Tide Water Oil,Oil India

Tide Water Oil declared a set of bumper numbers for Q3Fy16. Net sales for the quarter rose 5% (YoY) at Rs.246 crore. Thanks to the falling crude oil prices, raw material price slipped 20% and this changed everything for the company. EBITDA rose 83% to Rs.33 crore. Other income rose 58% and all this helped the company end the quarter with a net profit of Rs.26 crore, up 86%.

The company declared a 1:1 bonus and announced a split of every 1 (one) share of the Company having face value Rs.10/- each into 2 (two) shares of face value Rs.5/- each, subject to approval of the shareholders.

Tide Water Oil is a part of the multi divisional Andrew Yule group, which holds 26.22% stake. It manufactures and sells lubricants and greases for automotive and industrial applications in India under the brand name of Veedol. It has a technical collaboration with Nippon Oil Corporation and superior quality lubricants under the brand name Eneos are manufactured and marketed in India by Tide Water Oil.

The company’s equity is very small at Rs.85 lakh which explains the huge stock price. It is debt free and is sitting on cash balance of Rs.175 crore.