Capitaline

Results 11-Nov-23

Analysis

Tide Water Oil Co (I)

Sales up 6%, NP up 72%

Consolidated net sales (including other operating income) of Tide Water Oil Co (I) has increased 5.84% to Rs 474.18 crore. Operating profit margin has jumped from 6.21% to 8.77%, leading to 49.32% rise in operating profit to Rs 41.57 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 61.40% to 56.12%. Purchase of finished goods cost rose from 5.92% to 6.91%. Employee cost increased from 6.53% to 7.27%. Other expenses rose from 19.93% to 20.79%. Other direct service cost rose from 8.93% to 10.31%.

Other income rose 58.99% to Rs 5.04 crore. PBIDT rose 50.31% to Rs 46.61 crore. Provision for interest fell 15% to Rs 0.34 crore.

PBDT rose 51.16% to Rs 46.27 crore. Provision for depreciation rose 1.59% to Rs 3.84 crore.

Profit before tax grew 58.14% to Rs 42.43 crore. Share of profit/loss was 179.17% higher at Rs 2.68 crore. Provision for tax was expense of Rs 9.89 crore, compared to Rs 7.36 crore. Effective tax rate was 21.92% compared to 26.48%.

Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 72.39% to Rs 35.22 crore.

Equity capital stood at Rs 3.40 crore as of 30 September 2023 to Rs 3.40 crore as of 30 September 2022. Per share face Value remained same at Rs 2.00.

Promoters’ stake was 57.28% as of 30 September 2023 ,compared to 57.28% as of 30 September 2022 .

For year-to-date (YTD) results analysis

Net sales (including other operating income) of Tide Water Oil Co (I) has increased 6.89% to Rs 947.92 crore.

Operating profit margin has jumped from 7.63% to 8.45%, leading to 18.44% rise in operating profit to Rs 80.10 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 60.53% to 56.78%. Purchase of finished goods cost rose from 5.72% to 7.16%. Employee cost increased from 6.46% to 7.28%. Other expenses rose from 19.81% to 20.26%. Other direct service cost rose from 8.87% to 10.41%.

Other income rose 38.95% to Rs 9.81 crore. PBIDT rose 20.38% to Rs 89.91 crore. Provision for interest fell 20.48% to Rs 0.66 crore. Loan funds declined from Rs 0.74 crore as of 30 September 2022 to Rs 0.45 crore as of 30 September 2023. Inventories declined from Rs 356.57 crore as of 30 September 2022 to Rs 278.15 crore as of 30 September 2023. Sundry debtors were higher at Rs 231.86 crore as of 30 September 2023 compared to Rs 214.76 crore as of 30 September 2022. Cash and bank balance rose to Rs 194.28 crore as of 30 September 2023 from Rs 91.31 crore as of 30 September 2022. Investments rose to Rs 73.84 crore as of 30 September 2023 from Rs 70.91 crore as of 30 September 2022 .

PBDT rose 20.84% to Rs 89.25 crore. Provision for depreciation rose 0.53% to Rs 7.63 crore. Fixed assets declined from Rs 149.55 crore as of 30 September 2022 to Rs 148.12 crore as of 30 September 2023. Intangible assets declined from Rs 120.92 crore to Rs 120.55 crore.

Profit before tax grew 23.16% to Rs 81.62 crore. Share of profit/loss was 72.01% higher at Rs 5.47 crore. Provision for tax was expense of Rs 20.68 crore, compared to Rs 15.3 crore. Effective tax rate was 23.75% compared to 22.03%.

Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 22.64% to Rs 66.41 crore.

Equity capital stood at Rs 3.40 crore as of 30 September 2023 to Rs 3.40 crore as of 30 September 2022. Per share face Value remained same at Rs 2.00.

Promoters’ stake was 57.28% as of 30 September 2023 compared to 57.28% as of 30 September 2022 .

The scrip is currently trading at Rs 1183

Tide Water Oil Co (I) : Consolidated Results
Particulars	2309 (03)	2209 (03)	Var. (%)	2309 (06)	2209 (06)	Var. (%)	2303 (12)	2203 (12)	Var.(%)
Net Sales	474.18	448.02	6	947.92	886.82	7	1,853.80	1,535.71	21
OPM (%)	8.8	6.2		8.5	7.6		7.7	9.6
OP	41.57	27.84	49	80.1	67.63	18	142.17	147.26	-3
Other Inc.	5.04	3.17	59	9.81	7.06	39	14.99	19.65	-24
PBIDT	46.61	31.01	50	89.91	74.69	20	157.16	166.91	-6
Interest	0.34	0.4	-15	0.66	0.83	-20	1.49	1.6	-7
PBDT	46.27	30.61	51	89.25	73.86	21	155.67	165.31	-6
Depreciation	3.84	3.78	2	7.63	7.59	1	15.55	15.47	1
PBT	42.43	26.83	58	81.62	66.27	23	140.12	149.84	-6
Share of Profit/(Loss) from Associates	2.68	0.96	179	5.47	3.18	72	6.95	10.27	-32
PBT before EO	45.11	27.79	62	87.09	69.45	25	147.07	160.11	-8
EO Income	0.00	0.00		0.00	0.00		0	0
PBT after EO	45.11	27.79	62	87.09	69.45	25	147.07	160.11	-8
Taxation	9.89	7.36	34	20.68	15.30	35	32.58	37.2	-12
PAT	35.22	20.43	72	66.41	54.15	23	114.49	122.91	-7
Minority Interest (MI)	0	0		0	0		0	0
Net profit	35.22	20.43	72	66.41	54.15	23	114.49	122.91	-7
EPS (Rs)*	#	#		#	#		65.7	70.5
Notes
* EPS is on current diluted equity of Rs 3.4 crore, Face value of Rs 2, Excluding extraordinary items.
# EPS is not annualised
bps : Basis points
Figures in Rs crore
Source: Capitaline Corporate Database

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