Gulf Oil Lubricants India Ltd Share Price – NSE  /  BSE

Chemicals, Small Cap

Gulf Oil Lubricants India will hold a meeting of the Board of Directors of the Company on 6 August 2024.

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The Indian equity benchmarks ended with modest gains on Tuesday. The Nifty settled near 22,600 level after hitting the day's low of 22,483.15 in morning trade. FMCG, realty and media shares advanced while metal and banking stocks declined.

As per provisional closing data, the barometer index, the S&P BSE Sensex was, up 267.75 points or 0.36% to 74,221.06. The Nifty 50 added 68.75 points or 0.31% to 22,597.80.

In the broader market, The S&P BSE Mid-Cap index shed 0.05% and the S&P BSE Small-Cap index rose 0.18%.

The market breadth was negative. On the BSE, 1,904 shares rose and 1,929 shares fell. A total of 115 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, declined 1.57% to 21.47.

IPO Update:

The initial public offer (IPO) of Awfis Space Solutions received 1,33,99,230 bids for shares as against 86,29,670 shares on offer, according to stock exchange data at 15:45 IST on Wednesday (22 May 2024). The issue was subscribed 1.55 times.

The issue opened for bidding on Wednesday (22 May 2024) and it will close on Monday (27 May 2024). The price band of the IPO is fixed between Rs 364 to Rs 383 per share. An investor can bid for a minimum of 39 equity shares and in multiples thereof.

Buzzing Index:

The Nifty FMCG index gained 1.43% to 55,753.90. The index shed 0.41% in the past trading session.

Dabur India (up 2.72%), Procter & Gamble Hygiene and Health Care (up 2.53%), Hindustan Unilever (up 2.43%), Tata Consumer Products (up 2.41%), Marico (up 2.13%), Godrej Consumer Products (up 1.77%), Britannia Industries (up 1.72%), United Spirits (up 1.39%), ITC (up 1.17%) and Nestle India (up 0.34%) advanced.

On the other hand, United Breweries (down 0.74%), Balrampur Chini Mills (down 0.32%) and Colgate-Palmolive (India) (down 0.18%) edged lower.

Stocks in Spotlight:

Reliance Industries added 1.72% after the company entered into licensing agreement with Nel ASA for manufacturing Nel’s alkaline electrolysers in India and for captive purposes globally.

Through the agreement, Reliance gets access to Nel’s proven technology platform for manufacturing electrolysers.

Bharat Heavy Electricals (BHEL) dropped 5.33% after The heavy electrical equipment manufacturer's net profit declined by 24.92% to Rs 484.36 in Q4 FY24 as compared with Rs 645.13 crore posted in Q4 FY23. The company’s net sales rose 0.83% to Rs 7,883.88 crore in the quarter ended 31 March 2024 as compared to Rs 7,819.37 crore recorded in Q4 FY24.

Gulf Oil Lubricants India soared 11.92% after the company’s standalone net profit jumped 37.41% to Rs 85.43 crore in Q4 FY24 as compared to Rs 62.17 crore posted in Q4 FY23. Revenue from operations grew by 7.67% year on year to Rs 852.82 crore during the quarter.

H.G. Infra Engineering surged 9.67% after the company announced that they emerged as the L-1 (lowest) bidder for two tenders floated by the Maharashtra State Road Development Corporation (MSRPC).

Gujarat State Fertilizers & Chemicals (GSFC) slumped 7.91%. The fertilizer maker’s consolidated net profit tumbled 89.01% to Rs 24.71 crore on 17.56% fall in revenue from operations to Rs 1,965.25 crore in Q4 FY24 over Q4 FY23.

G R Infraprojects advanced 2.71% after the company announced that it has emerged as L-1 bidder for two tenders worth Rs 4,346.14 crore floated by the Maharashtra State Road Development Corporation.

Greenply Industries advanced 1.51% after the company's consolidated net profit surged to Rs 28.36 crore in Q4 FY24 as compared with Rs 11.07 crore in Q4 FY23. Revenue from operations jumped 40.4% year on year (YoY) to Rs 599.79 crore in the quarter ended 31 March 2024.

Metropolis Healthcare added 2.98% after the company’s consolidated net profit increased 7.9% to Rs 36.1 crore in Q4 FY24 as compared with Rs 33.5 crore in Q4 FY23. Revenue from operations increased 17.7% to Rs 331 crore in Q4 FY24, compared to Rs 282.5 crore in Q4 FY23.

Spicejet advanced 1.41% after the company said that it will seek a refund of Rs 450 crore out of the Rs 730 crore it has previously paid to former promoter Kalanithi Maran and his firm, KAL Airways.

The Divis ion Bench of the Delhi High Court ruled on Friday, 17 May in favour of SpiceJet and its promoter, Ajay Singh, in the long-standing share transfer case against former promoter Kalanithi Maran and his firm, KAL Airways. This ruling overturns a previous decision by a single-judge bench, positioning SpiceJet to claim a substantial refund based on legal advice.

