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Tide water oil (India) consolidated net sales fell 2% to Rs 326.47 crore in Q2FY20 compared to Q2FY19. The company operating margins increased 40 bps to 9.6% leading to 2% rise in operating profits to Rs 31.4 crore.
Other income increased 10% to Rs 4.46 crore compared to Rs 4.04 crore. Interest cost was Rs 0.64 compared to Rs 0.57 crore. Depreciation was up 19% to Rs 3.1 crore. PBT was up 1% to Rs 32.12 crore.
Provision for taxation fell 47% to Rs 6.83 crore after which PAT stood at Rs 25.29 crore against Rs 18.84 crore. Further considering share of profit of JV and associate Net profit rose 46% to Rs 28.99 crore
Consolidated Performance for the half year ended September 2019
In H1FY 2019, sales remained flat at Rs 665.54 crore. OPM fell 20 basis points to 9.6% which saw OP fall 1% to Rs 64.19 crore.
Other income rose 3% to Rs 9.57 crore and interest cost increased 4% to Rs 1.24 crore. As deprecation grew 16% to Rs 5.94 crore, PBT went down 2% to Rs 66.58 crore.
Provision for taxation fell 26% to Rs 18.67 crore after which PAT stood at Rs 47.91 crore against Rs 42.62 crore. Further considering share of profit of JV and associate Net profit rose 20% to Rs 55.8 crore
The scrip is currently trading at Rs 5006
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