Gulf Oil Lubricants India LTD: Index Details

CMP: 814.
00 DEC 21st, 2018

GULF OIL LUBRICANTS INDIA LTD
Result Update (PARENT BASIS): Q2 FY19 ISIN:
Overweight
INE635Q01029
Index Details SYNOPSIS
Stock Data Gulf Oil Lubricants India Limited (GOLIL), part of
Hinduja Group, is an established player in Indian
Sector Oil Marketing & Distribution lubricant market.
BSE Code 538567 The company achieved a turnover growth of 29.19% at
Face Value 2.00 Rs. 4172.14 mn for Q2 FY19 as against Rs. 3229.48
52wk. High / Low (Rs.) 1095.00/618.00 mn in Q2 FY18.
Volume (2wk. Avg.) 669 During the quarter, EBIDTA stood at Rs. 781.17 mn as
against Rs. 657.47 mn in the corresponding period of
Market Cap (Rs. in mn.) 40529.47 the previous year, up by 18.82%.
Annual Estimated Results(A*: Actual / E*: Estimated) During Q2 FY19, PBT stood at Rs. 620.26 mn from
Rs. 619.57 mn in Q2 FY18.
Years(Rs. In mn) FY18A FY19E FY20E
During the quarter, net profit registered at Rs. 402.91
Net Sales 13784.40 16265.59 18542.77 mn against Rs. 404.20 mn in Q2 FY18.
EBITDA 2618.21 3037.64 3445.34 EPS of the company stood at Rs. 8.09 in Q2 FY19
Net Profit 1585.57 1688.18 1901.04 against Rs. 8.15 in the corresponding quarter of the
previous year.
EPS 31.84 33.91 38.18
Net Revenue for H1 FY19 rose by 24.40% and stood at
P/E 25.56 24.01 21.32 Rs. 8075.74 mn against Rs. 6491.81 mn in H1 FY18.
Shareholding Pattern (%) During H1 FY19, PAT of the company rose by 7.65%
at Rs. 804.23 mn as compared to Rs. 747.09 mn in H1
FY18.
As on Sep 2018 As on June 2018
The Company continued its growth momentum during
Promoter 72.74 72.88 Q2 recording a very robust volume growth of 22% in
its core business (overall Q2 volume growth around
30% including non- regular institutional sales during
Public 27.26 27.12 the quarter).
Others -- -- Gulf Pride 4T Plus, its leading MCO brand was re-
launched and the new pack with refreshed look and
feel hit retail shelves across the country.
1 Year Comparative Graph
A new Endurance series of Greases was launched
under the brand name of Gulf Crown with completely
new look and the Customer Value Proposition (CVP)
of longer life.
In a recent development, Tata Motors and Gulf Oil
signed an agreement to launch a range of cobranded
lubricants for its passenger vehicles segment in the
bazaar segment.
Net Sales and PAT of the company are expected to
grow at a CAGR of 16% and 17% over 2017 to 2020E,
GULF OIL LUBRICANTS INDIA LTD S&P BSE SENSEX respectively.
PEER GROUPS CMP MARKET CAP EPS(TTM) P/E (X)(TTM) P/BV(X) DIVIDEND
Company Name (Rs.) Rs. in mn. (Rs.) Ratio Ratio (%)
Gulf Oil Lubricants India Ltd 814.00 40529.47 33.04 24.63 8.67 525.00
Castrol India Ltd 155.15 153462.30 7.01 22.13 15.05 140.00
Savita Oil Technologies Ltd 994.00 14236.20 78.11 12.73 1.92 25.00
Panama Petrochem Ltd 137.15 8296.70 7.04 19.48 2.41 60.00
Document code: FOTL_211220184_2 Copyright © 2016 Firstobject Technologies Ltd. All rights reserved
QUARTERLY HIGHLIGHTS (PARENT BASIS)
Results updates- Q2 FY19,
(Rs. In million) Sep-18 Sep-17 % Change
Revenue 4172.14 3229.48 29.19%
Net Profit 402.91 404.20 -0.32%
EPS 8.09 8.15 -0.67%
EBIDTA 781.17 657.47 18.82%
Gulf Oil Lubricants India Limited has achieved a turnover of 29.19% at Rs. 4172.14 million for the 2nd quarter of the FY
2018-19 as against Rs. 3229.48 million in the corresponding quarter of the previous year. During the 2nd quarter, net profit
stood at Rs. 402.91 million from Rs. 404.20 million in the corresponding quarter ending of previous year. Reported
earnings per share of the company stood at Rs. 8.09 in Q2 FY19 as against Rs. 8.15 in the corresponding quarter of the
previous year. Profit before interest, depreciation and tax stood at Rs. 781.17 million as against Rs. 657.47 million in the
corresponding period of the previous year, up by 18.82%.
Break up of Expenditure
Value in Rs. Million

