Castrol India Ltd.'s consolidated net profit rose 7% in the third quarter of the current financial year, missing analysts' estimates.
The firm posted a consolidated net profit of Rs 207.4 crore for the quarter ended Sept. 30 in comparison to Rs 194.4 crore in the same quarter last year, according to an exchange filing on Thursday. Analysts tracked by Bloomberg had a consensus estimate of Rs 235 crore.
Revenue rose 8.9% to Rs 1,288.2 crore from Rs 1,182.9 crore a year ago. Castrol follows the calendar year for reporting its financial performance.
The earnings before interest, taxes, depreciation, and amortisation, rose 7% to Rs 286.1 crore. The Ebitda margin contracted to 22.2% from 22.7% in the same period last year.
"Looking ahead, we will continue to prioritise product and service innovations while strengthening our partnerships with key original equipment manufacturers in automotive and industrial sectors," Managing Director Sandeep Sangwan said. "In addition, we plan to maintain our growth momentum through strategic brand investments in the upcoming months."
Castrol launched a range of four rust-preventive products under the Castrol Rustilo DW name. It also made new additions to the auto care product range with over 45,000 outlets and e-commerce platforms.
Shares of Castrol closed 1.96% lower at Rs 207.45 apiece on the NSE, compared to a 0.15% decline in the benchmark Nifty 50. The stock has fallen 15.41% on a year-to-date basis and 50.38% over the past 12 months.
Out of the four analysts tracking the company, two suggest a 'hold', one has a 'buy' rating on the stock and another recommends 'sell', according to Bloomberg data. The average of 12-month analysts' consensus price targets implies a potential upside of 24.4%.
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