Capitaline

Analyst Meet / AGM 01-Nov-16

Conference Call

Castrol India

Continue to support volume growth

Castrol India conducted conference call to discuss the financial results and performance of the company for the quarter ended September 2016. Senior Management of the company addressed the Concall.
Highlights of the Concall

Castrol India reported 2% increase in its bottom-line to Rs 139.8 crore in Q3CY'16 on a 3% decrease in topline to Rs 761.7 crore compared to corresponding previous year period. For 9MCY'16 Net Sales of the company was up 3% at Rs 2588.2 crore compared to corresponding previous year while bottomline rose 9% to Rs 519 crore.

Sales were down 3% on a y-o-y basis and 21.5% on a q-o-q basis mainly due to the seasonality in the sales and selective price discounts that the company offered in July and also due to floods in certain regions, thus, taking a toll on volumes and realizations

The strong results year to date have been achieved in an environment which continues to be challenging for the Commercial Vehicle Oils and Industrial lubricant oils.

Volumes grew 1% in Q3CY16. The volume growth was led by personal mobility and power brands in line with its strategy and also strong growth in industrial segment.

9MCY16 sales volumes grew by 4.4% YoY at around 151 million litre due to higher sales in the second quarter as compared to 145 million litre in 9M CY15.

Market growth of lubricant is around 2-3%.

The company witnessed softer volume in heavy duty segment due to heavy monsoon in some parts of the country. Marine segment volume dipped during the quarter due to continued pressure on marine business globally.

The company continues its focus on volume growth and investment behind power brands. The Commercial Vehicle segment has seen a healthy double digit growth in the key brands which it continues to invest in.

Despite contraction in Industrial IIP in 3Q, the Industrial business sustained its growth trajectory by winning several new customers and gaining share in existing customers with its differentiated products and service offers.

Looking ahead, in the longer term following the good monsoon and a strong pick up in vehicle sales trend, the company continues to remain optimistic about the Indian lubricant market and its business growth.

The company continues to focus on its strategy of supporting volume growth.

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