Break up of
Expenditure
%
Q2 FY19 Q2 FY18 Change
Cost of Materials
2249.91 1470.14 53%
consumed
Purchase of Stock-in-
185.64 96.01 93%
Trade
Employee Benefit
260.01 197.80 31%
Expenses
Depreciation and
55.90 22.06 153%
Amortization Expenses
Other Expenses 898.35 770.46 17%
Highlights:
Net Revenue for H1 FY19 rose by 24.40% and stood at Rs 8075.74 mn as against Rs. 6491.81 mn in H1 FY18.
During H1 FY19, PAT of the company rose by 7.65% at Rs. 804.23 mn as compared to Rs. 747.09 mn in H1 FY18.
Operating Highlights:
 The Company continued its growth momentum during Q2 recording a very robust volume growth of 22% in its core
business (overall Q2 volume growth around 30% including non- regular institutional sales during the quarter).
 Gulf Pride 4T Plus, its leading MCO brand was re-launched and the new pack with refreshed look and feel hit retail
shelves across the country. The re-launch generated a lot of buzz and garnered positive feedback from trade partners
and customers alike.
 A new Endurance series of Greases was launched under the brand name of Gulf Crown with completely new look and
the Customer Value Proposition (CVP) of longer life.
 Gulf's initiatives into Rural also continues to give strong returns with growths in ranges upwards of 50%.
 The newly commissioned Chennai plant has secured the IGBC (Indian Green Building Council) Gold rating -
certifying the deployment of green concepts like deployment of solar panels and use of 100% natural light to save
electricity; sewage treatment plant and rainwater harvesting for water conservation etc - designed to reduce
environmental impacts in a measurable way at this facility.
Other Updates:
In a recent development, Tata Motors and Gulf Oil signed an agreement to launch a range of cobranded lubricants for
its passenger vehicles segment in the bazaar segment.
COMPANY PROFILE
Gulf Oil Lubricants India Limited (GOLIL), part of Hinduja Group, is an established player in Indian lubricant market. It
markets a wide range of automotive and industrial lubricants, greases, 2-wheeler batteries, etc. Today, the Gulf brand is
present in more than 100 countries across five continents with values of 'Quality, Endurance & Passion' as its core
attributes. The Gulf Oil International Group's core business is manufacturing and marketing an extensive range consisting
over 400 performance lubricants and associated products for all market segments.
FINANCIAL HIGHLIGHT (PARENT BASIS) (A*- Actual, E* -Estimations & Rs. In Millions)
Balance Sheet as of March 31, 2017 -2020E

