Rs 20/Share Dividend: 103-Yrs Old Petrochemicals Firm Reports 24.73% YoY Jump In Profit

Small cap company from the petrochemicals sector, Tide Water Oil (India) Ltd shares today hit fresh 52-week high with 1.94% rally on BSE. Board Of Directors recommended final dividend of Rs 20/share for the year ended March 2024. The company declared its consolidated profit at Rs 42.92 crore for the quarter ended March 31, 2024, up 24.73% as against Rs 34.41 crore net profit declared in the corresponding quarter of last year. Tide Water Oil shares offered return of 22% in last 1-month and 124% in last 1-year.

FII/FPI have increased holdings from 1.38% to 1.51% in March 2024 quarter. Number of FII/FPI investors increased from 59 to 62 in March 2024 quarter. Life Insurance Corporation Of India has 1.12% stake in Tide Water with 196,007 shares of the company. More details below:

Tide Water Oil Recommends Dividend: As per the BSE filing of the company dated May 18, 2024, "recommended final dividend of 1000% (Rs.20/- per share) on the ordinary shares of the Company for the year ended 31st March, 2024 subject to the approval of the shareholders in the ensuing 101St Annual General Meeting absorbing a sum of shareholders in the ensuing 101St Annual General Meeting absorbing a sum of 30 days of the date of its declaration i.e. within 30 days from the date of the 101st AGM."

Tide Water Oil Quarterly Results: The company announced its consolidated revenue from operations for March 31, 2024 quarter at Rs 486.82 crore, up 3.6% as compared to Rs 469.91 crore declared in the similar quarter of last year. The consolidated total income of Tide Water Oil for the quarter under consideration arrived at Rs 494.98 crore from Rs 474.17 crore in March 2023 quarter. Total expenses declared at Rs 443.63 crore for March 2024 quarter as against Rs 433.13 crore declared in the same quarter of last year. The EPS for March 2024 quarter came at 25.25 from 20.25 in March 2023. For whole year, the total income came at Rs 1953.14 crore for the year ended March 2024 from Rs 1868.79 crore in March 2023.

Tide Water Oil Shares Performance & Return: The 52-week high price of Tide Water Oil shares on BSE is Rs 1955.00 apiece (as on 18/05/2024) and 52-week low price is Rs 858 apiece, respectively. The company has a market capitalisation of Rs 3374.85 crore. Tide Water Oil shares offered return of 52% in last 6-months, gained 76% in last 2-years, and offered return of 92% in last 3-years. In last 5-years, Tide Water Oil stock surged 101%.

About: It came into existence in 1921 and operates in petrochemicals sector. Tide Water Oil Co. (India) Ltd., owner of brand Veedol, is a leading manufacturer and marketer of quality lubricants. It has been catering to both the automotive and industrial segments since 1928.

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