Buy Castrol India: Parag Parikh

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Buy Castrol India: Parag Parikh

Parag Parikh Financial Advisory Services has recommended a buy rating on Castrol India. The PAT of the company increased by 10% to Rs 919 million for Q3CY08 as compared to Rs 857.5 million for Q3CY07.

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Parag Parikh Financial Advisory Services has recommended a buy rating on Castrol India in its report. "Castrol India posted healthy results for the quarter ended September 2008 with its topline rising by 28.9% to Rs 5,555 million as against Rs 4,311 million for the quarter ended September 2007. The PAT of the company increased by 10% to Rs 919 million for Q3CY08 as compared to Rs 857.5 million for Q3CY07. At CMP of Rs 315/- Castrol India Limited is currently trading at 12.5x CY09E earnings of Rs 25.3/- This is fairly in line with the 12.3% CAGR growth in profits over the last 5 years. We thus initiate coverage with a BUY recommendation," says Parag Parikh Financial Advisory Services' research report.

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To read the full report click on the attachment......