FY17A FY18A FY19E FY20E
ASSETS
1) Non-Current Assets
a) Property, plant and equipment 1168.54 2584.52 2791.28 2958.75
b) Capital Work in Progress 291.84 59.99 2.75 1.98
c) Intangible Assets 11.20 16.33 13.06 10.71
d) Financial Assets
i) Investments 37.21 41.52 45.68 49.33
ii) Loans 12.90 14.67 12.47 11.22
iii) Other Financial Assets 71.93 70.37 76.00 80.56
e) Other Non Current Assets (net) 43.45 9.93 208.45 325.18
Sub - Total Non- Current Assets 1637.07 2797.33 2941.23 3112.56
2) Current Assets
a) Inventories 1499.30 2368.00 3267.85 4182.84
b) Financial Assets
i) Trade Receivables 1096.16 1346.21 1655.84 1953.89
ii) Cash and Cash Equivalents 2528.62 3210.14 3049.63 2958.14
iii) Bank Balances other than Cash 367.11 51.71 374.45 479.30
iv) Loans 8.83 9.35 12.45 15.94
v) Other Financial Assets 7.19 23.79 17.13 14.04
c) Other Current Assets 237.88 482.76 569.65 655.10
Sub - Total Current Assets 5745.09 7491.95 8946.99 10259.25
Total Assets (1+2) 7382.16 10289.28 11888.23 13371.80
EQUITY AND LIABILITIES
1) EQUITY
a) Equity Share Capital 99.27 99.40 99.58 99.58
b) Other Equity 3442.02 4574.79 5718.49 6862.19
Total Equity 3541.29 4674.19 5818.07 6961.77
2) Non Current Liabilities
a) Financial Liabilities
i) Borrowings 0.00 0.00 0.00 0.00
ii) Other Financial Liabilities 16.37 5.82 6.11 5.01
b) Employee Benefit Obligation 26.70 24.30 25.51 26.28
c) Deferred Tax Liabilities (net) 45.02 106.41 175.58 242.30
d) Deferred Government Grants 0.00 18.07 15.36 14.13
Sub - Total Non Current Liabilities 88.09 154.60 222.56 287.71
3) Current Liabilities
a) Financial Liabilities
i) Borrowings 1784.89 2480.64 2416.55 2295.72
ii) Trade Payables 1330.79 2228.58 2406.87 2542.76
iii) Other financial liabilities 292.95 436.92 533.05 639.66
b) Employee Benefit Obligation 9.28 6.66 8.99 11.51
c) Current Tax Liability 55.82 123.82 229.07 309.25
c) Deferred Government Grants 0.00 2.01 2.11 2.19
d) Other Current Liabilities 279.05 181.86 250.97 321.24
Sub - Total Current Liabilities 3752.78 5460.49 5847.60 6122.32
Total Equity and Liabilities (1+2+3) 7382.16 10289.28 11888.23 13371.80
Annual Profit & Loss Statement for the period of 2017 to 2020E
Value(Rs.in.mn) FY17A FY18A FY19E FY20E

Description 12m 12m 12m 12m
Net Sales 12597.63 13784.40 16265.59 18542.77
Other Income 203.50 260.99 300.14 330.15
Total Income 12801.13 14045.39 16565.73 18872.92
Expenditure -10819.56 -11427.18 -13528.09 -15427.58
Operating Profit 1981.57 2618.21 3037.64 3445.34
Interest -98.25 -85.31 -245.50 -297.06
Gross profit 1883.32 2532.89 2792.14 3148.28
Depreciation -72.50 -104.33 -196.14 -223.60
Profit Before Tax 1810.82 2428.56 2595.99 2924.68
Tax -635.27 -842.99 -907.82 -1023.64
Net Profit 1175.55 1585.57 1688.18 1901.04
Equity capital 99.27 99.58 99.58 99.58
Reserves 3442.02 4574.79 5718.49 6862.19
Face value 2.00 2.00 2.00 2.00
EPS 23.68 31.84 33.91 38.18
Quarterly Profit & Loss Statement for the period of 31st Mar, 2018 to 31st Dec, 2018E
Value(Rs.in.mn) 31-Mar-18 30-June-18 30-Sep-18 31-Dec-18E

Description 3m 3m 3m 3m
Net sales 3733.11 3903.60 4172.14 4422.47
Other income 70.80 66.37 67.07 72.43
Total Income 3803.91 3969.97 4239.21 4494.90
Expenditure -3104.28 -3258.50 -3458.04 -3678.17
Operating profit 699.63 711.47 781.17 816.74
Interest -27.61 -44.02 -105.01 -68.26
Gross profit 672.01 667.45 676.16 748.48
Depreciation -37.16 -49.48 -55.90 -59.25
Profit Before Tax 634.86 617.97 620.26 689.23
Tax -221.30 -216.65 -217.35 -240.82
Net Profit 413.56 401.32 402.91 448.41
Equity capital 99.40 99.40 99.58 99.58
Face value 2.00 2.00 2.00 2.00
EPS 8.32 8.07 8.09 9.01
Ratio Analysis
Particulars FY17A FY18A FY19E FY20E
EPS (Rs.) 23.68 31.84 33.91 38.18

