Capitaline

Results 27-May-23

Analysis

Tide Water Oil Co (I)

PBT down 13%

Tide Water Oil Co (I) consolidated net sales increased 5.67% to Rs 469.91 crore in Q4FY23 compared to Q4FY22. Operating profit margin has declined from 10.20% to 8.69%, leading to 10.03% decline in operating profit to Rs 40.82 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 56.93% to 59.71%. Purchase of finished goods cost fell from 9.18% to 8.85%. Employee cost increased from 6.09% to 7.19%. Other expenses fell from 18.00% to 15.36%. Other direct service cost rose from 8.65% to 10.14%.

Other income fell 33.44% to Rs 4.26 crore. PBIDT fell 12.92% to Rs 45.08 crore. Provision for interest fell 6.06% to Rs 0.31 crore.

PBDT fell 12.97% to Rs 44.77 crore. Provision for depreciation fell 9.20% to Rs 3.75 crore.

Profit before tax down 13.30% to Rs 41.02 crore. Share of profit/loss was 11.48% lower at Rs 1.62 crore. Provision for tax was expense of Rs 8.25 crore, compared to Rs 11.35 crore. Effective tax rate was 19.35% compared to 23.10%.

Minority interest was nil in both the periods. Net profit attributable to owners of the company decreased 9% to Rs 34.39 crore.

Equity capital stood at Rs 3.40 crore as of 31 March 2023 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 2023 compared to 57.28% as of 31 March 2022 .

Full year results analysis

Net sales (including other operating income) of Tide Water Oil Co (I) has increased 20.71% to Rs 1853.8 crore. Operating profit margin has declined from 9.59% to 7.67%, leading to 3.46% decline in operating profit to Rs 142.17 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 56.96% to 60.11%. Purchase of finished goods cost fell from 6.80% to 6.58%. Employee cost decreased from 7.17% to 6.55%. Other expenses fell from 19.60% to 19.11%. Other direct service cost fell from 9.49% to 9.37%.

Other income fell 23.72% to Rs 14.99 crore. PBIDT fell 5.84% to Rs 157.16 crore. Provision for interest fell 6.88% to Rs 1.49 crore. Loan funds declined from Rs 14.36 crore as of 31 March 2022 to Rs 4.58 crore as of 31 March 2023. Inventories rose to Rs 303.70 crore as of 31 March 2023 from Rs 289.93 crore as of 31 March 2022. Sundry debtors were higher at Rs 237.38 crore as of 31 March 2023 compared to Rs 212.22 crore as of 31 March 2022. Cash and bank balance rose to Rs 163.45 crore as of 31 March 2023 from Rs 149.20 crore as of 31 March 2022. Investments declined from Rs 70.05 crore as of 31 March 2022 to Rs 69.86 crore as of 31 March 2023.

PBDT fell 5.83% to Rs 155.67 crore. Provision for depreciation rose 0.52% to Rs 15.55 crore. Fixed assets declined from Rs 153.03 crore as of 31 March 2022 to Rs 152.11 crore as of 31 March 2023. Intangible assets stood at Rs 120.55 crore.

Profit before tax down 6.49% to Rs 140.12 crore. Share of profit/loss was 32.33% lower at Rs 6.95 crore. Provision for tax was expense of Rs 32.58 crore, compared to Rs 37.2 crore. Effective tax rate was 22.15% compared to 23.23%.

Minority interest was nil in both the periods. Net profit attributable to owners of the company decreased 6.85% to Rs 114.49 crore.

Equity capital stood at Rs 3.40 crore as of 31 March 2023 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 2023 ,compared to 57.28% as of 31 March 2022.

The scrip is currently trading at Rs 874

Tide Water Oil Co (I) : Consolidated Results
Particulars	2303 (03)	2203 (03)	Var. (%)	2303 (12)	2203 (12)	Var.(%)
Net Sales	469.91	444.68	6	1,853.80	1,535.71	21
OPM (%)	8.7	10.2		7.7	9.6
OP	40.82	45.37	-10	142.17	147.26	-3
Other Inc.	4.26	6.4	-33	14.99	19.65	-24
PBIDT	45.08	51.77	-13	157.16	166.91	-6
Interest	0.31	0.33	-6	1.49	1.6	-7
PBDT	44.77	51.44	-13	155.67	165.31	-6
Depreciation	3.75	4.13	-9	15.55	15.47	1
PBT	41.02	47.31	-13	140.12	149.84	-6
Share of Profit/(Loss) from Associates	1.62	1.83	-11	6.95	10.27	-32
PBT before EO	42.64	49.14	-13	147.07	160.11	-8
EO Income	0.00	0.00		0	0
PBT after EO	42.64	49.14	-13	147.07	160.11	-8
Taxation	8.25	11.35	-27	32.58	37.2	-12
PAT	34.39	37.79	-9	114.49	122.91	-7
Minority Interest (MI)	0	0		0	0
Net profit	34.39	37.79	-9	114.49	122.91	-7
EPS (Rs)*	#	#		65.7	70.5
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) fixes record date for 2nd interim dividend
( Market Beat - Reports 31-Jan-24 20:38 )

Tide Water Oil Co (I) consolidated net profit rises 47.31% in the June 2022 quarter
( Results - Announcements 13-Aug-22 15:53 )

Tide Water Oil Co (I) standalone net profit declines 17.00% in the December 2021 quarter
( Results - Announcements 14-Feb-22 16:56 )

Tide Water Oil Co (I) fixes record date for interim dividend
( Market Beat - Reports 05-Nov-20 20:16 )

Tide Water Oil Co (I)
( Results - Analysis 14-Aug-22 08:51 )

Tide Water Oil Co (I) standalone net profit declines 15.02% in the December 2016 quarter
( Results - Announcements 11-Feb-17 10:02 )

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 Company India schedules board meeting
( Corporate News - 02-Feb-23 11:50 )

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

Tide Water Oil Co (I) consolidated net profit rises 46.05% in the September 2019 quarter
( Results - Announcements 19-Nov-19 11:45 )

Tide Water Oil Co (I) standalone net profit declines 79.00% in the September 2015 quarter
( Results - Announcements 03-Nov-15 08:22 )