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Tide Water Oil Co. (I) is a pioneer in the manufacture of latest engine oils exceeding JASO FC, API SM and API CI-4 Plus performance levels in India.
June 2014 quarter
Sales for the quarter ended June 2014 grew 11% to Rs 244.792 crore. OPM fell 60 basis points from 1011% to 10.5% which saw OP growth slowing to 4% to Rs 25.67 crore.
Other income fell 27% to Rs 2.49 crore. Interest cost was nil.
As deprecation fell 6% to Rs 1.99 crore, PBT rose 1% to Rs 26.17 crore.
Provision for taxation was up 18% to Rs 8.51 crore. Finally PAT fell 6% to Rs 17.66 crore.
Diminution in value of investments
The diminution in value of investments of Rs 41.00 lakhs held by the company is not of a permanent nature and accordingly no provision has been made in the Accounts for the quarter ended June, 2013.
Outlook
With regard to current year the management expects the company to continue its satisfactory performance as in the previous year. The company with its rich experience, brand salience, innovative business plans and strong R&D initiatives is envisaged to do well. Additionally, in view of the acquisition of Veedol International Ltd., it is well poised to explore and exploit global opportunities.
Valuation
The share price trades at Rs 11800.
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