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Tide Water Oil has been one of the leading players in the Indian lubricant industry since 1928. It manufactures and markets Veedol brand of lubricants.
Quarterly results
Sales for the quarter ended March 2017 fell 11% to Rs 255.69 crore. OPM crashed 560 basis points to 8.6% which saw OP fall 46% to Rs 22.00 crore.
Raw material cost grew 2%. As a % to sales it soared from 43.0% to 49.5%. Employee benefit expenses grew 7%. As a % to sales it grew from 4.7% to 5.6%.
Other income fell 8% to Rs 5.05 crore and interest cost fell 30% to RS 35 lakh. As deprecation grew 1% to Rs 1.86 crore, PBT fell 44% to Rs 24.84 crore.
Provision for taxation fell 48% to Rs 8.55 crore after which PAT fell 41% to Rs 16.29 crore.
FY 2017 results
Sales for FY 2017 grew 3% to Rs 1132.00 crore. OPM fell 140 basis points to 11.5% which saw OP fall 8% to Rs 129.74 crore.
Other income grew 19% to Rs 28.66 crore. Interest cost was nil. As deprecation grew 4% to Rs 7.37 crore, PBT fell 4% to Rs 151.03 crore.
EO loss was NIL against Rs 24.49 crore. Thus PBT after EO jumped 13% to Rs 151.03 crore.
Provision for taxation fell 4% to Rs 48.10 crore after which PAT grew 24% to Rs 102.93 crore.
Consolidated FY 2017 results
Consolidated sales for FY 2017 grew 14% to Rs 1300.30 crore. OPM improved 40 basis points to 10.3% which saw OP rise 19% to Rs 134.22 crore.
Other income grew 48% to Rs 35.50 crore. Interest cost was nil. As deprecation grew 21% to Rs 8.91 crore, PBT jumped 24% to Rs 159.31 crore.
Provision for taxation grew 1% to Rs 50.66 crore after which PAT grew 38% to Rs 108.65 crore.
Minority interest fell 15% to Rs 6.63 crore after which PAT jumped 33% to Rs 115.28 crore.
Reduction in paid-up equity
Shares held under "Tide Water Oil Company Employee Benefit Trust" of face value Rs 4 lakh has been netted from paid-up equity share capital and Rs 14.41 crore has been netted from other equity of the company.
Valuation
The share price trades at Rs 5650.
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