The company also hopes to maintain its EBITDA margins at around 12-13 percent after reporting a 12.6 percent for the quarter ended June.
We have been adding market share for the last five-six years quite consistently and hope to continue the run rate
Ravi Chawla
MD
Gulf Oil Lubricants
Gulf Oil Lubricants , the erstwhile lubricant business of Gulf Oil Corp , was de-merged and relisted on July 31, 2014 for a price of Rs 240 per share.
The car sales in August top estimates and 75 percent of the company's product portfolio caters to the automotive segments. CNBC-TV18 spoke to Ravi Chawla, MD, Gulf Oil Lubricants to know whether the company is poised for strong growth going ahead.
According to Chawla, the company is likely to grow two-three times of the industry, which is expected to grow around 2-2.5 percent. The company hopes to maintain its EBITDA margins at around 12-13 percent after reporting a 12.6 percent for the quarter ended June.
Gulf Oil Lubricants' margins in automobiles are higher than industrial by 30-35 percent, he adds.
The company does not have any long-term debt on its books.
Below is verbatim transcript of the interview:
Q: Since the company has been demerged, we do not have much by way of history or the track record of performance. What can we expect by way of revenue growth as well as margin performance for this year as well as next year?
A: We have seen positive numbers coming in the last few months but major part of our portfolio is commercial vehicles and motorcycles. So we are hoping that even commercial vehicles will pick up as we go forward.
In terms of growth, we aim at 2-3 times the volume growth of the market and the industry. So we are hoping that we can look at the economy coming in strongly at least 10 percent growth in revenues in the year and maintaining our EBITDA at 12-13 percent.
Q: What would be the industry growth rate so that we can calculate 2-3X?
A: The overall industry growth has tapered down to flat level in the last few years but we expect industry growth to be at least 2-2.5 percent.
Q: With your current market share between 5-7 percent, with this improving outlook now on the economic scenario as well as the auto sector in particular, how much could you scale up your market share to?
A: We have been adding market share for the last five-six years quite consistently. So we are hoping to continue the run rate. The economy should start picking up in commercial vehicles also in a couple of months. So market shares should look at least 0.5 bps in terms of market share.
Gulf Oil Corp stock price
On September 04, 2014, at 14:10 hrs Gulf Oil Corporation was quoting at Rs 163.35, down Rs 2.75, or 1.66 percent. The 52-week high of the share was Rs 197.00 and the 52-week low was Rs 65.10.
The company's trailing 12-month (TTM) EPS was at Rs 11.47 per share as per the quarter ended June 2014. The stock's price-to-earnings (P/E) ratio was 14.24. The latest book value of the company is Rs 232.56 per share. At current value, the price-to-book value of the company is 0.70.
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