Castrol India Ltd. share price target

Castrol's performance is better than our expectation. The company has reported a PAT growth of 29% qoq and 28% yoy basis to Rs.1.78 bn mainly on account of better realization, marginally higher volumes (despite GST impact) and higher other income. Overall revenue has increased by 13% yoy to Rs. 8.6 bn. Operating margin improved impressively by 150 bps to 29% in Q3CY17. The Company has also declared a bonus in 1:1 ratio with expected date of allotment 6th Jan'18. The Company has a strong trust on personal mobility. In Q3CY17, Castrol reported double digit volume growth (yoy) in personal mobility segment and power brands....

ICICI Securities Ltd | Retail Equity Research Castrol India reported its Q3CY17 numbers, which were above our estimates on all fronts mainly driven by higher volumes. Revenues increased 13.1% YoY to | 861.4 crore vs. our estimate of | 829.3 crore. Volumes increased 7.1% YoY and came in at 49.1 million litre above our estimate of 47.5 million litre overcoming the GST destocking phase observed in the previous quarter Net realisations per litre came in line with our estimate at | 175.4/litre. Gross margins per litre were at | 95.3/litre above our...

Castrol India Ltd (CIL) reported disappointing numbers for Q2CY17 with a net revenue and PAT de-growth of 10.3% & 33.3% YoY respectively. A sharp fall in the gross margins (-629 bps) and EBITDA margins (-861bps) was disappointing. Steep volume decline in CV segment, muted realisations and higher base oil prices impacted the overall growth.

Castrol reported disappointing Q2CY17 results with net sales and EBTIDA margin below our and street expectations. Net sales was 12.5% below our estimate at Rs8,704 mn (-10.3% YoY, -1.3% QoQ). EBITDA margin slipped to 24.1% (-861bps YoY, -578bps QoQ) mainly due to higher base oil prices and lower sales. Net profit was also 36.6% below estimate at Rs1,379 mn (-33.3% YoY, -23.0% QoQ). Although we lower our estimates for CY17 on weak Q2CY17 results, we maintain...

Castrol India Ltd (CIL) reported muted numbers for Q1CY17 (below our estimates) with a Net revenue and PAT growth of 3.1% & 3.8% YoY respectively. The negative impact of higher base oil prices was offset by INR appreciation (vs USD), product price hikes and improved mix, as EBITDA margins stood flat (YoY) at 29.8%.

Over the FY12-16 period Castrol India's revenue and PAT have grown at a CAGR of 1.9% and 10.8% respectively. The company has been able to maintain its margins despite the lingering impact of demonetization in the last quarter. The company has managed to hold volumes in a market which showed a decline as compared to last year. The company has a strong hold in the market and has maintained increase in volumes despite major market turmoil. The management has guided positive improvement in the mining sector, increase in revenue growth for FY17 on the back of a strong market diversification. On the valuation...

Revenue grew by 13.23% to Rs. 882.2 Cr in Q1FY17 when compared to the previous quarter. Revenue grew by 13.23% to Rs. 882.2 Cr in Q1FY17 when compared to the previous quarter.

Although volumes remained flat, realization increased 2.9% on a YoY basis. Hence, EBITDA margin remained flat YoY to 29.8%. was in line with street estimate. As per the management, Q1CY17 performance was led by volume growth in personal mobility segment (+5% YoY) Also, Industrial segment volumes grew in double digits....

Castrol India reported its Q1CY17 numbers, which were marginally below our estimates on the topline front. Revenues increased 3.1% YoY to | 882.2 crore vs. our estimate of | 905.4 crore. Volumes...

Impacted by demonetisation, Castrol India Ltd (CIL) reported muted numbers for Q4CY16, though they were slightly better than what we had anticipated. Net revenue de-grew by 1.1% YoY, while PAT growth stood at 10.7% (helped largely by higher other income). Led by lower material cost and moderation in ad spends, EBITDA margins expanded 126 bps YoY to 28.1%.