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Motilal Oswal Report
Castrol India Ltd. missed our estimates, weighed by lower-than-expected sales volumes and realization.
Volumes stood at approximately 52 million litres (down 4% YoY; up 11% QoQ), with realization at ~Rs 180/litre (down 4% YoY/QoQ).
This was attributable to corrective price action in commercial vehicles segment – in line with the competition.
The board recommended final dividend of Rs three per share (resulting in full-year dividend of Rs 5.5/share, similar to CY19 levels); this translated to a dividend payout of ~93% (dividend yield at 4.2%) in CY20.
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