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Analyst Meet / AGM
29-Oct-19
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Conference Call
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Castrol India
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Expects demand in H2CY19 to be better than H1CY19
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Castrol India conducted conference call to discuss the financial results and performance of the company for the quarter ended September 2019. Managing Director Omer Dormen and Director Finance & Chief Financial Officer Miss Rashmi Joshi addressed the call
Highlights of the Concall
- Revenue was down 8% YoY due to extremely challenging environment with declining industrial production and muted consumer off take. Product mix improved as realisation rose 6%, while volumes dipped 6% YoY.
- The company expects demand in H2CY19 to be better than H1CY19.
- Industrial and commercial segments were under pressure in Q3CY19 due auto slowdown. (July and August demand was under pressure). Majority impact on the volumes in Q3CY19 was due industrial production loss and freight movement reduction.
- Personal mobility segment has retained its share in Q3CY19 and slightly grown in 9MCY19.There was a slight decline in CVO (Commercial vehicle oil) in the quarter.
- Personal mobility volumes in the last 10 years have been more than 7% CAGR.
- In Q3CY19, personal mobility was flat, CVO showed a decline of single digit and industrial had a decline in double digit. Industrial impact in Q3 was more due to exisiting customers having low production.
- Volume Mix in Q3CY19: Personal Mobility: 45%-50%, Industrial: 12% rest was CVO.
- Base oil prices were down which was mitigated due to adverse rupee depreciation and increase in additives and packaging.
- The company has entered into strategic partnership with 2W OEM i.e. Honda 2W India, where the company had launched a new range of Castrol Activ lubricants (exclusively to Honda) in August and started market penetration in September 2019.
- Castrol had announced an Rs 1,40 crore capex plan for its Silvassa plant. This investment, spread over two years, will scale up capacity 50%. The capex is aimed at blending and filling. The company is planning to focus on new smaller packet categories through this capacity, which it sees as one of its strategic growth drivers going ahead. Castrol will also continue to invest in the Patalganga plant.
- The company has benefitted from lower tax rate and ended up paying 20.57% in this quarter. Going ahead, the comany expects effective tax rate of 26%.
- With the introduction of EV, the company does not foresee any major disruption in their 2W market, rather a gradual transition is expected in the next 5 years. Company has launched EV fluid globally (mainly in China and Europe).
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