|
Tide Water Oil Co (I)
consolidated net sales increased 13.69% to Rs 448.02 crore in Q2FY23 compared
to Q2FY22. Operating profit margin has
declined from 9.74% to 6.21%, leading to 27.48% decline in operating profit to
Rs 27.84 crore. Raw material cost as a %
of total sales (net of stock adjustments) increased from 57.36% to 61.40%. Purchase of finished goods cost rose from
4.66% to 5.92%. Employee cost decreased
from 6.96% to 6.53%. Other expenses
fell from 21.34% to 19.93%. Other
direct service cost fell from 11.53% to 8.93%.
Other income fell
23.61% to Rs 3.17 crore. PBIDT fell
27.10% to Rs 31.01 crore. Provision for
interest fell 2.44% to Rs 0.4 crore.
PBDT fell 27.34% to
Rs 30.61 crore. Provision for
depreciation fell 0.26% to Rs 3.78 crore.
Profit before tax
down 30.02% to Rs 26.83 crore. Share of
profit/loss was 77.52% lower at Rs 0.96 crore.
Provision for tax was expense of Rs 7.36 crore, compared to Rs 10.61 crore. Effective tax rate was 26.48% compared to
24.90%.
Minority interest was
nil in both the periods. Net profit
attributable to owners of the company decreased 36.16% to Rs 20.43 crore.
Equity capital stood
at Rs 3.40 crore as of 30 September 2022 to Rs 3.40 crore as of 30 September
2021. Per share face Value remained same
at Rs 2.00.
Promoters’ stake was
57.28% as of 30 September 2022 ,compared to 57.28% as of 30 September 2021
.
For year-to-date (YTD) results analysis
Net sales of Tide
Water Oil Co (I) has increased 30.58% to Rs 886.82 crore. Operating profit margin has declined from
9.68% to 7.63%, leading to 2.92% rise in operating profit to Rs 67.63
crore. Raw material cost as a % of total
sales (net of stock adjustments) increased from 56.85% to 60.53%. Purchase of finished goods cost fell from
6.21% to 5.72%. Employee cost decreased
from 7.92% to 6.46%. Other expenses
rose from 19.51% to 19.81%. Other
direct service cost fell from 9.29% to 8.87%.
Other income fell
12.52% to Rs 7.06 crore. PBIDT rose
1.23% to Rs 74.69 crore. Provision for
interest fell 5.68% to Rs 0.83 crore.
PBDT rose 1.32% to Rs
73.86 crore. Provision for depreciation
rose 0.53% to Rs 7.59 crore.
Profit before tax
grew 1.41% to Rs 66.27 crore. Share of
profit/loss was 39.08% lower at Rs 3.18 crore. Provision for tax was expense of Rs 15.3
crore, compared to Rs 15.68 crore.
Effective tax rate was 22.03% compared to 22.22%.
Minority interest was
nil in both the periods. Net profit
attributable to owners of the company decreased 1.35% to Rs 54.15 crore.
Equity capital stood
at Rs 3.40 crore as of 30 September 2022 to Rs 3.40 crore as of 30 September
2021. Per share face Value remained same
at Rs 2.00.
Promoters’ stake was
57.28% as of 30 September 2022 ,compared to 57.28% as of 30 September 2021
.
Full year results analysis
Net sales of Tide
Water Oil Co (I) has increased 22.03% to Rs 1535.71 crore. Operating profit margin has declined from
13.04% to 9.59%, leading to 10.25% decline in operating profit to Rs 147.26
crore. Raw material cost as a % of total
sales (net of stock adjustments) increased from 49.97% to 56.96%. Purchase of finished goods cost rose from
5.95% to 6.80%. Employee cost decreased
from 8.21% to 7.17%. Other expenses
fell from 23.00% to 19.60%. Other
direct service cost fell from 12.92% to 9.49%.
Other income fell
12.12% to Rs 19.65 crore. PBIDT fell
10.48% to Rs 166.91 crore. Provision for
interest fell 33.61% to Rs 1.6 crore.
Loan funds declined from Rs 18.29 crore as of 31 March 2021 to Rs 14.36
crore as of 31 March 2022. Inventories
rose to Rs 289.93 crore as of 31 March 2022 from Rs 286.05 crore as of 31 March
2021. Sundry debtors were higher at Rs
212.22 crore as of 31 March 2022 compared to Rs 163.63 crore as of 31 March
2021. Cash and bank balance declined
from Rs 184.41 crore as of 31 March 2021 to Rs 149.20 crore as of 31 March
2022. Investments declined from Rs 74.12
crore as of 31 March 2021 to Rs 70.05 crore as of 31 March 2022.