EBITDA Margin (%) 15.73% 18.99% 18.68% 18.58%
PBT Margin (%) 14.37% 17.62% 15.96% 15.77%
PAT Margin (%) 9.33% 11.50% 10.38% 10.25%
P/E Ratio (x) 34.37 25.56 24.01 21.32
ROE (%) 33.20% 33.92% 29.02% 27.31%
ROCE (%) 35.84% 35.13% 34.51% 34.80%
Debt Equity Ratio 0.50 0.53 0.42 0.33
EV/EBITDA (x) 19.83 15.18 13.01 11.43
Book Value (Rs.) 71.35 93.88 116.85 139.82
P/BV 11.41 8.67 6.97 5.82
Charts
OUTLOOK AND CONCLUSION
 At the current market price of Rs. 814.00, the stock P/E ratio is at 24.01 x FY19E and 21.32 x FY20E respectively.
 Earning per share (EPS) of the company for the earnings for FY19E and FY20E is seen at Rs. 33.91 and Rs. 38.18
respectively.
 Net Sales and PAT of the company are expected to grow at a CAGR of 16% and 17% over 2017 to 2020E,
respectively.
 On the basis of EV/EBITDA, the stock trades at 13.01 x for FY19E and 11.43 x for FY20E.
 Price to Book Value of the stock is expected to be at 6.97 x and 5.82 x for FY19E and FY20E respectively.
 Hence, we say that, we are Overweight in this particular scrip for Medium to Long term investment.
INDUSTRY OVERVIEW
India follows the US and China to be the third largest lubricant market globally. It is one of the fastest-growing lubricant
markets in the world. The Indian lubricant market can be broadly classified under the three heads of automotive, industrial
and process/white oils. Process oils constitute one-third of the total lube market. Automotive and industrial together form
two-thirds of the market in terms of volume, followed by industrial oils such as transmission and hydraulic fluids, general
industrial oils, gear oils, greases and so on. Automotive engine oils form the largest pie of the Indian lubricant market,
excluding process oils.
India’s lubricant market constitutes over 20 organised players, including the MNCs, public sector oil marketing
companies and other domestic companies. The market is dominated by the public sector oil marketing companies. In
recent years, though, private players have started growing rapidly owing to their expanding reach and highly innovative
products and services. This trend is likely to continue in the future as well. Encouraging prospects of the rural economy,
focus on energy efficiency, higher brand consciousness and continuous advancement of engine technology are some
macro enablers that will contribute to the growth of India’s lubricant market in the future.
Automotive segment
Automotive lubricants dominate the lubricant market in India, with specialised applications for Commercial Vehicles
(CV), Passenger Vehicles (PV) and two-wheelers. Diesel Engine Oils (DEO) lead the automotive lubricant market as they
alone form about 45% of the total market, followed by Motorcycle Oils (MCO) and Passenger Car Motor Oils (PCMO).
The demand for automotive lubricants is a direct function of vehicle movement on the roads, as well as growth of vehicle
population and automobile sales, which have grown rapidly in recent years.
India’s production of vehicles crossed the 29-million mark during FY 2017-18. For the first time, the country’s PV and
utility vehicle production crossed the 4-million mark each. These numbers indicate the inherent durability in the domestic
demand for automobiles. The country’s automobile sales grew at a rapid pace during FY 2017-18 and India overtook
Germany as the fourth largest global automotive market, right behind China, the US and Japan.
This is commendable, especially when viewed in the context of the setback arising from the inventory realignment
undertaken post the implementation of the GST. The industry revived quickly from the transitory pain witnessed by
distributors post GST implementation and registered a healthy double-digit growth of 14% during the year. Normal
monsoon aided rural income during the year, thereby bolstering demand for two-wheelers, which grew at a healthy pace
of 14.8%. This trend rubbed-off favourably on the sale of MCO in the lubricant industry.
On one hand, tractor sales too benefited from a buoyant rural economy and grew 22% during FY 2017-18. While on the
other hand, continued government push to the infrastructure sector, healthy momentum in the road construction and
mining sectors as well as improving demand from the e-commerce and Fast-moving Consumer Goods (FMCG) sectors
facilitated the growth of CV during FY 2017-18. This momentum was reflected in DEO sales, which bounced back during
the year.
Growing in strong double digits, compact cars were at the forefront of the overall PV segment. Stable interest rates also
supported the overall demand for PV in the year gone by. Consequently, PCMO witnessed healthy traction in sales.
Industrial segment
The industrial lubricant segment comprises hydraulic fluids, metal working fluids, greases and industrial gear oil. These
products are used in the construction, manufacturing, textile, power generation, mining, food processing, light-heavy
engineering, marine operations and metal working sectors.
Demand for industrial lubricant depends on the Index of Industrial Production (IIP) and overall growth trends in the
economy. Besides, the demand for high-performance lubricants in the industrial segment is driven by the criticality of the
application in which they are used, such as compressors, textile machinery, windmills, captive power plants, among
others.
Infrastructure segment
The infrastructure segment can be classified separately as it leads the demand for both industrial and automotive
lubricants through products finding application in both on-highway vehicles and off-highway construction equipment.
Government Initiatives:
The Government of India has implemented multiple reforms and policies to facilitate and expedite the growth of the
infrastructure sector in both rural and urban areas. This, in turn, will lead to improved demand for lubricants from the
infrastructure sector.
Some of the key policy measures aiding the prospects of this sector include:
Higher spending towards infrastructure through various road projects under the Ministry of Road [including
National Highways Authority of India (NHAI)] and the Pradhan Mantri Gram Sadak Yojana
In the Union Budget of 2018-19, Rs. 71,00,000 lakhs was allocated for the construction of national highways
across the nation
The Sagarmala Programme (involving investments worth around Rs. 8.5 trillion) to set up new mega ports, drive
modernisation of India’s existing ports and facilitate the development of 14 Coastal Employment Zones (CEZs)
and Coastal Employment Units Adoption of new models such as the Hybrid Annuity Model (HAM) to propel
investments into the sector
Implementation of various power sector reforms Modification of the Mines and Mineral Development and
Regulation (MMDR) Act to bring higher transparency
In conclusion, improving prospects of the infrastructure sector will benefit the domestic lubricant market.
Companies having wider reach and significant positioning in the lubricant sector and focusing on innovation are
well placed to benefit from the improving health of the infrastructure sector.
Opportunities
 Robust prospects of India’s automobile sector and overall economic growth
