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Dolat Capital Report
Gulf Oil Lubricants India Ltd.’s revenue were above our estimates on revenue front. Agriculture segment has been a surprise demand driver which showed a double digit growth in the quarter.
All other segments have shown de-growth and is now picking up. Volume in Q1 FY21 was 17.5 thousand kilolitre de-grew 41% YoY and by 30% QoQ against our estimate of 13 thousand kilo litre.
All businesses for Gulf Oil Lubricant showed de-growth with factory fills taken a massive hit.
Gross margins contracted by 300 basis points YoY and 392 basis points sequentially due to reduced traction from business to customer to 59% (normal 63-64%) and increase in trade schemes in the retail channel to push sales.
Net realisations were down 7.7% YoY and 4.2% QoQ to Rs 137.8 per litre.
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