Capitaline

Results 12-Aug-23

Analysis

Tide Water Oil Co (I)

NP down 8%

Tide Water Oil Co (I) consolidated net sales increased 7.96% to Rs 473.74 crore in Q1FY24 compared to Q1FY23. Operating profit margin has declined from 9.07% to 8.13%, leading to 3.17% decline in operating profit to Rs 38.53 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 59.67% to 57.43%. Purchase of finished goods cost rose from 5.53% to 7.40%. Employee cost increased from 6.40% to 7.30%. Other expenses rose from 19.69% to 19.74%. Other direct service cost rose from 8.81% to 10.51%.

Other income rose 22.62% to Rs 4.77 crore. PBIDT fell 0.87% to Rs 43.3 crore. Provision for interest fell 25.58% to Rs 0.32 crore.

PBDT fell 0.62% to Rs 42.98 crore. Provision for depreciation fell 0.52% to Rs 3.79 crore.

Profit before tax down 0.63% to Rs 39.19 crore. Share of profit/loss was 25.68% higher at Rs 2.79 crore. Provision for tax was expense of Rs 10.79 crore, compared to Rs 7.94 crore. Effective tax rate was 25.70% compared to 19.06%.

Minority interest was nil in both the periods. Net profit attributable to owners of the company decreased 7.50% to Rs 31.19 crore.

Promoters’ stake was 57.28% as of 30 June 2023 compared to 57.28% as of 30 June 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 1151

Tide Water Oil Co (I) : Consolidated Results
Particulars	2306 (03)	2206 (03)	Var. (%)	2303 (12)	2203 (12)	Var.(%)
Net Sales	473.74	438.8	8	1,853.80	1,535.71	21
OPM (%)	8.1	9.1		7.7	9.6
OP	38.53	39.79	-3	142.17	147.26	-3
Other Inc.	4.77	3.89	23	14.99	19.65	-24
PBIDT	43.3	43.68	-1	157.16	166.91	-6
Interest	0.32	0.43	-26	1.49	1.6	-7
PBDT	42.98	43.25	-1	155.67	165.31	-6
Depreciation	3.79	3.81	-1	15.55	15.47	1
PBT	39.19	39.44	-1	140.12	149.84	-6
Share of Profit/(Loss) from Associates	2.79	2.22	26	6.95	10.27	-32
PBT before EO	41.98	41.66	1	147.07	160.11	-8
EO Income	0.00	0.00		0	0
PBT after EO	41.98	41.66	1	147.07	160.11	-8
Taxation	10.79	7.94	36	32.58	37.2	-12
PAT	31.19	33.72	-8	114.49	122.91	-7
Minority Interest (MI)	0	0		0	0
Net profit	31.19	33.72	-8	114.49	122.91	-7
EPS (Rs)*	#	#		65.7	70.5
Notes
* EPS is on current diluted equity of Rs 3.4 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) consolidated net profit declines 7.50% in the June 2023 quarter
( Results - Announcements 12-Aug-23 07:46 )

Tide Water Oil Co (I)
( Results - Analysis 14-Nov-22 23:34 )

Tide Water Oil Co (I) consolidated net profit rises 29.33% in the December 2023 quarter
( Results - Announcements 14-Feb-24 07:52 )

Tide Water Oil
( Results - Analysis 11-Feb-19 16:27 )

Tide Water Oil Company India to convene board meeting
( Corporate News - 05-Nov-20 10:11 )

Tide Water Oil Company India schedules board meeting
( Corporate News - 30-Jul-19 11:12 )

Tide Water Oil
( Results - Analysis 13-Nov-17 16:26 )

Board of Tide Water Oil Co (I) recommends interim dividend
( Corporate News - 02-Nov-15 12:06 )

Tide Water Oil Co (I) consolidated net profit declines 9.00% in the March 2023 quarter
( Results - Announcements 27-May-23 07:50 )

Tide Water Oil Company India updated on Final Dividend
( Corporate News - 17-Jul-21 14:40 )

Tide Water Oil Company India to convene board meeting
( Corporate News - 06-Nov-19 14:39 )