. Our bonds with the trucking community, auto dealers,
and consumers strengthened, fueled by the triumph of the #BadhteRahoAagey
campaign—an anthem of empowerment for the trucking sector. Pragati Ki
Paathshaala, our ongoing on-ground initiative, aspires to be the heartbeat of
skill development and entrepreneurship among truckers nationwide.”
“In the realm of two-wheelers, Castrol POWER1`s
`India’s ULTIMATE Motostar` sought to discover the nation`s top motorsports
talent. As for four-wheelers, our Castrol Auto Service centers, now totaling
450+, provided reliable service across India. Expanding our reach into rural
Bharat, we enhanced product availability to 32,000 outlets deep in the
hinterland. The launch of our auto care products gained momentum, now
accessible in 21,000 outlets and embraced by trade and consumers alike. Direct
consumer outreach, especially through e-commerce platforms, has yielded a
positive impact,” he added.
Deepesh Baxi, Chief Financial Officer, Castrol India
Limited, shared his thoughts on how he sees the next year panning out. “In 2024, we will boldly navigate through challenges and capitalise on
opportunities. Despite economic uncertainties, we see steady inflation and a
positive shift in consumer confidence. Our focus on resilient manufacturing
remains unwavering, with a keen eye on global risks. We move ahead with
confidence, investing in our brands and innovations. Castrol is well-positioned
to thrive, embracing smart factories and adapting to evolving market trends.”
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.
Equity capital stood at Rs 494.56 crore as of 31
December 2023 to Rs 494.56 crore as of 31 December 2022. Per share face Value remained same at Rs
5.00.
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 189
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Castrol India : Standalone
Results
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Particulars
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2312 (03)
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2212 (03)
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Var.(%)
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2312 (12)
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2212 (12)
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Var.(%)
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Net Sales
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1,264.04
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1,176.01
|
7
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5,074.61
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4,774.49
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6
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OPM (%)
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26.0
|
21.3
|
|
23.6
|
23.3
|
|
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OP
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329.06
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250.64
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31
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1197.91
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1,111.10
|
8
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Other Inc.
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22.27
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19.64
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13
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83.15
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67.05
|
24
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PBIDT
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351.33
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270.28
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30
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1281.06
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1,178.15
|
9
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Interest
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2
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1.57
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27
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7.53
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4.01
|
88
|
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PBDT
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349.33
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268.71
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30
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1273.53
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1,174.14
|
8
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Depreciation
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25.01
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20.82
|
20
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92.43
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81.39
|
14
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PBT before EO
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324.32
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247.89
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31
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1181.1
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1092.75
|
8
|
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EO Income
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0
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0
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0
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0
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PBT after EO
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324.32
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247.89
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31
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1181.1
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1092.75
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8
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Taxation
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82.38
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54.57
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51
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316.97
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277.6
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14
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PAT
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241.94
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193.32
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25
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864.13
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815.15
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6
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EPS (Rs)*
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#
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#
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8.7
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8.2
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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
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bps : Basis points
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EO : Extraordinary items
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Figures in Rs crore
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Source: Capitaline Corporate Database
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