 Adoption of new emission norms and enhanced focus on fuel efficiency
 Evolving technology as well as customer requirements
 Significant potential to ramp up rural penetration of automobiles
 Scope to improve the Company’s market share in the PV and tractor segments
 Expansion of the Company’s reach across various channels and geographies
Outlook
Automotive segment
The Indian automotive industry is set to further improve its performance and 2018-19 is expected to bring positive
sentiments back into the market and rev up overall vehicle sales. A buoyant rural economy, presence of multiple enablers
for consumption demand and a favourable monetary policy environment would aid the prospects of the automotive sector
in the medium term. Accordingly, the overall lubricant demand is expected to improve in the current year.
Personal mobility
The growth in two-wheeler population is expected to continue in 2018-19, with scooters slated to deliver a better
performance. the company will continue to strengthen its already prominent position in the MCO segment. The industry
also forecasts a high sales growth in PV, with both utility vehicles and cars growing in the domestic market.
This, along with the increasing adoption of high-value synthetic and semi-synthetic grades of oil and expanding footprint
in the rural segment, will be the main growth catalysts of the personal mobility segment. PCMO is ahigh-potential
category and the company will continue its focus to garner additional market share in PCMO by tapping into these
opportunities efficiently.
The investments made by Company in various brand initiatives such as the Manchester United campaign will also start
yielding results this year. Company is looking to ramp up its independent workshop programme ‘Gulf Car Stops’ to
further boost its market share in this category.
The Company is confident of delivering higher volume growth than the market in the personal mobility segment and
further enhance its market share, going forward.
Disclosure Section
The information and opinions in Firstcall Research was prepared by our analysts and it does not constitute an offer or
solicitation for the purchase or sale of any financial instrument including any companies scrips or this is not an official
confirmation of any transaction. The information contained herein is from publicly available secondary sources and data
or other secondary sources believed to be reliable but we do not represent that it is accurate or complete and it should not
be relied on as such. Firstcall Research or any of its affiliates shall not be in any way responsible for any loss or damage
that may arise to any person from any inadvertent error in the information contained in this report. Firstcall Research and/
or its affiliates and/or employees will not be liable for the recipients’ investment decision based on this document.
Analyst Certification
The following analysts hereby state that their views about the companies and sectors are on best effort basis to the best of
their knowledge. Unless otherwise stated, the individuals listed on the cover page of this report are research analysts. The
analyst qualifications, sectors covered and their exposure if any are tabulated hereunder:
Exposure/Interest to
Sectorscompany/sector Under
Name of the Analyst Qualifications
CoveredCoverage in the Current
Report
Dr.C.V.S.L. Kameswari M.Sc, PGDCA, Pharma & No Interest/ Exposure
M.B.A, Diversified
Ph.D (Finance)
U. Janaki Rao M.B.A Capital No Interest/ Exposure
Goods
B. Anil Kumar M.B.A Auto, IT & No Interest/ Exposure
FMCG
V. Harini Priya M.B.A Diversified No Interest/ Exposure
Important Disclosures on Subject Companies
In the next 3 months, neither Firstcall Research nor the Entity expects to receive or intends to seek compensation for any
services from the company under the current analytical research coverage. Within the last 12 months, Firstcall Research
has not received any compensation for its products and services from the company under the current coverage. Within the
last 12 months, Firstcall Research has not provided or is providing any services to, or has any client relationship with, the
company under current research coverage.
Within the last 12 months, Firstcall Research has neither provided or is providing any services to and/or in the past has not
entered into an agreement to provide services or does not have a client relationship with the company under the research
coverage.
Certain disclosures listed above are also for compliance with applicable regulations in various jurisdictions. Firstcall
Research does not assign ratings of Buy, Hold or Sell to the stocks we cover. Overweight, Equal-weight, No-Weight and
Underweight are not the equivalent of buy, hold and sell. Investors should carefully read the definitions of all weights
used in Firstcall Research. In addition, since Firstcall Research contains more complete information concerning the
analyst's views, investors should carefully read Firstcall Research, in its entirety, and not infer the contents from the
weightages assigned alone. In any case, weightages (or research) should not be used or relied upon as investment advice.
An investor's decision to buy or sell should depend on individual circumstances (such as the investor's own discretion, his
ability of understanding the dynamics, existing holdings) and other considerations.
Analyst Stock Weights
Overweight (O): The stock's total return is expected to exceed the average total return of the analyst's industry (or
industry team's) coverage universe, on a risk-adjusted basis, over the next 12-18 months.
Equal-weight (E): The stock's total return is expected to be in line with the average total return of the analyst's industry
(or industry team's) coverage universe, on a risk-adjusted basis, over the next 12-18 months.
No-weight (NR): Currently the analyst does not have adequate conviction about the stock's total return relative to the
average total return of the analyst's industry (or industry team's) coverage universe, on a risk-adjusted basis, over the next
12-18 months.
Underweight (U): The stock's total return is expected to be below the average total return of the analyst's industry (or
industry team's) coverage universe, on a risk-adjusted basis, over the next 12-18 months.
Unless otherwise specified, the weights included in Firstcall Research does not indicate any price targets. The statistical
summaries of Firstcall Research will only indicate the direction of the industry perception of the analyst and the
interpretations of analysts should be seen as statistical summaries of financial data of the companies with perceived
industry direction in terms of weights.
Firstcall Research may not be distributed to the public media or quoted or used by the public media without the express
written consent of Firstcall Research. The reports of Firstcall Research are for Information purposes only and is not to be
construed as a recommendation or a solicitation to trade in any securities/instruments. Firstcall Research is not a
brokerage and does not execute transactions for clients in the securities/instruments.
Firstcall Research - Overall Statement

