Other income rose 10.98% to Rs 6.57 crore. Provision for interest rose 135.14% to Rs 0.87 crore. Provision for depreciation rose 11.93% to Rs 3.66 crore.  

Profit before tax grew 50.32% to Rs 44.99 crore. Share of profit/loss was 46.39% higher at Rs 3.85 crore. Provision for tax was expense of Rs 12.18 crore, compared to Rs 9.36 crore. Effective tax rate was 24.94% compared to 28.75%. Net profit attributable to owners of the company increased 58.02% to Rs 36.66 crore.

Full year results analysis 

Net sales of Tide Water Oil Co (I) has declined 4.41% to Rs 1258.48 crore. Operating profit margin has jumped from 10.48% to 13.04%, leading to 18.86% rise in operating profit to Rs 164.08 crore Raw material cost as a % of total sales (net of stock adjustments) increased from 49.48% to 49.97%. Purchase of finished goods cost rose from 5.74% to 5.95%. Employee cost increased from 7.87% to 8.21%. Other expenses fell from 26.55% to 23.00%. Other direct service cost fell from 14.86% to 12.92%.

Other income rose 3.61% to Rs 22.36 crore. Provision for interest rose 2.12% to Rs 2.41 crore. Loan funds declined from Rs 38.46 crore as of 31 March 2020 to Rs 18.29 crore as of 31 March 2021. Inventories rose to Rs 286.05 crore as of 31 March 2021 from Rs 200.74 crore as of 31 March 2020. Sundry debtors were higher at Rs 163.63 crore as of 31 March 2021 compared to Rs 151.65 crore as of 31 March 2020. Cash and bank balance declined from Rs 204.51 crore as of 31 March 2020 to Rs 184.41 crore as of 31 March 2021. Investments declined from Rs 75.64 crore as of 31 March 2020 to Rs 74.12 crore as of 31 March 2021.  

Provision for depreciation rose 13.05% to Rs 14.12 crore. Fixed assets increased to Rs 160.04 crore as of 31 March 2021 from Rs 154.26 crore as of 31 March 2020. Intangible assets stood at Rs 120.55 crore.  

Profit before tax grew 17.37% to Rs 169.91 crore. Share of profit/loss was 0.96% lower at Rs 15.52 crore. Provision for tax was expense of Rs 44.1 crore, compared to Rs 39.32 crore. Effective tax rate was 23.78% compared to 24.51%. Net profit attributable to owners of the company increased 16.69% to Rs 141.33 crore.  

Promoters' stake was 57.28% as of 31 March 2021 compared to 57.28% as of 31 March 2020 .  

Cash flow from operating activities decreased to Rs 69.33 crore for year ended March 2021 from Rs 132.83 crore for year ended March 2020. Cash flow used in acquiring fixed assets during the year ended March 2021 stood at Rs 18.37 crore, compared to Rs 32.06 crore during the year ended March 2020.  

The company has declared sub-division of 34,84,800 ordinary shares of the company having face value of Rs.5/- each into 87,12,000 ordinary shares of face value of Rs.2/- each, subject to approval of the shareholders. The company has also declared issue of bonus shares post sub-division of shares to the shareholders in the ratio of 1:1, subject to approval of the shareholders.  

The company has recommended final dividend of 4000% (Rs.200/- per share) on the ordinary shares of the company of face value of Rs.5/- per share (i.e. before sub-division of shares and bonus issue) for the financial year 2020-21 subject to the approval of the shareholders in the ensuing 98th Annual General Meeting absorbing a sum of Rs.69.696 crores. The dividend recommended on per share and percentage thereof will be adjusted accordingly after sub-division of shares and bonus issue and the dividend will be distributed to the eligible shareholders within 30 days from the date of the 98th Annual General Meeting 

The scrip is currently trading at Rs 10912