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Castrol India Ltd. focusses on profitable growth in the low volume growth lube market.
This has meant higher Ebitda margin, return on equity and return on capital employed, but lower volume and profit growth than that of peers like Gulf Oil Lubricants India Ltd.
We estimate a strong 22% year-on-year rebound in volumes and 40% YoY in earnings per share on a low base in CY21E.
Since Q4 CY20, the company’s lubes are being marketed through the retail outlets of parent British Petroleum Plc and Reliance Industries Ltd.’s joint venture (Jio-BP).
This RO network is set to expand ~4 times to 5,500 over five years.
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