Gulf Oil Lubricants reported AdBlue will continue its double digit growth for next couple of years. They even declared an interim dividend of Rs 20/share versus Rs 16 last year.
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Systematix Research Report
Gulf Oil Lubricants India Ltd. reported healthy uptick in its Q3 FY25 result, with Ebitda/PAT exceeding 3%/9% our expectations. Gulf Oil Lubricants reported a highest-ever revenue and Ebitda owing to strong volume growth of 11% YoY to 74.5 million litres. Core lubricant volume was reported at 38.5 mn ltrs, up 6.9% YoY/4.1% QoQ and AdBlue volumes came at 36 mn ltrs, up 16.1% YoY/24.1% QoQ combined volume of 75mn ltrs (up 11.2% YoY/12.9% QoQ).
Ebitda margin stood at 13.5%, versus 13.6% YoY and 12.6% QoQ. Ebitda/ltr remained flattish at Rs16. Consequently, Ebitda rose 10% YoY to Rs 1.2 billion. Higher interest cost (+72.4% YoY/124.5% QoQ to Rs 1.4 billion) was offset by increased other income (+100% YoY/43.6% QoQ to Rs 334 million) which resulted in PAT of Rs 982 million, 21.6% YoY/16.3% QoQ.
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