Castrol India shares extend gain after best weekly performance in three years

Shares of Castrol India are up over 35% so far in 2023. This is the best performance that the stock has had in a calendar year since 2014, when it had gained 60%. Since then, the stock has been an underperformer.

#OnCNBCTV18 | Is Castrol India on the cusp of a fresh breakout? @hormaz_fatakia discusses key trends with Hemen Kapadia of KRChoksey Securities. pic.twitter.com/raxeLQtvfs

— CNBC-TV18 (@CNBCTV18News) December 22, 2023

For the September quarter, the company's revenue grew by 5.5% from last year, while Net profit increased by 3.7%. 

Its Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) grew by 4.4%, while margin remained flat during the quarter.

Castrol India’s earnings before interest, tax, depreciation and amortisation (EBITDA) of ₹268.6 crore was 4.4% higher than ₹257.2 crore reported in the year-ago period, while the margin stood nearly flat at 22.7% versus 22.9% in Q3 of 2022.

Hemen Kapadia of KRChoksey in an interaction with CNBC-TV18 had highlighted that the stock needed to close above levels of ₹170 for further upside. He further mentioned that the volumes that the stock has seen so far are the highest since 1999.

Shares of Castrol India are trading 4.8% higher at ₹170.35.