Tide Water Oil hits the roof on strong Q4 performance; board OKs stock-split, bonus issue and dividend

Tide Water Oil (India) hit an upper circuit of 5% at Rs 11,457.95 after the company's consolidated net profit jumped 58% to Rs 36.66 crore on 19.6% rise in net sales to Rs 364.68 crore in Q4 FY21 over Q4 FY20.

Profit before tax in Q4 FY21 stood at Rs 48.84 crore, up 50% from Rs 32.56 crore in Q4 FY20. Current tax outgo during the quarter increased by 23.7% year-on-year (YoY) to Rs 12.32 crore.

The company recorded 15.8% rise in consolidated net profit to Rs 141.33 crore on 4.4% fall in net sales to Rs 1258.48 crore in FY21 over FY20.

The board of Tide Water Oil at its meeting held on 10 June 2021 has approved sub-division of 34,84,800 ordinary shares of the company having face value of Rs 5 each into 87,12,000 ordinary shares of face value of Rs 2 each, subject to approval of the shareholders.

It has also declared issue of bonus shares post sub-division of shares to the shareholders in the ratio of 1:1, subject to approval of the shareholders.

The record date for the said stock split and bonus issue is 27 July 2021.

Further, the board has recommended final dividend of Rs 200 per share on the ordinary shares of the company of face value of Rs 5 per share (i.e. before sub-division of shares and bonus issue) for the financial year 2020-21.

Tide Water Oil (India) manufactures and markets Veedol brand of lubricants.

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