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Dolat Capital Report
Castrol India Ltd.'s Q1 CY22 volumes were above our estimates at 59 thousand kilo litre. Realisation was at Rs 209.4/litre.
Revenue increased by 8.5% YoY and by 13.3% QoQ due strategic market actions and growth from agri sector.
Castrol India aims for double the market growth every year. Gross spreads increased by 4.5% on a YoY basis and were flat on a sequential basis.
The company is taking pricing actions as and when required and will take necessary steps to keep cost in control.
They have cumulatively taken price hike between Rs 12- Rs 20 in different segments to mitigate the rising input cost.
Cost per litre improved by 21.1% on a YoY basis and was flat sequentially. Gross margins contracted to 50.2% YoY.
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