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.
Stock is providing a good dividend yield of 4.48%.
Company has a good return on equity (ROE) track record: 3 Years ROE 84.81%
Company has been maintaining a healthy dividend payout of 84.53%
Cons:
Stock is trading at 15.16 times its book value
Promoter's stake has decreased
The company has delivered a poor growth of 2.81% 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

Mar 2016 Jun 2016 Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018
856 971 762 782 882 870 861 970 927 1,017 927 1,033
600 654 549 568 619 661 608 664 653 766 700 716
Operating Profit 255 317 213 214 263 210 254 307 274 252 227 317
OPM % 30% 33% 28% 27% 30% 24% 29% 32% 30% 25% 25% 31%
Other Income 19 17 16 36 18 16 33 16 23 17 19 26
Interest 0 1 0 0 0 0 0 1 1 0 -0 0
Depreciation 9 15 11 11 12 12 11 10 14 13 14 15
Profit before tax 265 319 218 239 269 213 276 312 282 256 233 328
Tax % 35% 35% 36% 37% 34% 35% 35% 37% 36% 36% 35% 35%
Net Profit 172 207 140 151 179 138 178 197 182 164 150 212
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss Figures in Rs. Crores

Dec 2006 Dec 2007 Dec 2008 Dec 2009 Dec 2010 Dec 2011 Dec 2012 Dec 2013 Dec 2014 Dec 2015 Dec 2016 Dec 2017 TTM
1,749 1,887 2,205 2,318 2,735 2,993 3,121 3,180 3,392 3,298 3,370 3,584 3,905
1,530 1,558 1,804 1,733 2,007 2,314 2,496 2,492 2,675 2,397 2,371 2,551 2,834
Operating Profit 220 328 401 585 727 680 625 687 718 901 999 1,033 1,071
OPM % 13% 17% 18% 25% 27% 23% 20% 22% 21% 27% 30% 29% 27%
Other Income 34 36 40 26 37 63 70 106 47 90 87 84 84
Interest 4 4 4 3 2 2 2 2 2 1 1 1 1
Depreciation 18 21 26 27 24 25 27 30 36 39 45 46 56
Profit before tax 232 340 412 581 738 716 666 762 726 951 1,040 1,070 1,098
Tax % 33% 36% 36% 34% 34% 33% 33% 33% 35% 35% 36% 35%
Net Profit 154 218 262 381 490 481 447 509 475 615 670 692 708
EPS in Rs 1.40 1.89 2.33 3.32 4.33 4.26 3.96 4.55 4.10 5.30 6.78 6.99
Dividend Payout % 72% 79% 71% 81% 76% 77% 116% 68% 78% 72% 81% 100%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:6.63%
5 Years:2.81%
3 Years:1.85%
TTM:8.94%
Compounded Profit Growth
10 Years:12.03%
5 Years:8.69%
3 Years:12.71%
TTM:2.39%
Return on Equity
10 Years:79.44%
5 Years:80.56%
3 Years:84.81%
Last Year:67.98%

Balance Sheet Figures in Rs. Crores

Dec 2006 Dec 2007 Dec 2008 Dec 2009 Dec 2010 Dec 2011 Dec 2012 Dec 2013 Dec 2014 Dec 2015 Dec 2016 Dec 2017 Jun 2018
124 124 124 124 247 247 495 495 247 247 247 495 495
Reserves 294 307 352 371 306 357 155 257 250 328 734 526 574
Borrowings 3 3 3 0 0 0 0 0 0 0 0 0 0
384 533 483 688 791 793 831 865 995 1,086 907 957 994
Total Liabilities 805 966 961 1,183 1,345 1,397 1,480 1,616 1,492 1,662 1,888 1,977 2,062
125 118 119 111 120 113 126 143 172 149 147 139 164
CWIP 5 15 25 26 17 29 31 32 16 36 37 57 28
Investments 43 21 1 1 0 0 0 0 0 0 0 0 0
633 812 816 1,045 1,208 1,256 1,323 1,441 1,304 1,476 1,704 1,781 1,870
Total Assets 805 966 961 1,183 1,345 1,397 1,480 1,616 1,492 1,662 1,888 1,977 2,062

Cash Flows Figures in Rs. Crores

Dec 2006 Dec 2007 Dec 2008 Dec 2009 Dec 2010 Dec 2011 Dec 2012 Dec 2013 Dec 2014 Dec 2015 Dec 2016 Dec 2017
94 357 162 568 510 352 467 396 548 740 664 609
76 13 4 -18 -11 11 1 30 -14 2 -33 151
-120 -141 -228 -280 -421 -433 -433 -407 -697 -478 -568 -657
Net Cash Flow 49 229 -62 270 79 -69 35 20 -163 264 63 104

Ratios

Dec 2006 Dec 2007 Dec 2008 Dec 2009 Dec 2010 Dec 2011 Dec 2012 Dec 2013 Dec 2014 Dec 2015 Dec 2016 Dec 2017
ROCE % 54% 81% 92% 122% 142% 126% 107% 106% 117% 179% 133% 105%
Debtor Days 39 29 27 25 24 27 25 27 29 26 28 29
Inventory Turnover 7.45 7.85 8.96 9.74 12.08 10.98 10.12 9.22 9.17 9.84 10.39 10.81