Sr. No Particulars Remarks
1 Comments on general trends in the securities market Full Compliance in Place
2 Discussion is broad based and also broad based indices Full Compliance in Place
3 Commentaries on economic, political or market conditions Full Compliance in Place
4 Full Compliance in Place
Periodic reports or other communications not for public appearance
5 The reports are statistical summaries of financial data of the companies as and Full Compliance in Place
where applicable
6 Analysis relating to the sector concerned Full Compliance in Place
7 No material is for public appearance Full Compliance in Place
8 We are no intermediaries for anyone and neither our entity nor our analysts have Full Compliance in Place
any interests in the reports
9 Our reports are password protected and contain all the required applicable Full Compliance in Place
disclosures
10 Analysts as per the policy of the company are not entitled to take positions either for Full Compliance in Place
trading or long term in the analytical view that they form as a part of their work
No conflict of interest and analysts are expected to maintain strict adherence to the
company rules and regulations.
As a matter of policy no analyst will be allowed to do personal trading or deal and
even if they do so they have to disclose the same to the company and take prior
approval of the company
Our entity or any analyst shall not provide any promise or assurance of any
favorable outcome based on their reports on industry, company or sector or group
14 Researchers maintain arms length/ Chinese wall distance from other employees of Full Compliance in Place
the entity
15 No analyst will be allowed to cover or do any research where he has financial Full Compliance in Place
interest
16 Our entity does not do any reports upon receiving any compensation from any Full Compliance in Place
company
Firstcall Research Provides
Industry Research on all the Sectors and Equity Research on Major Companies
forming part of Listed and Unlisted Segments
For Further Details Contact:

