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IDBI Capital Report
Castrol India Ltd.'s Q3 CY22 results were below our expectations. Castrol's top-line increased 26% YoY to Rs 12,417 million led by price hike partially offset by fall in volumes.
Volumes fell 6% YoY to 47 million litres. Nevertheless, personal mobility and commercial vehicle segments witnessed growth. Ebitda increased by 30% YoY despite rising prices of key inputs indicating Castrol's pricing power.
Its net profit increased by 34% YoY to Rs 1,872 million.
Castrol is witnessing robust demand for electric vehicle fluids across the globe. We make marginal changes to our CY22-CY23 forecasts and expect Ebitda/profit after tax to increase at a compound annual growth rate of 13%/17%, respectively over CY21-23E.
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