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Analyst Meet / AGM
02-Aug-18
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Conference Call
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Castrol India
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80% of the volume growth due to new products
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Castrol India conducted conference call to discuss the financial results and performance of the company for the quarter ended June 2018. Managing Director Omer Dormen and Director Finance & Chief Financial Officer Miss Rashmi Joshi addressed the call
Highlights of the Concall
- Volumes grew 12% YoY to 57 million liters from a low base of Q2CY17, which was impacted by pre-GST destocking
- The company maintained that personal mobility and CVO segments have grown at double-digits in H1CY18, while industrial segment declined sharply
- Except for H1CY18, the company's PM portfolio has logged higher growth than CVO over the last few years. The Industrials portfolio showed negative growth as management is consciously focusing only on premium applications within the segment.
- The company's Power Brands continued to show strong volume growth of around 18% YoY.
- Nearly 80% of the volume growth during the quarter was due to new products launched during the last three quarters.
- For H1CY18, revenue grew 11% YoY led by 7% YoY volume growth while industry volume grew 6% YoY during the corresponding period.
- Average realization increased 4% YoY but fell 0.9% QoQ to Rs 178 per litre as product mix changed, with CVO showing higher growth than PM
- The current product mix is: commercial vehicle operation (CVO) 46%, personal mobility segment (PM) 41% and Industrials 13%.
- The company raised prices by 3-4% in July, on an average, to offset the rising input cost, whose impact should show up from Q3CY18. This is the third price hike since Q2CY17
- The company has reiterated its focus on profitable volume growth and maximizing the profit pool rather than maximizing per unit profitability. The company highlighted that it is likely to face headwinds in second half of the year owing to currency fluctuations and volatility in crude prices.
- The company expects growth to be led by both the personal mobility and CVO segments (led by infrastructure and a favourable monsoon driving a pickup in agriculture). It expects overall industry to grow 5–6%.
- The company will continue to focus on driving volumes through product launches, expansion of distribution network, investments in branding, etc.
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