The shares of this small-cap stock gained 10 percent to Rs 1,323.30 on Monday to reach its 52-week high after the company announced strong Q2 results, a Change in management, and an Interim dividend.
Tide Water Oil Co India reported an increase in its net revenue of 5.8 percent year on year from Rs 448.02 crores in Q2FY23 to Rs 474.18 crores in Q2FY24. On a quarter-on-quarter basis, their revenue rose 0.09 percent from Rs 473.74 crore in Q1FY24 to current levels.
Also, their net profit rose 72.3 percent year on year from Rs 20.43 crores Q2FY23 to Rs 35.22 crores Q2FY24. On a sequential basis, their net profit rose by 13 percent from Rs 31.19 crores Q1FY24 to current levels.
Further, the company declared Rs 20 per share as an interim dividend which is 1000 percent of its face value of Rs 2 for the financial year 2023-24. November 21st, 2023, is the Record Date for the aforesaid interim dividend. Interim dividend shall be paid to the eligible shareholders on or before December 10, 2023.
Additionally, Smt. Rashmi Joshi ED is appointed as the new CFO (KMP) of the Company from 1st December 2023, as the current CFO of the company Shri S. Basu Group exits the company on 30th November 2023.
Tide Water Oil Co India is a small-cap company with a Market capitalization of Rs 2,257 crores. It also has a return on equity (ROE) of 15.44 percent and a return on capital employed (ROCE) of 17.79 percent. In addition to that, the company is almost debt-free with a debt-to-equity ratio of 0.01.
The promoters of Tide Water Oil Co India hold a 57.28 percent stake followed while the remaining 39.64 percent stake lies with the public.
The share of Tide Water Oil Co India has risen by 50.56 percent in the last six months and 30.63 percent in the year to date.
Tide Water Oil Co. (India) Ltd., owner of the brand Veedol, is a leading manufacturer and marketer of quality lubricants in over 65 countries around the globe. In India, it has been catering to both automotive and industrial segments since 1928.
Written by Sriram KV
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