Lower-than-expected raw material costs drive beat

Company
11 Mar 2024
5 Min read 
  • Castrol (India) reported 4QCY23 results with revenue growth of 7% YoY.
  •  The company benefited from lower raw material costs, leading to higher EBITDA.
  •  Castrol has launched its own brand of auto care products and is focusing on thermal solutions for EV batteries.
  •  The company believes lubricant demand will remain strong in India.
  •  The stock has a BUY rating with a target price of INR230.
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