Castrol India shares were up 0.5 percent at Rs 139.60 in early trade on October 31 after the company reported better numbers for the quarter ended September 2023. Castrol India on October 30 reported a 4 percent increase in profit after tax at Rs 194 crore for July-September period of 2023. The company had delivered a PAT of Rs 187 crore in the year-ago period. Castrol India follows January-December for its financial reporting.
Revenue from operations stood at Rs 1,183 crore versus Rs 1,121 crore in the same quarter last year, Castrol India said.
Earnings before interest, tax, depreation and amortisation (EBITDA) was up 4.4% at Rs 268.6 crore versus Rs 257.2 crore and margin at 22.7% versus 22.9 percent, YoY.
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Motilal Oswal View on Castrol India
The company’s various initiatives should help enhance its market position significantly. The new auto care segment is gaining traction for the company, and the management holds a positive outlook for this business segment.
The company plans to expand the segment’s product portfolio and is also exploring opportunities to widen its service networks.
The company’s primary focus will be on the Ki mobility partnership (along with expansion of existing portfolio) as this strategy is anticipated to be beneficial for the automotive market.
Reiterate 'Buy' rating on the stock with Target Price of Rs 160.
The share touched a 52-week high of Rs 162.65 and a 52-week low of Rs 107.70 on 08 September, 2023 and 27 March, 2023, respectively.
Currently, the stock is trading 14.17 percent below its 52-week high and 29.62 percent above its 52-week low.
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