Castrol: Slippery ground ahead - Views on News from Equitymaster

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Castrol: Slippery ground ahead

Jan 27, 2003

Lube major, Castrol's results for the December quarter and full year reflect the significant improvement in operating margins. Margins in both 4QFY03 and FY03 have gone by nearly 600 basis points to over 20%. This has resulted in the company reporting 25% and 41% bottomline growth for 4QFY03 and FY03 respectively.

(Rs m) 4QFY02 4QFY03 Change FY02 FY03 Change
Net sales 2,845 3,078 8.2% 11,246 11,529 2.5%
Other Income 87 37 -57.7% 156 157 1.0%
Expenditure 2,425 2,446 0.9% 9,660 9,175 -5.0%
Operating Profit (EBDIT) 419 631 50.6% 1,586 2,354 48.5%
Operating Profit Margin (%) 14.7% 20.5%   14.1% 20.4%  
Interest 17 13 -23.4% 75 75 -0.1%
Depreciation 33 35 5.1% 132 134 1.2%
Profit before Tax 456 620 36.0% 1,534 2,303 50.1%
Extraordinary items - -   - -  
Tax 136 220 62.4% 450 774 71.9%
Profit after Tax/(Loss) 320 400 24.9% 1,084 1,529 41.0%
Net profit margin (%) 11.3% 13.0%   9.6% 13.3%  
No. of Shares 123.5 123.6   123.5 123.6  
Diluted Earnings per share* 10.4 12.9   8.8 12.4  
P/E Ratio         15.9  
* annualised            

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