Veedol Corp Q2 FY25 Results: Revenue Up 0.4% YoY to ₹476.22 Crore; Net Profit at ₹34.60 Crore
Veedol Corporation Limited (formerly Tide Water Oil Co. India Limited) has reported a consolidated revenue of ₹476.22 crore for the second quarter ended September 30, 2024, marking a 0.4% increase from ₹474.18 crore in the corresponding quarter last year. The company’s net profit for the quarter stood at ₹34.60 crore, showing a marginal decline of 1.8% compared to ₹35.24 crore in Q2 FY24.
| Particulars (₹ in Crore) | Q2 FY25 | Q2 FY24 | YoY Change | H1 FY25 | H1 FY24 | YoY Change |
|---|---|---|---|---|---|---|
| Revenue from Operations | 476.22 | 474.18 | 0.4% | 955.09 | 947.92 | 0.8% |
| Net Profit | 34.60 | 35.24 | -1.8% | 71.71 | 66.45 | 7.9% |
| EPS (in ₹) | 20.36 | 20.74 | -1.8% | 42.20 | 39.10 | 7.9% |
For the first half of FY25, the company’s performance improved with consolidated revenue reaching ₹955.09 crore, up 0.8% from H1 FY24. The half-yearly net profit showed stronger growth at ₹71.71 crore, up 7.9% from ₹66.45 crore in the same period last year. The earnings per share for H1 FY25 improved to ₹42.20 from ₹39.10 in H1 FY24.
The company announced several key developments along with its financial results. The Board of Directors declared a 1000% interim dividend (₹20 per equity share) for FY25. On the management front, Group CFO Rashmi Joshi will step down effective January 31, 2025, with Upendra Gadre taking over as the new Group CFO from January 1, 2025.
Additionally, the Government of India has granted in-principle approval to Andrew Yule & Co. Ltd. for divestment of its 6% stake in the company through the Offer for Sale mechanism. The company also reported a fire incident at its Bhiwandi depot in Maharashtra on October 5, 2024, which affected inventory worth ₹7.5 crore, though this is covered under insurance. During the quarter, the company expanded its international presence by incorporating Veedol Ireland Limited as a new subsidiary on June 27, 2024.
