Gulf Oil Lubricants targets doubling battery & EV business
Ravi Chawla, MD & CEO of Gulf Oil Lubricants India, said that the company has already installed 1,800 direct current (DC) chargers and plans to expand further, with a long-term vision of growing its battery business to ₹300 crore.
Ravi Chawla, MD & CEO of Gulf Oil Lubricants India, aims to double its turnover while maintaining earnings before interest, taxes, depreciation and amortisation (EBITDA) profitability in the battery and electric vehicle (EV) sector.
Gulf Oil has already installed 1,800 DC chargers and aims to expand further. The company has a long-term vision to grow the battery business to ₹300 crore.
The company is growing at twice the market rate in terms of revenue and volume. He highlighted that while 10% of the company’s business comes from factory fill (filling a vehicle's engine of new and commercial vehicles), this segment is currently facing a slowdown.
However, excluding this impact, the company is growing at 9-10%, with its overall business-to-consumer-to-business-to-business (B2C-to-B2B) ratio at 55:45, which remains stable.
“Segments like motorcycles are performing well, with high double-digit growth. The industrial and infrastructure segments have also picked up again, showing double-digit growth. While the factory fill segment has been impacted, we are seeing signs of recovery. With the Union Budget announcements benefiting the middle class, we expect growth to accelerate,” he said.
Financially, Gulf Oil Lubricants reported a 21.7% increase in net profit for October-December 2024 (Q3FY25), reaching ₹98.2 crore, compared to ₹80.7 crore a year ago. The company has also declared an interim dividend of ₹20 per share (1000%), with a record date of February 14.
The company’s market capitalisation stands at ₹24,389.27 crore, with its shares gaining around 25% in the past year.
