Capitaline

Results 14-Aug-22

Analysis

Tide Water Oil Co (I)

Good performance

Tide Water Oil (India) consolidated net sales increased 53.91% to Rs 438.8 crore in Q1FY23 compared to Q1FY22.

Operating profit margin has declined from 9.58% to 9.07%, leading to 45.70% rise in operating profit to Rs 39.79 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 56.17% to 59.67%. Purchase of finished goods cost fell from 8.29% to 5.53%. Employee cost decreased from 9.21% to 6.40%. Other expenses rose from 17.03% to 19.69%. Other direct service cost rose from 6.26% to 8.81%.

Other income fell 0.77% to Rs 3.89 crore. PBIDT rose 39.87% to Rs 43.68 crore. Provision for interest fell 8.51% to Rs 0.43 crore.

PBDT rose 40.60% to Rs 43.25 crore. Provision for depreciation rose 1.33% to Rs 3.81 crore.

Profit before tax grew 46.07% to Rs 39.44 crore. Share of profit/loss was 131.25% higher at Rs 2.22 crore. Provision for tax was expense of Rs 7.94 crore, compared to Rs 5.07 crore. Effective tax rate was 19.06% compared to 18.13%.

Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 47.31% to Rs 33.72 crore.

Promoters’ stake was 57.28% as of 30 June 2022 compared to 57.28% as of 30 June 2021.

An interim dividend @ 250% (Rs. 5/- per equity share) for the year 2022-23 was declared at the meeting of the Board of Directors of the Company held on 13th August,7 2022.

Full year results analysis

Net sales of Tide Water Oil Co (I) has increased 22.03% to Rs 1535.71 crore. Operating profit margin has declined from 13.04% to 9.59%, leading to 10.25% decline in operating profit to Rs 147.26 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 49.97% to 56.96%. Purchase of finished goods cost rose from 5.95% to 6.80%. Employee cost decreased from 8.21% to 7.17%. Other expenses fell from 23.00% to 19.60%. Other direct service cost fell from 12.92% to 9.49%.

Other income fell 12.12% to Rs 19.65 crore. PBIDT fell 10.48% to Rs 166.91 crore. Provision for interest fell 33.61% to Rs 1.6 crore. Loan funds declined from Rs 18.29 crore as of 31 March 2021 to Rs 14.36 crore as of 31 March 2022. Inventories rose to Rs 289.93 crore as of 31 March 2022 from Rs 286.05 crore as of 31 March 2021. Sundry debtors were higher at Rs 212.22 crore as of 31 March 2022 compared to Rs 163.63 crore as of 31 March 2021. Cash and bank balance declined from Rs 184.41 crore as of 31 March 2021 to Rs 149.20 crore as of 31 March 2022. Investments declined from Rs 74.12 crore as of 31 March 2021 to Rs 70.05 crore as of 31 March 2022.

PBDT fell 10.17% to Rs 165.31 crore. Provision for depreciation rose 9.56% to Rs 15.47 crore. Fixed assets declined from Rs 160.04 crore as of 31 March 2021 to Rs 152.55 crore as of 31 March 2022. Intangible assets increased from Rs 120.55 crore to Rs 121.03 crore.

Profit before tax down 11.81% to Rs 149.84 crore. Share of profit/loss was 33.83% lower at Rs 10.27 crore. Provision for tax was expense of Rs 37.2 crore, compared to Rs 44.1 crore. Effective tax rate was 23.23% compared to 23.78%.

Minority interest was nil in both the periods. Net profit attributable to owners of the company decreased 13.03% to Rs 122.91 crore.

Equity capital increased from Rs 1.70 crore as of 31 March 2021 to Rs 3.40 crore as of 31 March 2022. Per share face Value remained same at Rs 2.00.

Promoters’ stake was 57.28% as of 31 March 2022 compared to 57.28% as of 31 March 2021.

The scrip trades at Rs 1167

Tide Water Oil Co (I) : Consolidated Results
Particulars	2206 (03)	2106 (03)	Var.(%)	2203 (12)	2103 (12)	Var.(%)
Net Sales	438.8	285.1	54	1,535.71	1,258.48	22
OPM (%)	9.1	9.6		9.6	13.0
OP	39.79	27.31	46	147.26	164.08	-10
Other Inc.	3.89	3.92	-1	19.65	22.36	-12
PBIDT	43.68	31.23	40	166.91	186.44	-10
Interest	0.43	0.47	-9	1.6	2.41	-34
PBDT	43.25	30.76	41	165.31	184.03	-10
Depreciation	3.81	3.76	1	15.47	14.12	10
PBT	39.44	27.00	46	149.84	169.91	-12
Share of Profit/(Loss) from Associates	2.22	0.96	131	10.27	15.52	-34
PBT before EO	41.66	27.96	49	160.11	185.43	-14
EO Income	0.00	0.00		0	0
PBT after EO	41.66	27.96	49	160.11	185.43	-14
Taxation	7.94	5.07	57	37.2	44.1	-16
PAT	33.72	22.89	47	122.91	141.33	-13
Minority Interest (MI)	0	0		0	0
Net profit	33.72	22.89	47	122.91	141.33	-13
EPS (Rs)*	#	#		70.5	81.1
Notes
* EPS is on current diluted equity of Rs 3.48 crore, Face value of Rs 2, Excluding extraordinary items.
# EPS is not annualised
bps : Basis points
Figures in Rs crore
Source: Capitaline Corporate Database

Previous News

Tide Water Oil Co (I)
( Results - Analysis 27-May-23 07:39 )

Tide Water Oil Co (I)
( Results - Analysis 14-Feb-24 03:28 )

Tide Water Oil Co (I)
( Results - Analysis 16-Nov-21 18:54 )

Tide Water Oil Co (I) fixes record date for 2nd interim dividend
( Market Beat - Reports 01-Nov-22 19:48 )

Board of Tide Water Oil Company India recommends Second Interim Dividend
( Corporate News - 14-Feb-22 16:06 )

Tide Water Oil Co (I) consolidated net profit declines 7.50% in the June 2023 quarter
( Results - Announcements 12-Aug-23 07:46 )

Tide Water Oil Co (I) standalone net profit declines 7.43% in the June 2019 quarter
( Results - Announcements 14-Aug-19 17:26 )

Tide Water Oil Co (I) standalone net profit rises 27.63% in the December 2017 quarter
( Results - Announcements 13-Feb-18 09:05 )

Tide Water Oil intimates of fire accident at premises of contract manufacturer
( Corporate News - 16-Feb-23 18:14 )

Tide Water Oil Co (I) consolidated net profit rises 58.02% in the March 2021 quarter
( Results - Announcements 10-Jun-21 17:27 )

Tide Water Oil Co (I) allots 87.12 equity shares under bonus issue
( Corporate News - 28-Jul-21 11:55 )