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IDBI Capital Report
Castrol India Ltd.’s results were above our estimates. Revenue increased by 13% QoQ to Rs 12,357 million mainly due to 14% QoQ growth in sales volumes to 59 million litres.
Ebitda margin expanded by 129 basis points QoQ to 25.7% despite higher raw material cost and other expenses.
Castrol India's net profit increased by 21.1% QoQ to Rs 2,284 million led by higher other income (up 21% QoQ).
We make marginal chances to our CY22-CY23 forecasts. We expect Ebitda/profit after tax to increase at a compound annual growth rate of 8%/13%, respectively over CY21-23E.
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