PBDT fell 10.17% to
Rs 165.31 crore. Provision for
depreciation rose 9.56% to Rs 15.47 crore.
Fixed assets declined from Rs 160.04 crore as of 31 March 2021 to Rs
152.55 crore as of 31 March 2022.
Intangible assets increased from Rs 120.55 crore to Rs 121.03
crore.
Profit before tax
down 11.81% to Rs 149.84 crore. Share of
profit/loss was 33.83% lower at Rs 10.27 crore.
Provision for tax was expense of Rs 37.2 crore, compared to Rs 44.1
crore. Effective tax rate was 23.23%
compared to 23.78%.
Minority interest was
nil in both the periods. Net profit
attributable to owners of the company decreased 13.03% to Rs 122.91 crore.
Equity capital increased
from Rs 1.70 crore as of 31 March 2021 to Rs 3.40 crore as of 31 March
2022. Per share face Value remained same
at Rs 2.00.
Promoters’ stake was
57.28% as of 31 March 2022 compared to 57.28% as of 31 March 2021.
The scrip trades at
Rs 1015
|
Tide Water Oil Co (I) : Consolidated Results
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|
Particulars
|
2209 (03)
|
2109 (03)
|
Var. (%)
|
2209 (06)
|
2109 (06)
|
Var. (%)
|
2203 (12)
|
2103 (12)
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Var.(%)
|
|
Net
Sales
|
448.02
|
394.06
|
14
|
886.82
|
679.16
|
31
|
1,535.71
|
1,258.48
|
22
|
|
OPM
(%)
|
6.2
|
9.7
|
|
7.6
|
9.7
|
|
9.6
|
13.0
|
|
|
OP
|
27.84
|
38.39
|
-27
|
67.63
|
65.71
|
3
|
147.26
|
164.08
|
-10
|
|
Other
Inc.
|
3.17
|
4.15
|
-24
|
7.06
|
8.07
|
-13
|
19.65
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22.36
|
-12
|
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PBIDT
|
31.01
|
42.54
|
-27
|
74.69
|
73.78
|
1
|
166.91
|
186.44
|
-10
|
|
Interest
|
0.4
|
0.41
|
-2
|
0.83
|
0.88
|
-6
|
1.6
|
2.41
|
-34
|
|
PBDT
|
30.61
|
42.13
|
-27
|
73.86
|
72.9
|
1
|
165.31
|
184.03
|
-10
|
|
Depreciation
|
3.78
|
3.79
|
0
|
7.59
|
7.55
|
1
|
15.47
|
14.12
|
10
|
|
PBT
|
26.83
|
38.34
|
-30
|
66.27
|
65.35
|
1
|
149.84
|
169.91
|
-12
|
|
Share
of Profit/(Loss) from Associates
|
0.96
|
4.27
|
-78
|
3.18
|
5.22
|
-39
|
10.27
|
15.52
|
-34
|
|
PBT
before EO
|
27.79
|
42.61
|
-35
|
69.45
|
70.57
|
-2
|
160.11
|
185.43
|
-14
|
|
EO
Income
|
0.00
|
0.00
|
|
0.00
|
0.00
|
|
0
|
0
|
|
|
PBT
after EO
|
27.79
|
42.61
|
-35
|
69.45
|
70.57
|
-2
|
160.11
|
185.43
|
-14
|
|
Taxation
|
7.36
|
10.61
|
-31
|
15.30
|
15.68
|
-2
|
37.2
|
44.1
|
-16
|
|
PAT
|
20.43
|
32.00
|
-36
|
54.15
|
54.89
|
-1
|
122.91
|
141.33
|
-13
|
|
Minority
Interest (MI)
|
0
|
0
|
|
0
|
0
|
|
0
|
0
|
|
|
Net
profit
|
20.43
|
32.00
|
-36
|
54.15
|
54.89
|
-1
|
122.91
|
141.33
|
-13
|
|
EPS
(Rs)*
|
#
|
#
|
|
#
|
#
|
|
70.5
|
81.1
|
|
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Notes
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*
EPS is on current diluted equity of Rs 3.48 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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