Lubes maker
Gulf Oil Lubricants India
on Thursday reported a 20.8 percent growth in
standalone Profit After Tax (PAT) at Rs 68.30
crore in the June quarter. The Hinduja Group
company had posted a standalone PAT of Rs 56.53
crore in the first quarter of the previous fiscal,
according to a statement.
Net revenue for the quarter grew 14.90 percent to
Rs 811.71 crore. The company said it achieved
record revenues for the quarter in relatively
challenging conditions in the after-market and the
growth was led by the B2B and Infra segments as
well as the OEM franchisee workshop (authorised
service) channel.
"During June'23 quarter, the company witnessed a
robust revenue growth of 15 percent and PAT growth
of 23 percent on the back of sequential margin
improvements and easing of forex volatility, which
paved the way for higher brand investments by
leveraging our brand assets during IPL season,"
Ravi Chawla, Managing Director & CEO of Gulf Oil
Lubricants India Ltd, said.
There was some softening in offtake by key OEMs
for factory fill and in agri segments, Gulf Oil
said, adding that the export volumes also grew
double-digit during the first quarter.
The revenue growth has been even higher due to a
better product mix being sold with an enhanced
focus on personal mobility and the premium
synthetic segment, according to the company.
"While few segments are still facing softer demand
conditions, B2B continues to achieve double-digit
growth for us. Our distribution reach is
continuously on the rise and that creates a strong
foundation for our market share gain strategy," he
said.
The quarter witnessed some ease-off in input costs
and the rupee stabilising, which helped garner
better material margins while also resulting in
some cooling off, in the end, pricing for
customers, the company noted.
"Our robust cash generations enable us to look for
opportunities in the emerging fields of EVs and
other adjacencies and exploring areas where Gulf
can play a key role basis synergies with our
current strengths and future strategies," he
added. Going forward, continuous margin management
actions and growing faster remain key focus areas
for the company, it said.
Courtesy: Money Control
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