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IDBI Capital Report
Castrol India Ltd.’s Q2 CY22 result was above our expectation. Castrol reported a double digit topline growth of 40% YoY to Rs 12,417 million led by both volumes (up 22%) and price increase (up 14%).
Volume growth was mainly led by personal mobility and commercial vehicle segments.
Ebitda increased by 45% YoY despite rising prices of key inputs indicating Castrol’s pricing power.
Its net profit increased by 47% YoY to Rs 2,063 million. The company has declared an interim dividend of Rs 3/share. We make marginal changes to our CY22-CY23 forecasts and expect Ebitda/profit after tax to increase at a compound annual growth rate of 8%/13%, respectively over CY21-23E.
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