Castrol India Hits Multi-Year High After Q4 Profit Jumps 25.9% Beating Estimates
The lubricant maker's net profit rose 25.9% year-on-year to Rs 241.9 crore in the quarter ended December, beating Bloomberg's estimate of Rs 213.6 crore.
Shares of Castrol India hit multi-year high on Friday after its fourth-quarter profit surged beating analysts' estimates.
The lubricant maker's net profit rose 25.9% year-on-year to Rs 241.9 crore in the quarter ended December, according to an exchange filing. The Bloomberg poll of analysts estimate of net profit was Rs 213.6 crore.
Castrol India Q4 Earnings FY24 (Consolidated, YoY)
Revenue up 7.5% at Rs 1,264 crore. (Bloomberg estimate Rs 1,259.2 crore).
Ebitda up 47.1% at Rs 329 crore. (Bloomberg estimate Rs 296.5 crore).
Margin up 701 bps at 26.02%. (Bloomberg estimate 23.5%).
Net profit up 25.9% at Rs 241.9 crore. (Bloomberg estimate 213.6 crore).
Recommends final dividend of Rs 4.5 per share.
Shares of the company rose as much as 9.21% to Rs 207 piece, the highest level since April 19, 2018. It pared gains to trade 9.18% higher at Rs 206.95 apiece, as of 11:00 a.m. This compares to a 1.12% decline in the NSE Nifty 50 Index.
It has risen 74.86% in the last twelve months. Total traded volume so far in the day stood at 4.7 times its 30-day average. The relative strength index was at 69.63.
Out of five analysts tracking the company, two maintain a 'buy' rating, two recommend a 'hold,' and one suggests a 'sell,' according to Bloomberg data. The average 12-month consensus price target implies an upside of 6.6%.
