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ICICI Securities Report
Castrol India Ltd.'s Q3 CY21 earnings per share was down 9% YoY despite rise in volumes, hit by steep fall in margins.
Earnings per share was up 33% QoQ driven by rise in volumes as offtake improved compared to Covid-19 hit Q2 and margins due to benefit of price hike in June 2021.
High input cost, which Castrol India indicated has almost doubled YoY, does not appear to have been fully passed on.
We have cut both CY21-CY22E earnings per share by 6% each as hit from cut in margin to 25.8-27% (28-29% earlier) exceeded gains from upgrade in volumes by 4%-1%.
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