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Tide Water Oil Co (I)
consolidated net sales increased 40.45% to Rs 285.1 crore in Q1FY22 compared to
Q1FY21. Operating profit margin has
jumped from 9.90% to 9.58%, leading to 35.94% rise in operating profit to Rs
27.31 crore. Raw material cost as a % of
total sales (net of stock adjustments) increased from 44.00% to 56.17%. Purchase of finished goods cost rose from
5.25% to 8.29%. Employee cost decreased
from 12.71% to 9.21%. Other expenses
fell from 27.20% to 17.03%. Other
direct service cost fell from 14.29% to 6.26%.
Other income fell
27.41% to Rs 3.92 crore. PBIDT rose
22.52% to Rs 31.23 crore. Provision for interest fell 16.07% to Rs 0.47
crore. PBDT rose 23.39% to Rs 30.76
crore.Provision for depreciation rose 9.30% to Rs 3.76 crore.
Profit before tax
grew 25.64% to Rs 27.00 crore. Share of
profit/loss was 46.67% lower at Rs 0.96 crore.
Provision for tax was expense of Rs 5.07 crore, compared to Rs 5.88 crore. Effective tax rate was 18.13% compared to
25.25%.
Minority interest was
nil in both the periods. Net profit attributable to owners of the company
increased 31.48% to Rs 22.89 crore.
On 24th May, 2021, a
fire occurred at one of the depots operated by the parent company at Raipur,
Chattisgarh. Loss due to fire amounting to Rs. 1.14 crores for stock of
lubricants destroyed by fire (net of salvaged stock) has been accounted for in
the current quarter. The entire stock was covered by insurance and process of
claim submission / recovery is underway.
Promoters’ stake was
57.28% as of 30 June 2021 compared to 57.28% as of 30 June 2020.
Full year results analysis
Net sales (including
other operating income) of Tide Water Oil Co (I) has declined 4.41% to Rs
1258.48 crore. Operating profit margin
has jumped from 10.48% to 13.04%, leading to 18.86% rise in operating profit to
Rs 164.08 crore. Raw material cost as a
% of total sales (net of stock adjustments) increased from 49.48% to 49.97%. Purchase of finished goods cost rose from
5.74% to 5.95%. Employee cost increased
from 7.87% to 8.21%. Other expenses
fell from 26.55% to 23.00%. Other
direct service cost fell from 14.86% to 12.92%.
Other income rose
3.61% to Rs 22.36 crore. PBIDT rose
16.80% to Rs 186.44 crore. Provision for
interest rose 2.12% to Rs 2.41 crore.
Loan funds declined from Rs 38.46 crore as of 31 March 2020 to Rs 18.29
crore as of 31 March 2021. Inventories
rose to Rs 286.05 crore as of 31 March 2021 from Rs 200.74 crore as of 31 March
2020. Sundry debtors were higher at Rs
163.63 crore as of 31 March 2021 compared to Rs 151.65 crore as of 31 March
2020. Cash and bank balance declined
from Rs 204.51 crore as of 31 March 2020 to Rs 184.41 crore as of 31 March
2021. Investments declined from Rs 75.64
crore as of 31 March 2020 to Rs 74.12 crore as of 31 March 2021.
PBDT rose 17.02% to
Rs 184.03 crore. Provision for
depreciation rose 13.05% to Rs 14.12 crore.
Fixed assets increased to Rs 159.54 crore as of 31 March 2021 from Rs
154.26 crore as of 31 March 2020.
Intangible assets increased from Rs 120.55 crore to Rs 121.05
crore.
Profit before tax
grew 17.37% to Rs 169.91 crore. Share of
profit/loss was 0.96% lower at Rs 15.52 crore.
Provision for tax was expense of Rs 44.1 crore, compared to Rs 39.32
crore. Effective tax rate was 23.78%
compared to 24.51%.
Minority interest was
nil in both the periods. Net profit
attributable to owners of the company increased 16.69% to Rs 141.33 crore.
Promoters’ stake was
57.28% as of 31 March 2021 compared to 57.28% as of 31 March 2020 .
Cash flow from
operating activities decreased to Rs 69.33 crore for year ended March 2021 from
Rs 132.83 crore for year ended March 2020.
Cash flow used in acquiring fixed assets during the year ended March
2021 stood at Rs 18.37 crore, compared to Rs 32.06 crore during the year ended
March 2020.
The scrip trades at
Rs 2137
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Tide Water Oil Co (I) : Consolidated Results
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Particulars
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2106 (03)
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2006 (03)
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Var.(%)
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2103 (12)
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2003 (12)
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Var.(%)
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Net
Sales
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285.1
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202.99
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40
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1,258.48
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1,316.57
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-4
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OPM
(%)
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9.6
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9.9
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13.0
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10.5
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OP
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27.31
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20.09
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36
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164.08
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138.04
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19
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Other
Inc.
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3.92
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5.4
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-27
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22.36
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21.58
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4
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PBIDT
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31.23
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25.49
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23
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186.44
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159.62
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17
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Interest
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0.47
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0.56
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-16
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2.41
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2.36
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2
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PBDT
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30.76
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24.93
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23
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184.03
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157.26
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17
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Depreciation
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3.76
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3.44
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9
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14.12
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12.49
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13
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PBT
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27.00
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21.49
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26
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169.91
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144.77
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17
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Share
of Profit/(Loss) from Associates
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0.96
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1.80
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-47
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15.52
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15.67
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-1
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PBT
before EO
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27.96
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23.29
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20
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185.43
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160.44
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16
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EO
Income
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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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-
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PBT
after EO
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27.96
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23.29
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20
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185.43
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160.44
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16
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Taxation
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5.07
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5.88
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-14
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44.1
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39.32
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12
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PAT
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22.89
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17.41
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31
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141.33
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121.12
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17
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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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-
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Net
profit
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22.89
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17.41
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31
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141.33
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121.12
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17
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EPS
(Rs)*
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#
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#
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81.2
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69.6
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Notes
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*
EPS is on current diluted equity of Rs 3.48 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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