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Castrol: A lackluster quarter - Views on News from Equitymaster

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Castrol: A lackluster quarter
Apr 26, 2013

Castrol India Ltd. has announced results for first quarter of the calendar year 2013 (1QCY13). The company has reported almost flattish growth in revenues on a year on year (YoY) basis and 1.1% YoY growth in the bottomline for the quarter.

Performance summary
  • Revenues were almost flat (up 0.1%) on a year on year basis during the quarter. The revenues for the automotive segment grew 3.3% YoY. However, the revenues for non automotive segment declined 20% YoY.
  • Operating profits grew by 7.7% YoY during the quarter (with margins at 21.9% as compared to 20.3% in the 1QCY12). The earnings before interest and taxes (EBIT) for automotive segment grew 7% YoY with margins at 22.4%, as compared to 21.7% in 1QCY12. For the non automotive segment, the EBIT declined by 31% YoY with EBIT margin at 19.1%, down from 22.2% in 1QCY12.
  • Net profits for the quarter were up 1.1% YoY with net profit margins at 15.8%, marginally better than a net profit margin of 15.7% in 1QCY12.
  • The Board of Directors of the company has proposed a scheme of reduction of share capital to reduce the face value of the Company's Equity shares from Rs 10 per share to Rs 5 per share. The same is proposed to be returned back to the shareholders. The proposal is subject to approval of the shareholders, the Statutory Authorities and the Bombay High Court.

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