Profit before tax down 34.74% to Rs 37.19 crore.  Share of profit/loss was 27.05% lower at Rs 3.21 crore.  Provision for tax was expense of Rs 10.17 crore, compared to Rs 13.7 crore.  Effective tax rate was 25.17% compared to 22.32%.

Net profit attributable to owners of the company decreased 36.61% to Rs 30.23 crore. 

Promoters’ stake was 57.28% as of 31 December 2021 compared to 57.28% as of 31 December 2020. 

For year-to-date (YTD) results analysis

Net sales of Tide Water Oil Co (I) has increased 22.07% to Rs 1091.03 crore.  Operating profit margin has declined from 13.55% to 9.34%, leading to 15.88% decline in operating profit to Rs 101.89 crore.  Raw material cost as a % of total sales (net of stock adjustments) increased from 47.60% to 56.98%.   Purchase of finished goods cost rose from 5.35% to 5.79%.   Employee cost decreased from 8.39% to 7.63%.   Other expenses fell from 25.07% to 20.27%.  Other direct service cost fell from 14.29% to 9.85%.  

Other income fell 16.09% to Rs 13.25 crore.  PBIDT fell 15.91% to Rs 115.14 crore.  Provision for interest fell 17.53% to Rs 1.27 crore.  PBDT fell 15.89% to Rs 113.87 crore.  Provision for depreciation rose 8.41% to Rs 11.34 crore. 

Profit before tax down 17.92% to Rs 102.53 crore.  Share of profit/loss was 27.68% lower at Rs 8.44 crore.  Provision for tax was expense of Rs 25.85 crore, compared to Rs 31.92 crore.  Effective tax rate was 23.29% compared to 23.37%.

Net profit attributable to owners of the company decreased 18.68% to Rs 85.12 crore. 

Promoters’ stake was 57.28% as of 31 December 2021 compared to 57.28% as of 31 December 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 1355