Castrol India Q2 Review - Results In-Line; Market Share Improves: IDBI Capital
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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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