Castrol India Ltd

Castrol is the world leading manufacturer, distributor and marketer of premium lubricating oils, greases and related services to automotive, industrial, marine, aviation, oil exploration and production customers across the world.

Pros:
Company is virtually debt free.
Company has a good return on equity (ROE) track record: 3 Years ROE 71.48%
Company has been maintaining a healthy dividend payout of 83.68%
Cons:
Stock is trading at 10.24 times its book value
Promoter's stake has decreased
The company has delivered a poor growth of 4.19% over past five years.
** Remarks:
Return on equity is exceptional

Peer Comparison Sector: Chemicals // Industry: Chemicals

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Quarterly Results Figures in Rs. Crores

Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019
762 782 882 870 861 970 927 1,017 927 1,033 976 1,040
549 568 619 661 608 664 653 766 700 716 693 755
Operating Profit 213 214 263 210 254 307 274 252 227 317 283 284
OPM % 28% 27% 30% 24% 29% 32% 30% 25% 25% 31% 29% 27%
Other Income 16 36 18 16 33 16 23 17 19 26 21 16
Interest 0 0 0 0 0 1 1 0 -0 0 0 0
Depreciation 11 11 12 12 11 10 14 13 14 15 16 17
Profit before tax 218 239 269 213 276 312 282 256 233 328 288 283
Tax % 36% 37% 34% 35% 35% 37% 36% 36% 35% 35% 36% 36%
Net Profit 140 151 179 138 178 197 182 164 150 212 185 183
EPS in Rs 1.42 1.53 1.81 1.40 1.80 1.99 1.84 1.66 1.52 2.14 1.87 1.85
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss Figures in Rs. Crores

Dec 2007 Dec 2008 Dec 2009 Dec 2010 Dec 2011 Dec 2012 Dec 2013 Dec 2014 Dec 2015 Dec 2016 Dec 2017 Dec 2018 TTM
1,887 2,205 2,318 2,735 2,993 3,121 3,180 3,392 3,298 3,370 3,584 3,905 3,976
1,558 1,804 1,733 2,007 2,314 2,496 2,492 2,675 2,397 2,371 2,551 2,834 2,864
Operating Profit 328 401 585 727 680 625 687 718 901 999 1,033 1,071 1,112
OPM % 17% 18% 25% 27% 23% 20% 22% 21% 27% 30% 29% 27% 28%
Other Income 36 40 26 37 63 70 106 47 90 87 84 84 81
Interest 4 4 3 2 2 2 2 2 1 1 1 1 1
Depreciation 21 26 27 24 25 27 30 36 39 45 46 56 61
Profit before tax 340 412 581 738 716 666 762 726 951 1,040 1,070 1,098 1,132
Tax % 36% 36% 34% 34% 33% 33% 33% 35% 35% 36% 35% 36%
Net Profit 218 262 381 490 481 447 509 475 615 670 692 708 730
EPS in Rs 1.89 2.33 3.32 4.33 4.26 3.96 4.55 4.10 5.31 6.78 6.99 7.16 7.38
Dividend Payout % 79% 71% 81% 76% 77% 116% 68% 78% 72% 81% 100% 70%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:5.88%
5 Years:4.19%
3 Years:5.79%
TTM:5.30%
Compounded Profit Growth
10 Years:10.40%
5 Years:7.50%
3 Years:4.59%
TTM:1.26%
Return on Equity
10 Years:78.53%
5 Years:78.05%
3 Years:71.48%
Last Year:64.81%

Balance Sheet Figures in Rs. Crores

Dec 2007 Dec 2008 Dec 2009 Dec 2010 Dec 2011 Dec 2012 Dec 2013 Dec 2014 Dec 2015 Dec 2016 Dec 2017 Dec 2018 Jun 2019
124 124 124 247 247 495 495 247 247 247 495 495 495
Reserves 307 352 371 306 357 155 257 250 328 734 526 671 713
Borrowings 3 3 0 0 0 0 0 0 0 0 0 0 0
533 483 688 791 793 831 865 995 1,086 907 957 941 888
Total Liabilities 966 961 1,183 1,345 1,397 1,480 1,616 1,492 1,662 1,888 1,977 2,107 2,096
118 119 111 120 113 126 143 172 149 147 139 186 194
CWIP 15 25 26 17 29 31 32 16 36 37 57 35 30
Investments 21 1 1 0 0 0 0 0 0 0 0 0 0
812 816 1,045 1,208 1,256 1,323 1,441 1,304 1,476 1,704 1,781 1,886 1,872
Total Assets 966 961 1,183 1,345 1,397 1,480 1,616 1,492 1,662 1,888 1,977 2,107 2,096

Cash Flows Figures in Rs. Crores

Dec 2007 Dec 2008 Dec 2009 Dec 2010 Dec 2011 Dec 2012 Dec 2013 Dec 2014 Dec 2015 Dec 2016 Dec 2017 Dec 2018
357 162 568 510 352 467 396 548 740 664 608 549
13 4 -18 -11 11 1 30 -14 2 -33 151 66
-141 -228 -280 -421 -433 -433 -407 -697 -478 -568 -656 -567
Net Cash Flow 229 -62 270 79 -69 35 20 -163 264 63 104 48

Ratios Figures in Rs. Crores

Dec 2007 Dec 2008 Dec 2009 Dec 2010 Dec 2011 Dec 2012 Dec 2013 Dec 2014 Dec 2015 Dec 2016 Dec 2017 Dec 2018
ROCE % 81% 92% 122% 142% 126% 107% 106% 117% 179% 133% 105% 101%
Debtor Days 29 27 25 24 27 25 27 29 26 28 29 37
Inventory Turnover 7.85 8.96 9.74 12.08 10.98 10.12 9.22 9.17 9.84 10.39 10.81 10.06