Gulf Oil Lubricants Q4 Review - Wide Gap Between Perceived, Intrinsic Value: Yes Securities

Gulf Oil Lubricants Q4 Review - Wide Gap Between Perceived, Intrinsic Value: Yes Securities
<div class="paragraphs"><p>(Photo: Company website)</p></div>
(Photo: Company website)

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Yes Securities Report

Gulf Oil Lubricants India Ltd.'s Q4 FY22 reported Ebitda at Rs 891 million (up 14% YoY; up 16% QoQ) stood ahead of our and street estimates.

The strong profitability and a beat on our estimates was primarily driven by higher than estimated realisation and lower than estimated raw material costs, even as sales volume stood in-line.

While the FY22 operating cashflow did stand YoY weaker at Rs (237) million, but that was primarily on account of

  1. increase in sales and prices during Q4 leading to an increase in receivables as of March 2022 end and

  2. volatile operating environment prompting Gulf Oil Lubricants to store higher than normal raw material, both the factors are expected to normalize going ahead.

Click on the attachment to read the full report:

Yes Securities Gulf Oil Lubricants India Ltd Q4FY22.pdf


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