Welspun Enterprises (WEL) rallied 6.54% after the company emerged as lowest (L1) bidder for a construction work worth Rs 1,864.71 crore from Maharashtra State Road Development Corporation (MSRDC).

One 97 Communications (Paytm) declined 1.12% to Rs 347.80 after the company’s consolidated net loss widened to Rs 549.6 crore in Q4 FY24 as compared with Rs 168.4 crore posted in Q4 FY23.Revenue from operations was at Rs 2267.1 crore in March quarter, down 2.89% from Rs 2334.5 crore recorded in the corresponding quarter last year.

Paytm said that its quarterly result was impacted by temporary disruption on account of UPI transition etc. and permanent disruption because of PPBL embargo.

Global Markets:

European stocks declined while Asian stocks ended mixed on Wednesday. Investors, on edge, held onto hope that tech giant Nvidia could deliver on lofty expectations. However, concerns lingered regarding potential interest rate increases by both the US Federal Reserve and the Bank of England.

The release of the Federal Reserve meeting minutes later today is expected to reaffirm the possibility of a rate cut. Nevertheless, policymakers require further assurance that inflation is definitively on a downward path before implementing such a move.

UK inflation figures, also due out today, could sway the Bank of England's decision on rate adjustments. This data may determine whether they choose to ease rates in June or postpone it until August.

US stocks ended Tuesday with modest gains in the absence of significant market movers. All three major indexes rose, with the S&P 500 and Nasdaq reaching all-time closing highs in anticipation of both Nvidia's earnings report and the release of the Fed meeting minutes.

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Revenue from operations grew by 7.67% year on year to Rs 852.82 crore during the quarter.

Profit before tax (PBT) was at Rs 114.2 in the March quarter, up 35.92% from Rs 84.02 crore recorded in Q4 FY23.

EBITDA surged 31.42% YoY to Rs 115.04 crore in Q4 FY24 as against Rs 87.54 crore recorded in Q4 FY23. EBITDA margin improved to 13.49% in Q4 FY24 as compared to 11.05% registered in the same period a year ago.

The company said that it sustained its EBITDA margins sequentially at 13.49% tracking towards the higher end of the guided band of 12-14% by prudent margin management efforts and increased focus on premium range of products.

On full year basis, the company reported 32.63% rise in net profit to Rs 308.1 crore on 9.5% increase in revenue to Rs 3,284.1 crore in the FY24 over FY23.

The Hinduja Group company stated that it maintained the growth momentum for the year with volume growth rate 2x of industry, led by double-digit growth in infra, mining, and B2B segments. Growth was strong across all segments, except for OEM factory fill during the quarter.

B2C sales got a boost by targeted sales and marketing efforts and leveraging distribution network, leading to good growth in CVO and MCO and positive traction in the Agri sector which saw improved demand from the rural segment. While OEM franchise workshops business maintained good momentum, challenges persisted in factory fill, resulting in lower offtake, it added.

Commenting on the performance, Ravi Chawla, managing director & CEO of Gulf Oil Lubricants India said, We have had an excellent quarter, maintaining our growth momentum. In the financial year, we have gained market share in B2B and B2C, expanded our distribution, and launched new products across segments which have been innovative and value driven. We are continuously growing by capitalizing on robust distribution and brand initiatives as our strong pillars of growth. Our key focus remains on strategic, sustainable, and profitable growth across our portfolio over long term in line with our segment-wise focus and brand strategies.

With a positive outlook, we believe that the company will continue to deliver industry leading performance driven by our sustained focus on increasing market share, growing distribution, brand activations, enhancing our focus on premiumisation and leveraging our strengths to growing our business in e-mobility with the strategic acquisitions made.”

Manish Gangwal, CFO of Gulf Oil Lubricants India, stated, “Amidst some variation in input cost towards the end of FY24, we showcased our prudent margin management efforts and focused on a better product mix translating to quarterly EBITDA of Rs 115.04 crore, sustaining at 13.49% EBITDA to revenue. Going forward, our strategic focus remains clear. We are committed to outperform the industry with 2-3x of volume and value growth, effective margin management, enhancing profitability and maximizing return to shareholders.”

Meanwhile, the company's board has recommended a final dividend of Rs 20 per equity share for the financial year ended 31 March 2024. The record date for the payment of the final dividend shall be intimated later.

Gulf Oil Lubricants India, part of Hinduja Group and Gulf Oil International, is one of the leading players in the lubricant market in India and has a top 2/3 position in key segments amongst the private sector brands. The company has a wide range of world class-leading products in the automotive and industrial lubricants space catering to B2B and B2C segments with a growing distribution network. The company also has a growing share in the 2-wheeler batteries segment.

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Gulf Oil Lubricants India announced that the Board of Directors of the Company at its meeting held on 21 May 2024, inter alia, have recommended the final dividend of Rs 20 per equity Share (i.e. 1000%) , subject to the approval of the shareholders.

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