Gulf Oil Lubricants Q1 Results Review - Well-Oiled Momentum Continues To Build Up: ICICI Securities

NDTV Profit’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer NDTV Profit’s subscribers an opportunity to expand their understanding of companies, sectors and the economy. .ICICI Securities Report.Gulf Oil Lubricants India Ltd. reported another stellar set of results in Q1 FY25, with Ebitda/profit after tax growth of 25.3%/28.9% YoY, its second-best in the last eight quarters. Volume growth of 15.4% YoY was also solid and it has been delivering as per management’s guidance of above-industry/peer growth over the next two-three years.Core lubricant/Adblue volume of 37/38 million litres (+5.7/26.7% YoY) was marginally below our estimates, with Adblue volumes a tad weaker. Gross margin was up 40 basis points QoQ, but Ebitda margin was down 20 bps to 13.1% due to higher SG&A expenditure.We remain positive on Gulf Oil prospects over the next two-three years, with steady volume growth, stronger margins and limited threat from EVs, at least, in the next three-five years. Valuation of 14.3 times FY26E earning per share/ 9.5 times enterprise value/Ebitda is attractive. Maintain 'Buy'..Click on the attachment to read the full report:.Godrej Industries Q1 Results Review - Standalone Business Signalling Early Signs Of Revival: ICICI Securities.DISCLAIMERThis report is authored by an external party. NDTV Profit does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of NDTV Profit..Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

Gulf Oil Lubricants Q1 Results Review - Well-Oiled Momentum Continues To Build Up: ICICI Securities

When compared the stock to domestic oil and gas companies, the brokerage sees scope for material re-rating ahead.

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Gulf Oil Lubricants Q1 Results Review - Well-Oiled Momentum Continues To Build Up: ICICI Securities

When compared the stock to domestic oil and gas companies, the brokerage sees scope for material re-rating ahead.

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