Buy Castrol India Ltd For Target Rs. 148 - Religare Broking
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Investment Pick - Castrol India Ltd.
* Castrol India (CIL) reported muted set of numbers which were below our estimates. While volumes witnessed decent recovery sequentially, it declined by 3.7% YoY. On the segment front, automobile volumes continued to remain below pre-COVID level whereas the industrial segment witnessed decent growth in Q4CY20.
* Given the muted performance in CY20, we have marginally lowered our estimates for CY21E and CY22E. From a long term perspective, we like CIL given its strong brand equity, continued efforts towards brand building, distribution expansion and new launches. On the financial front, zero debt levels, high dividend payout ratio and strong return ratios make it one of our preferred pick in the sector. Hence, we maintain a Buy on the stock with a target price of Rs. 148.
Buy Castrol India Ltd @ 9-12 Months CMP 130.4 TGT 148
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