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Results
14-Feb-24
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Analysis
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Tide Water Oil Co (I)
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Improved performance
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Tide Water Oil Co (I) consolidated net sales
declined 0.12% to Rs 496.45 crore in Q3FY24 compared to Q3FY23. Operating
profit margin has jumped from 6.78% to 8.38%, leading to 23.40% rise in
operating profit to Rs 41.61 crore. Raw
material cost as a % of total sales (net of stock adjustments) decreased from
59.71% to 55.90%. Purchase of finished
goods cost rose from 6.02% to 6.22%.
Employee cost increased from 6.12% to 7.52%. Other expenses rose from 21.31% to
21.94%. Other direct service cost rose
from 9.57% to 11.09%.
Other income rose 8.45% to Rs 3.98
crore. PBIDT rose 21.93% to Rs 45.59
crore. Provision for interest rose
142.86% to Rs 0.85 crore.
PBDT rose 20.79% to Rs 44.74 crore. Provision for depreciation fell 7.60% to Rs
3.89 crore.
Profit before tax grew 24.43% to Rs 40.85
crore. Share of profit/loss was 73.95%
higher at Rs 3.74 crore. Provision for
tax was expense of Rs 11.03 crore, compared to Rs 9.03 crore.
Effective tax rate was 24.74% compared to
25.81%.
Minority interest was nil in both the
periods. Net profit attributable to
owners of the company increased 29.33% to Rs 33.56 crore.
Promoters’ stake was 62.27% as of 31 December
2023 compared to 57.28% as of 31 December 2022 . Promoters pledged stake was 54.17% as of 31
December 2023
For
year-to-date (YTD) results analysis
Net sales (including other operating income)
of Tide Water Oil Co (I) has increased 4.37% to Rs 1444.37 crore.
Operating profit margin has jumped from 7.32%
to 8.43%, leading to 20.09% rise in operating profit to Rs 121.71 crore. Raw material cost as a % of total sales (net
of stock adjustments) decreased from 60.24% to 56.48%. Purchase of finished goods cost rose from
5.83% to 6.83%. Employee cost increased
from 6.34% to 7.36%. Other expenses
rose from 20.34% to 20.84%. Other direct
service cost rose from 9.11% to 10.64%.
Other income rose 28.52% to Rs 13.79
crore. PBIDT rose 20.90% to Rs 135.5
crore. Provision for interest rose
27.97% to Rs 1.51 crore.
PBDT rose 20.82% to Rs 133.99 crore. Provision for depreciation fell 2.37% to Rs
11.52 crore.
Profit before tax grew 23.58% to Rs 122.47
crore. Share of profit/loss was 72.80%
higher at Rs 9.21 crore. Provision for
tax was expense of Rs 31.73 crore, compared to Rs 24.33 crore. Effective tax rate was 24.10% compared to
23.30%.
Minority interest was nil in both the
periods. Net profit attributable to
owners of the company increased 24.78% to Rs 99.95 crore.
Promoters’ stake was 62.27% as of 31 December
2023 ,compared to 57.28% as of 31 December 2022 . Promoters pledged stake was 54.17% as of 31
December 2023
The scrip is
currently trading at Rs 1537
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Tide Water Oil Co (I) : Consolidated 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 (09)
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2212 (09)
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Var. (%)
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2303 (12)
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2203 (12)
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Var.(%)
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Net
Sales
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496.45
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497.07
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0
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1444.37
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1383.89
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4
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1,853.80
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1,535.71
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21
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OPM
(%)
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8.4
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6.8
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8.4
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7.3
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7.7
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9.6
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OP
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41.61
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33.72
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23
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121.71
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101.35
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20
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142.17
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147.26
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-3
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Other
Inc.
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3.98
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3.67
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8
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13.79
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10.73
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29
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14.99
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19.65
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-24
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PBIDT
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45.59
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37.39
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22
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135.5
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112.08
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21
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157.16
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166.91
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-6
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Interest
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0.85
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0.35
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143
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1.51
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1.18
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28
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1.49
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1.6
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-7
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PBDT
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44.74
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37.04
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21
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133.99
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110.9
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21
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155.67
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165.31
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-6
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Depreciation
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3.89
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4.21
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-8
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11.52
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11.8
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-2
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15.55
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15.47
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1
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PBT
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40.85
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32.83
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24
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122.47
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99.10
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24
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140.12
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149.84
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-6
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Share
of Profit/(Loss) from Associates
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3.74
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2.15
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74
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9.21
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5.33
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73
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6.95
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10.27
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-32
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PBT
before EO
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44.59
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34.98
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27
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131.68
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104.43
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26
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147.07
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160.11
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-8
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EO
Income
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0.00
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0.00
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0.00
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0.00
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0
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0
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PBT
after EO
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44.59
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34.98
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27
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131.68
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104.43
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26
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147.07
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160.11
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-8
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Taxation
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11.03
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9.03
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22
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31.73
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24.33
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30
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32.58
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37.2
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-12
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PAT
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33.56
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25.95
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29
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99.95
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80.10
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25
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114.49
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122.91
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-7
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Minority
Interest (MI)
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0
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0
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0
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0
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0
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0
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Net
profit
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33.56
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25.95
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29
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99.95
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80.10
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25
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114.49
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122.91
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-7
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EPS
(Rs)*
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#
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#
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#
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#
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65.7
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70.5
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Notes
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*
EPS is on current diluted equity of Rs 3.4 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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(
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(
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25-May-20
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15-Mar-19
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