BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
IDBI Capital Report
Castrol India Ltd.’s Q2 CY21 results were broadly in-line with our expectations.
Net sales increased by 81% YoY to Rs 8,896 million mainly led by strong in volumes (up 55% YoY to 45 million litres) and higher realisation (up 12% YoY to Rs 190/litre).
Interestingly, Castrol India gained market share during the quarter and its gross profit/litre witnessed only modest decline on a QoQ basis despite higher raw material prices which was commendable in our view.
Overall, Ebitda jumped 107% YoY to Rs 1,975 million as Ebitda margin increased 278 basis points YoY to 22.2%.
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