Mobile No: 09959010555
E-mail: info@firstobjectindia.com
info@firstcallresearch.com
www.firstcallresearch.com

Gulf Oil Lubricants India LTD: Index Details

Caricato da

Informazioni sul documento

Titolo originale

Copyright

Formati disponibili

Condividi questo documento

Condividi o incorpora il documento

Opzioni di condivisione

Hai trovato utile questo documento?

Questo contenuto è inappropriato?

Copyright:

Formati disponibili

Gulf Oil Lubricants India LTD: Index Details

Caricato da

Copyright:

Formati disponibili

CMP: 814.

00 DEC 21st, 2018

Results updates- Q2 FY19,

(Rs. In million) Sep-18 Sep-17 % Change

Revenue 4172.14 3229.48 29.19%

Net Profit 402.91 404.20 -0.32%

EPS 8.09 8.15 -0.67%

EBIDTA 781.17 657.47 18.82%

Value in Rs. Million

Other Expenses 898.35 770.46 17%

Balance Sheet as of March 31, 2017 -2020E

Value(Rs.in.mn) FY17A FY18A FY19E FY20E

Value(Rs.in.mn) 31-Mar-18 30-June-18 30-Sep-18 31-Dec-18E

Particulars FY17A FY18A FY19E FY20E

EPS (Rs.) 23.68 31.84 33.91 38.18

 Robust prospects of India’s automobile sector and overall economic growth

 Adoption of new emission norms and enhanced focus on fuel efficiency

 Evolving technology as well as customer requirements

 Significant potential to ramp up rural penetration of automobiles

 Expansion of the Company’s reach across various channels and geographies

Important Disclosures on Subject Companies

Firstcall Research - Overall Statement

Firstcall Research Provides

For Further Details Contact:

Potrebbero piacerti anche